MIDEAST STOCKS-Most markets down as oil slump weighs on petrochemicals, financials | Reuters

MIDEAST STOCKS-Most markets down as oil slump weighs on petrochemicals, financials | Reuters:

Most Gulf markets were weak in early trade on Sunday, hurt by a sharp drop in oil prices which also rattled global stocks last week. The slide was led by losses in petrochemical and financial stocks.

Saudi Arabia’s index shed 0.9 percent as banks and petrochemical shares weighed on the market. Market heavyweight Saudi Basic Industries was down almost 1 percent, Saudi British Bank fell 1.2 percent and Al Rajhi Bank was down 1.1 percent.

Saudi insurance firm Mediterranean and Gulf Cooperative Insurance and Reinsurance (MedGulf) was also down 1.7 percent despite reporting a 70 percent rise in third-quarter net profit.