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Tuesday, 4 July 2017

MIDEAST STOCKS-Saudi pulls back sharply, banks hit hard; most of region weak | Reuters

MIDEAST STOCKS-Saudi pulls back sharply, banks hit hard; most of region weak | Reuters:

"Most major Middle Eastern stock markets fell on Tuesday as Saudi Arabian blue chips were hit by a major wave of profit-taking and Qatar fell before a diplomatic deadline set by other Gulf Arab states. In late June, before a one-week Eid-al Fitr holiday, the Saudi market surged after index compiler MSCI said it would consider upgrading Riyadh to emerging market status and economic reformer Prince Mohammed bin Salman was promoted to the post of crown prince. But many fund managers consider Riyadh close to fully valued, leaving it open to profit-taking. On Tuesday, the index fell 2.6 percent, its biggest drop since last October, in thin trading volume. Selling accelerated towards the close."



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