MIDEAST STOCKS-Banks drag down Saudi; Financials drive Egypt gains - Agricultural Commodities - Reuters:
Banks led Saudi Arabia's stock market
sharply lower on Sunday for a third session in a row, while
gains in financial shares helped keep Egypt's benchmark index at
a four-month high.
Investment bank EFG Hermes said last Wednesday that the
investment case for Saudi banks was no longer "compelling"
against a backdrop of receding passive fund flows and the
emergence of credit quality concerns among others.
The Saudi index lost a further 1.3% on Sunday,
reaching its lowest Since January, and driven down by a 2.6%
fall in Al Rajhi Bank and a 3.5% drop in National
Commercial Bank.
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