Wednesday 16 May 2018

MIDEAST STOCKS-Saudi banks merger boosts Alawwal as geopolitical worries weigh on Gulf | Reuters

MIDEAST STOCKS-Saudi banks merger boosts Alawwal as geopolitical worries weigh on Gulf | Reuters:

"Saudi Arabia’s Alawwal Bank soared on Wednesday after the announcement of its planned merger with Saudi British Bank, while most Gulf stock markets closed in negative territory on the back of rising geopolitical concerns. The general weakness was in line with Asian markets, which slipped on Wednesday after North Korea called off talks with Seoul, throwing a U.S.-North Korean summit into doubt. Oil prices were also not supportive, down because of a rise in U.S. crude inventory and despite ongoing output cuts by producer group OPEC and the looming U.S. sanctions against Iran. In Saudi Arabia the index lost 1 percent, with most companies in the oil and gas and petrochemical sectors shedding some value. Blue-chip Saudi Basic Industries Corporation (SABIC) shed 1 percent."



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