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Tuesday, 24 April 2018

MIDEAST STOCKS-Saudi soft after hitting multi-year high, property hurts Dubai

MIDEAST STOCKS-Saudi soft after hitting multi-year high, property hurts Dubai:

"Saudi Arabia’s stock index fell back on Tuesday as many blue chips were seen as fully valued or expensive after the market hit a more than two-year high the previous day. Other Gulf markets were mixed, with property stocks dragging Dubai lower. The Saudi index ended 0.2 percent lower, remaining near levels last seen in August 2015. The index is up 15 percent this year because of inflows of foreign funds and strong corporate earnings. Saudi Basic Industries (SABIC) and Al Rajhi Bank both dropped 0.3 percent."



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