MIDEAST STOCKS-Banks drag Saudi market lower amid uncertainty over Fed policy - Reuters:
Saudi Arabian stocks were dragged lower by declining
financial stocks on Thursday amid uncertainty over Federal Reserve policy
following the release of minutes from the Fed's July meeting, while other Gulf
markets were mixed.
The minutes showed Fed policymakers were divided over whether to cut
interest rates last month, but were united in wanting to signal they were not on
a preset path to more cuts.
Currencies of Saudi Arabia, the United Arab Emirates and Qatar are pegged to
the U.S. dollar and they follow the Fed on interest rate moves.
In Saudi Arabia, the index fell 0.7% as Samba Financial Group
lost 2.6% and National Commercial Bank slipped 0.8%.
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