Saudi Stocks Lead Mideast Drop on Concern for Islamist Reprisals - Businessweek

Saudi Stocks Lead Mideast Drop on Concern for Islamist Reprisals - Businessweek:



"Saudi Arabian shares retreated the most in more than three months, leading declines in the Middle East amid investor concern that Arab nations may be at risk of retaliatory attacks by Islamic State militants.



The Tadawul All Share Index (SASEIDX) lost the most since June 16, sliding 1.4 percent to close at 10,720.51. It was the second-worst performer among more than 90 gauges tracked globally by Bloomberg. Dubai’s DFM General Index slipped 1.2 percent, while Qatar’s QE Index fell 0.5 percent.



Saudi Arabia, the United Arab Emirates, Bahrain, Qatar and Jordan all joined the first wave of U.S.-led airstrikes against the Islamic State in Syria yesterday, the broadest Arab-U.S. military coalition since the 1991 Gulf War. The latest conflict in the region may threaten security in some of the Middle East’s biggest economies. Gauges in Dubai, Qatar and Saudi Arabia are among the top 10 best performing indexes in the world this year, Bloomberg data show."



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