MIDEAST STOCKS-Oil pulls down most of Gulf, QNB buoys Qatar | Reuters:
"A pullback in oil prices caused weakness in most major Gulf stock markets on Tuesday but Qatar was boosted by its biggest bank, while real estate firms lifted Egypt's bourse.
Brent crude retreated more than 3 percent to below $33 a barrel on Tuesday as hopes for a deal between OPEC and Russia on oil output cuts faded. That was enough to make many Gulf investors become more wary of buying stocks.
The Saudi stock index, which has been highly correlated to the oil price this year, dropped 1.9 percent, led by petrochemicals. The sector's biggest stock, Saudi Basic Industries, tumbled 3.6 percent."
'via Blog this'
No comments:
Post a Comment