MIDEAST STOCKS-Banks, petchems drag down Saudi, property lifts Dubai - Reuters:
Saudi Arabian stocks dropped sharply on
Tuesday as banking and petrochemical shares weakened, while
builder Arabtec Holding posted its sharpest single-day
rise in two and half years after announcing a potential merger,
helping to lift the Dubai index.
Saudi's index was down 1.1%. Al Rajhi Bank
dropped 2% and petrochemical maker Saudi Basic Industries
shed 2.8%.
Saudi Enaya Cooperative Insurance lost 4.9% after
its accumulated losses reached 40% of its capital.
Real estate firm Arriyadh Development and gym
network operator Leejam Sports shed 3.3% and 2%
respectively as the stocks traded ex-dividend.
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