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Sunday, 12 March 2017

MIDEAST STOCKS-Oil price slide hits Saudi share market, Dubai's Shuaa soars on M&A | Reuters

MIDEAST STOCKS-Oil price slide hits Saudi share market, Dubai's Shuaa soars on M&A | Reuters:

"Major Gulf stock market indexes mostly closed lower on Sunday after oil prices plunged at the end of last week to a three-month low, but shares in Dubai's Shuaa Capital and Saudi Arabia's Bank Aljazira surged in response to company-specific news.

Saudi Arabia's index dropped 1.2 percent as the share prices of all 14 listed petrochemical makers declined, with Saudi Kayan Petrochemical falling 3.1 percent.

Banque Saudi Fransi lost 2.1 percent after Credit Agricole, which owns 31 percent, said it was satisfied with the performance of the business and would not try to prevent rumours about the sale of its stake from circulating. "



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