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Sunday, 12 March 2017

MIDEAST STOCKS-Plunge in oil dents Gulf; Shuaa, Bank Aljazira surge | Reuters

MIDEAST STOCKS-Plunge in oil dents Gulf; Shuaa, Bank Aljazira surge | Reuters:

"Stock markets in the Gulf were mostly lower in early trade on Sunday after crude oil prices plunged at the end of last week to a three-month low, but Dubai's Shuaa Capital and Saudi Arabia's Bank Aljazira surged in response to company-specific news.

A little over two-thirds of Saudi Arabia's 14 listed petrochemical makers traded lower with Saudi Kayan Petrochemical retreating 2.5 percent, helping drag the overall Saudi index 0.7 percent lower.

Shares in Banque Saudi Fransi lost 1.2 percent after Credit Agricole, which owns 31 percent of the Saudi lender, said it was satisfied with business at the bank. On Wednesday Reuters reported the French major stakeholder had hired JP Morgan for a potential sale of its stake valued at around $2.4 billion."



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