MIDEAST STOCKS-Major bourses dragged lower by weaker oil, global equities | Reuters:
"Major stock markets in the Middle East fell on Sunday after oil prices pulled back and global bourses sold off at the end of last week.
The correlation between oil prices and Gulf equity markets has strengthened in recent months with many investors believing markets will continue to trade in almost lockstep with crude prices in the near term.
In Riyadh, the index dropped 1.3 percent to 5,896 points, erasing Thursday's 0.8 percent gain. The petrochemical sector was one of the main drags with Saudi Basic Industries and Saudi Arabia Fertilizers, the two largest petrochemical producers by market value, falling 1.1 and 0.7 percent respectively."
'via Blog this'
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