MIDEAST STOCKS-Saudi bounces as some blue chips pare losses | Reuters:
"Saudi Arabia's top stock index
rebounded on Monday as some blue chips were bought back after
several days of punishing falls on concerns that low oil prices
would force the government into spending and subsidy reductions
as well as tax rises.
The index fell 6.7 percent over the four previous
trading but towards the end of the session, petrochemical
producer Saudi Basic Industries rose 1.8 percent,
mining group Ma'aden 3.8 percent and oil shipper Bahri
3.3 percent.
This helped the index close 0.6 percent higher. Turnover
remained modest, however, and some stocks continued sliding on
expectations of a tighter state budget. City Cement
fell 0.3 percent to a 31-month low, extending a decline that has
taken it down about 10 percent in the last two weeks."
'via Blog this'
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