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Thursday, 15 June 2017

MIDEAST STOCKS-Gulf falls as oil drops; banks soft despite rate rises | Reuters

MIDEAST STOCKS-Gulf falls as oil drops; banks soft despite rate rises | Reuters:

"A tumble in crude oil prices to November lows put pressure on Gulf stock markets on Thursday morning, while banking shares reacted little to interest rate hikes in the region following the U.S. Federal Reserve's move overnight. Riyadh's stock index was down 0.3 percent after half an hour after Brent crude dipped below $47 a barrel; half of the 14 listed petrochemical producers fell, with PetroRabigh down 0.9 percent. But small propylene maker Alujain surged 6.7 percent after it announced that minority shareholders had voted to remove the current board of directors and an election of new members would take place on Thursday. National Commercial Bank edged up 0.1 percent after its board recommended a cash dividend of 1.1 riyal per share for the first half of the year, up from the 0.6 riyal paid out for the prior-year period. "



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