MIDEAST STOCKS-Region hit by fresh sell-off, Saudi down 5 pct as oil sags | Reuters:
"Middle East stock markets plunged to multi-year lows again on Wednesday, with the Saudi market losing 5 percent of its value, in response to a fresh drop in oil prices and global equities.
With valuations and dividend yields now looking attractive by global standards, major Middle Eastern markets had rebounded on Tuesday. Wednesday's losses erased those gains and underlined the fragility of investor sentiment, amid uncertainty over how Gulf oil exporting economies can cope with an era of cheap oil.
Riyadh's index sank 5.0 percent to 5,460 points, the lowest close since March 2011. It has lost 21 percent so far this year. Petrochemical blue chip Saudi Basic Industries slumped 6.0 percent."
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