MIDEAST STOCKS-Saudi stocks extend losses led by banks, major Gulf markets slip - Reuters:
Saudi Arabian stocks dropped further in early trading on Thursday, after hitting an eight-month low in the last session, with banks weighing most heavily on the index, while other major Gulf markets also traded lower.
The Saudi index was down 0.3%, down for a third straight session. The market fell as much as 2.5% on Wednesday, wiping out all its gains this year before clawing back some losses to close just 0.4% up year-to-date.
The market is now trading just 0.1% higher for the year. It jumped as much as 20% between January and May, led by foreign investors who have been net buyers every month this year as Saudi stocks joined the MSCI and FTSE Russell emerging market indexes.
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