Wednesday, 23 August 2017

MIDEAST STOCKS-Small caps support Saudi; Egypt falls amid U.S. aid denial

MIDEAST STOCKS-Small caps support Saudi; Egypt falls amid U.S. aid denial:

"Stock markets in the Middle East were mixed on Wednesday with Saudi Arabia finding support from smaller companies while property developers were strong in Dubai.

The Riyadh index edged up 0.1 percent. Nine-tenths of the top 20 gainers were small to mid-sized stocks including Saudi Indian Co for Cooperative Insurance (Wafa), which added 1.6 percent after saying it had received "temporary and conditional" approval from the central bank to sell some of its professional liability insurance policies.

Shares of Wafa had suffered heavy losses since Sunday when the company, along with three other insurers, was slapped by the central bank with a temporary ban on selling motor vehicle policies because of irregular practices."



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