MIDEAST STOCKS-Saudi stocks hit more than two-week low as weak oil prices weigh on Gulf | Reuters

MIDEAST STOCKS-Saudi stocks hit more than two-week low as weak oil prices weigh on Gulf | Reuters:

Saudi stocks slumped to their weakest level in more than two weeks on Sunday, hurt by the latest slump in oil prices, which also dragged most Gulf markets lower.

Saudi Arabia’s index shed 0.4 percent to close at 7,711 points, its lowest close since Oct 24. Oil refiner Petro Rabigh dropped 1.7 percent and National Commercial Bank fell 0.6 percent.

Saudi insurance firm Mediterranean and Gulf Cooperative Insurance and Reinsurance (MedGulf) was also down 1.1 percent despite reporting a 70 percent rise in third-quarter net profit.