MIDEAST STOCKS-Saudi falls for second day on valuation concerns, other Gulf mkts up | Reuters:
Saudi stock market fell for the second day in a row on Thursday as investors continued to cut positions in the absence of fresh news and concerns about valuations. Other big Gulf markets rose.
Middle East fund managers have become less positive towards equities in Saudi Arabia and Kuwait after Turkey’s currency crisis triggered volatility in the markets this month, a monthly Reuters poll showed on Thursday.
The Saudi index fell 0.9 percent, hurt by selling in market heavyweight Saudi Basic Industries, which dropped 1.1 percent, and Al Rajhi Bank declined 1 percent. The Saudi index is still up 9.9 percent since the start of the year, but has seen selling this quarter.
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