MIDEAST STOCKS-Gulf stocks hampered by Sino-U.S. trade worries | Reuters

MIDEAST STOCKS-Gulf stocks hampered by Sino-U.S. trade worries | Reuters:

Gulf stocks slipped in early trade on Tuesday as concerns about a further escalation in the trade war between the United States and China weighed on investors.

The Saudi index was down a fractional 0.02 percent in early trade. Shares in Saudi Basic Industries Corp (SABIC) edged up 0.3 percent after it signed a memorandum of understanding (MOU) with China’s Fujian provincial government to build a petrochemical complex.

MedGulf jumped the 10 percent daily limit in early trade after the company’s extraordinary general meeting approved a doubling of MedGulf’s capital to 800 million riyals ($213 million) via a rights issue for 40 million new shares.