MIDEAST STOCKS-Weighed down by bank stocks, Saudi market dips after U.S. rate cut - Reuters:
Saudi Arabian equities declined on Sunday, weighed down by banking shares, in line with major markets on Friday after the U.S. Federal Reserve cut interest rates, which was followed by rate cuts by most Gulf central banks.
The Saudi banking stocks were also hit by news that Saudi Binladin Group (SBG) was seeking a financial adviser for restructuring of its debt which could range between $20-$30 billion.
Goldman Sachs said in a report to clients it was “getting questions on the exposure of Saudi banks to Saudi Binladin Group”.
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