MIDEAST STOCKS-Banks weigh on Saudi; other Gulf markets mixed - Reuters:
Most Gulf stock markets moved marginally on Monday, with the Saudi index snapping a three-day winning streak dented by losses in financials and petrochemical sectors.
In Saudi Arabia, the benchmark index dropped 0.7% with Al Rajhi Bank losing 1% and Riyad Bank easing 1.6%.
Yanbu National Petrochemicals Co declined 3% after the company’s profit more than halved in the third quarter, compared with the same quarter last year.
Separately, Saudi Aramco (IPO-ARMO.SE) has put off the planned launch of its initial public offering (IPO) in hopes that pending third-quarter results will bolster investor confidence in the world’s largest oil firm, Reuters reported on Friday citing two sources familiar with the matter.
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