MIDEAST STOCKS-Banks pull #Saudi down, financials drag most Gulf markets | Reuters

MIDEAST STOCKS-Banks pull Saudi down, financials drag most Gulf markets | Reuters:

Saudi Arabia’s stock market fell on Tuesday weighed down by its banks, while all major Gulf bourses slipped, pressured by financial stocks as the markets took a breather after two days of gains.

Sentiment was also hurt by weak global markets, as prospects for a long-awaited Sino-U.S. trade deal were dealt another blow after the United States levelled sweeping criminal charges against China’s telecom giant Huawei.

Saudi Arabia’s index fell 0.5 percent with Al Rajhi Bank dropping 0.6 percent and Samba Financial Group slipping 1.6 percent. Al Khodari lost 0.4 percent after the Capital Market Authority said it would impose a fine of 40,000 riyals following its failure to disclose financial results within the specified time frame.