MIDEAST STOCKS-Gulf rises with oil; Egypt up as foreigners return | Reuters:
"Stock markets in the Middle East firmed on Thursday as a second day of stronger oil prices helped to revive risk appetite, although Saudi Arabia's bourse lost some steam in the final hour of trade as oil gave up some of its gains.
The Saudi index closed up 0.8 percent at 5,973 points, 83 points below its high. Petrochemical producer Saudi Basic Industries closed 0.7 percent lower at 67.25 riyals after Brent crude slipped below $35 a barrel; the stock had traded as high as 71.00 riyals.
"The Gulf bourses are humming the same tune as oil prices," said a Riyadh-based equity analyst. "Although oil prices and regional equities markets have always been strongly correlated, recently the correlation has strengthened.""
'via Blog this'
No comments:
Post a Comment