MIDEAST STOCKS-Gulf pulls back with oil, retail sales shock hits Saudi | Reuters:
"Gulf stock markets pulled back with oil prices on Wednesday while a negative sales forecast by a major Saudi retailing chain hurt the bourse in that country. A couple of blue chips favoured by foreign investors boosted Egypt's market.
The Saudi index dropped 0.9 percent in heavy trade as Jarir Marketing sank 9.1 percent after warning late on Tuesday that its sales would plunge by as much as 30 percent year-on-year in the first quarter of 2016.
The projected drop is partly because sales were unusually high in the first quarter of 2015, hitting 1.9 billion riyals ($507 million) as King Salman granted a bonus of two months' salary to state employees to mark his accession to the throne."
'via Blog this'
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