MIDEAST STOCKS-Financials drag most of Gulf lower, #Saudi underperforms - Reuters

MIDEAST STOCKS-Financials drag most of Gulf lower, Saudi underperforms - Reuters:

Most major Gulf markets traded in the red on Wednesday
with weakness in banking shares weighing and Saudi Arabian stocks
underperforming their regional peers. 

Saudi Arabia’s index fell 1.5%. Al Rjahi Bank declined
2.5% and the Country’s biggest lender National Commercial Bank slid
2.2%.

Saudi Basic Industries (SABIC) shed 1.8%, extending losses
following its downgrade by Fitch on Monday.

Fitch downgraded SABIC and Saudi Aramco to A from A+ after attacks last
month on two oil production facilities. It also considered rising geopolitical
tensions in the region and the country's continued fiscal deficit.