Google+ Followers

Tuesday, 10 January 2017

MIDEAST STOCKS-Gulf weak after oil falls sharply, UAE outperforms | Reuters

MIDEAST STOCKS-Gulf weak after oil falls sharply, UAE outperforms | Reuters:
"Stock markets in Gulf were weak in early trade on Tuesday with Saudi Arabia's index heading for its third straight session of declines after oil prices fell to three-week lows overnight.

The Riyadh index was down 0.5 percent after 35 minutes; 12 of the 14 listed petrochemical shares declined after Brent crude futures retreated 4 percent on Monday. The biggest petrochemical producer, Saudi Basic Industries , fell 0.3 percent.

Telecommunications operator Zain Saudi fell 1.2 percent after announcing it would not appeal a 219.5 million riyal ($58.5 million) judgement against it in a legal dispute with rival Mobily. Zain said the payment would have no impact on its financials as it already booked provisions."

'via Blog this'