MIDEAST STOCKS-Financials pull Saudi, Qatar lifted by QIIB | Reuters:
Saudi Arabia’s stock market slipped on Monday, dragged down by financial and petrochemicals shares, while Qatar was lifted by Qatar International Islamic Bank (QIIB) raising its foreign ownership limit.
The Saudi market ended the previous week at its highest in almost four years after its inclusion in the FTSE Russell’s emerging-market index.
The Saudi index fell 0.6 percent, with Al Rajhi Bank losing 0.6 percent and its insurance unit Al Rajhi Takaful plunging 8.9 percent. The latter reported a 7.4 percent drop in its gross written premiums for the full year.
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