MIDEAST STOCKS-Gulf slides in response to Wall Street's tumble:
"Gulf stock markets sank early on Sunday in response to Friday’s tumble on Wall Street, after U.S. data showed the strongest annual wage growth since 2009 and raised the risk of more interest rate hikes than expected this year. The Saudi index dropped 0.6 percent in the first hour with falling shares outnumbering gainers by a ratio of about two to one. Al Rajhi Bank, which rose strongly in January, partly on expectations it will be included in global emerging market indexes when Saudi Arabia is eventually upgraded to that status, fell back 1.2 percent. Mediterranean & Gulf Cooperative Insurance and Reinsurance plunged 7.5 percent after the Capital Market Authority said it might suspend or cancel trade in the stock, after the central bank prohibited the firm from issuing or renewing policies pending a capital increase to address a low solvency margin."
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