MIDEAST STOCKS-Banks push Saudi, Abu Dhabi lower; Industries Qatar rebounds - Reuters:
Weakness in banking shares pushed indexes in Saudi Arabia and Abu Dhabi lower in early trade on Sunday, while Qatari stocks rebounded on demand for Industries Qatar, which bounced back after sharp losses this month on weak earnings.
Saudi stocks were down 0.1%, with Saudi British Bank down about 1% and Samba Financial Group falling 1.2%.
Banking stocks have been under pressure in recent weeks from the Saudi central bank’s decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect will squeeze profit margins at Saudi lenders.
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