MIDEAST STOCKS-Region pulled down by Wall Street slide:
"Middle Eastern stock markets sank 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 with falling shares outnumbering gainers by 105 to 74. Saudi Arabian Mining Co (Ma‘aden), which had fallen 4.9 percent on Thursday after reporting a surprise fourth-quarter loss, lost a further 1.7 percent.
Mediterranean & Gulf Cooperative Insurance and Reinsurance plunged 9.9 percent after the Capital Market Authority said it might suspend or cancel trade in the stock, following the central bank’s decision to prohibit the firm from issuing or renewing policies pending a capital increase to address a low solvency margin."
'via Blog this'
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