MIDEAST STOCKS-Three Saudi insurers sink, region mostly quiet:
"Three small to mid-sized insurance companies fell sharply in a rising Saudi Arabian stock market on Sunday morning after they were slapped with a temporary ban by the central bank, while the rest of the region barely moved in lethargic trade. Saudi Indian Company for Cooperative Insurance dropped 6.7 percent, Malath Cooperative Insurance fell 5.5 percent and Arabian Shield Cooperative Insurance slumped 8.3 percent. The central bank said was temporarily banning those insurers from selling vehicle policies because of "serious breaches" in their car insurance practices. Of the 30 other listed Saudi insurers 12 were down and 13 rose including medical insurer Saudi Enaya Cooperative Insurance, up 5.2 percent."
'via Blog this'
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