MIDEAST STOCKS-Saudi sinks 2.5 pct, Egypt drops; valuations support UAE | Reuters:
"Most major Middle East stock
markets fell on Wednesday in response to weak oil prices, while
panic selling again gripped Saudi Arabia, causing its index
to slide 2.5 percent and bringing its losses this month
to 12.2 percent.
About $50 billion of market capitalisation has been
destroyed in Saudi Arabia so far this month as local retail
investors dump stocks.
Although the economy is still growing strongly, buoyed by
heavy government spending, cheap oil is hurting state finances
and the government began this month to sell bonds to banks to
cover its budget deficit. Some investors worry this could
tighten liquidity in the private sector over the long run."
'via Blog this'
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