MIDEAST STOCKS-Iraq hits telecoms, Saudi's Bank Aljazira tumbles early on

MIDEAST STOCKS-Iraq hits telecoms, Saudi's Bank Aljazira tumbles early on:

"Gulf stock markets were generally weak in early trade on Tuesday with telecommunications companies weighed down by the Iraqi government saying it would seek control of Kurdistan-based mobile phone operators. On Monday, Iraq’s central government said it would seek to have mobile phone firms move their headquarters to Baghdad after last month’s referendum on Kurdish independence, which it refuses to recognise. In response Kuwaiti telecommunications firm Zain, parent of Zain Iraq, sank 4.3 percent in heavy trade. Zain Iraq is based in Baghdad, but the dispute raises the prospect of disruption to all operators’ Kurdistan business. Iraq was the single biggest contributor to Zain’s revenues last year."



'via Blog this'