MIDEAST STOCKS-Saudi index drops on prospect of fiscal reform | Reuters:
"Saudi Arabia's share index
made its largest decline in two months on Wednesday after an
International Monetary Fund (IMF) official said the kingdom was
considering a wide range of fiscal reforms in response to a
record budget deficit.
Other Gulf markets also fell, with renewed weakness in oil
prices and mixed company results sapping investor confidence.
Fiscal reforms in Saudi Arabia, which could include lower
energy subsidies, could hurt corporate profits in some sectors,
especially the petrochemical industry.
Saudi Basic Industries Corp (SABIC), the Gulf's
largest listed company, fell 3.7 percent as 19 of Saudi's 20
biggest stocks declined. "
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