MIDEAST STOCKS-Most of Gulf drops, with banks driving Saudi shares lower - Reuters:
Most stock markets in the Gulf fell on Monday, with Saudi Arabia declining for a third day as its banking shares dropped.
Saudi Arabia’s index was down 0.4%, as the kingdom’s largest lender National Commercial Bank fell 1.3% and Al Rajhi Bank shed 0.8%.
The Saudi market’s 2019 gains were as high as 20% in May, outperforming most regional markets ahead of the inclusion of Saudi stocks in the MSCI emerging markets index, which attracted billions of dollars from foreign investors. They have been net buyers every month this year.
However, the index has reduced its gains for the year to 2.4% as the U.S.-China trade dispute and regional geopolitics hurt investor sentiment.
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