MIDEAST STOCKS-Insurers drag down Saudi, UAE and Qatar firm:
"Insurance stocks dragged down Saudi Arabia’s market early on Wednesday while bourses in the United Arab Emirates and Qatar were firm. The main Saudi index fell 1.2 percent in the first hour as shares in 32 of Saudi Arabia’s 33 listed insurance firms sank, with AICC dropping 4.2 percent. The only gainer in the sector was Bupa Arabia, up 1.4 percent. Most insurers had slid on Tuesday after regulators ordered nine insurance brokers to stop business, citing regulatory violations. The central bank has taken a tough stance on compliance in the sector during recent months, suspending business at several firms, and investors are bracing for a possible shakeout in sector."
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