MIDEAST STOCKS-Saudi shares fall after gasoline price hike

MIDEAST STOCKS-Saudi shares fall after gasoline price hike:

"Saudi Arabia’s stock market fell on Monday after the government sharply raised domestic gasoline prices, a step that will help to cut its budget deficit but will also crimp consumers’ purchasing power. The Saudi stock index dropped 0.5 percent in active trade as real estate firm Dar Al Arkan, the most heavily traded stock, plunged 10 percent. It had more than doubled in price in the last quarter of 2017. Bus operator Saudi Public Transport Co, which could benefit if driving of private cars is curbed by higher gasoline prices, gained 3.6 percent. Car rental company Budget Saudi fell 2.6 percent. "



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