MIDEAST STOCKS-Insurers drag down Saudi, UAE and Qatar climb

MIDEAST STOCKS-Insurers drag down Saudi, UAE and Qatar climb:

"Insurance stocks helped to drag down Saudi Arabia’s market on Wednesday because of fears of a shakeout in the industry, while bourses in the United Arab Emirates and Qatar rose, helped by a bullish global trend in equities.

The main Saudi index sank 2.2 percent to 6,890 points, closing significantly below the 200-day moving average, now at 7,042 points, for the first time since last November.

Shares in 32 of Saudi Arabia’s 33 listed insurance firms tumbled, with several losing more than 7 percent. Only Bupa Arabia, a favourite of foreign investors, escaped a drop, closing flat."



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