Tuesday 24 April 2018

MIDEAST STOCKS-Saudi pauses after hitting multi-year high as Gulf moves sideways

MIDEAST STOCKS-Saudi pauses after hitting multi-year high as Gulf moves sideways:

"Saudi stocks paused in early trade on Tuesday after hitting a more than two-year high on the previous day as key blue-chip stocks were seen as expensive. Other Gulf markets moved in narrow ranges as investors digested first-quarter earnings.

The Saudi index was almost flat at 8,321 points, hovering near levels last seen in August 2015. The index has gained 15 percent this year because of inflows of foreign funds and strong corporate earnings.

The main blue chips such as banks and Saudi Basic Industries (SABIC) were flat early on Tuesday."



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