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Wednesday, 22 March 2017

MIDEAST STOCKS-Oil near $50 dents sentiment in Gulf | Reuters

MIDEAST STOCKS-Oil near $50 dents sentiment in Gulf | Reuters:

"Stock markets in the Gulf followed international bourses lower in early trade on Wednesday as crude oil prices trading down near $50 a barrel dented sentiment towards oil-sensitive shares.

All but two of the 12 listed Saudi Arabian petrochemical makers fell, dragging the main Saudi index 0.7 percent lower after 35 minutes. Heavyweight Saudi Basic Industries lost 1.0 percent.

Supermarket operator Al Othaim declined 1.0 percent after its board recommended a cash dividend of 2.0 riyals per share for 2016; although the payout was above the prior year's outlay, it fell below expectations. Analysts at NCB Capital had forecast the retailer would pay 2.3 riyals."



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