MIDEAST STOCKS-Saudi dives on petchems, banks drag down Abu Dhabi and Dubai | Reuters:
Most major Gulf stock markets fell sharply in early trade on Thursday, with a fall in oil prices pushing down Saudi Arabia’s petrochemical shares and banks weighing on Abu Dhabi and Dubai.
The Saudi index was down 2.9 percent at 7,606 points after an hour of trade, confirming a break below the 200-day average at 7,871 points — a negative technical signal.
Weakness in emerging markets generally and an overnight drop of over 2 percent by the Brent oil price pushed the Saudi market down. Top petrochemical producer Saudi Basic Industries lost 4.1 percent and Al Rajhi Bank sank 3.1 percent.
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