MIDEAST STOCKS-Gulf sluggish as Waha cuts dividend; big bank boosts Egypt:
"Gulf stock markets were sluggish on Monday, with a dividend cut pulling down major Abu Dhabi-listed financial firm Waha Capital, but Egypt’s bourse rose on the back of a gain by its biggest bank. Equities in the Gulf rallied along with oil late last year and Saudi Arabia saw its largest-ever inflow of equity funds last month. But Brent oil’s retreat from above $70 a barrel since late January has visibly reduced liquidity in many bourses. In a report at the end of last week, JP Morgan Cazenove said that with oil at $70, it had been on the point of upgrading its assessment of regional markets to “overweight”, but had decided not to after oil fell back."
'via Blog this'
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