MIDEAST STOCKS-Saudi underperforms Gulf as Fed decision hits banks | Reuters:
"Gulf stock markets were mixed on
Sunday, responding to weaker oil prices and the decision by the
U.S. Federal Reserve to leave interest rates unchanged. Egypt's
market suffered after its central bank also kept rates on hold.
Saudi Arabia's stock index fell 1.4 percent, with
local banks hit by the Fed's decision on Thursday not to raise
interest rates. The banking sector index dropped 2.2
percent.
Some investors had hoped that higher U.S. interest rates
would boost the margins of Saudi Arabian banks as their deposits
are largely interest free. "
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