MIDEAST STOCKS-Gulf continues fall on Saudi fears though state supports Riyadh:
"Most major Gulf stock markets continued falling on Wednesday because of concern about Saudi Arabia’s crackdown on corruption, though Riyadh itself was supported by government intervention, fund managers said. The Saudi stock index fell as much as 1.1 percent during the day in active trade but closed 0.04 percent higher. In the same pattern seen on every day this week, state-linked funds appeared to buy stocks towards the close in a deliberate effort to prevent panic. Investors throughout the Gulf worry that the crackdown, which has so far frozen over 1,700 bank accounts in Saudi Arabia, will slow economic growth, force people implicated to sell off equities holdings and shrink Saudi investment flows around the region."
'via Blog this'
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