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Monday, 29 May 2017

MIDEAST STOCKS-Gulf mixed, Saudi and Dubai rebound a bit after OPEC disappointment | Reuters

MIDEAST STOCKS-Gulf mixed, Saudi and Dubai rebound a bit after OPEC disappointment | Reuters:

"Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices. The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs. Petrochemical shares were strong with Saudi Kayan gaining 1.3 percent, although small producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 1.6 percent."



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