MIDEAST STOCKS-Saudi slides on weakness in blue-chips, UAE hit by property woes | Reuters:
Most Gulf markets fell on Sunday, led by Saudi and Qatari stocks, as investors cut positions in blue-chip stocks after last week's weakness in global stocks amid lingering uncertainty about the world economy.
Saudi stocks began the day on a positive note after a rally in construction and cement stocks following a royal decree to reimburse rising expatriate fees that will help labour-intensive sectors.
But weakness in key banking and petrochemical shares quickly changed investor sentiment. The benchmark index ended 0.5 lower with Al Rajhi Bank down almost 1 percent and Saudi Basic Industries off by a similar margin.
No comments:
Post a Comment