MIDEAST STOCKS-Saudi flat in early trade, Emaar drags down Dubai:
"Saudi Arabia’s stock index was flat in early trade on Monday while Dubai edged down as Emaar Properties and Arabtec Holding fell. Despite strong oil prices in recent weeks, most Saudi petrochemical shares edged down with Saudi Basic Industries and PetroRabigh both losing 0.4 percent. Banks and insurers were also down, with Banque Saudi Fransi losing 1.1 percent. In Dubai, the index edged down 0.2 percent as construction firm Arabtec Holding lost 2.0 percent and Emaar Properties fell 1.2 percent. Emaar has been sliding since late last week, when it priced the initial public offer of its local real estate development unit in the lower half of an indicative range."
'via Blog this'
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