MIDEAST STOCKS-Most of Gulf sluggish, blue-chips hurt Egypt - Agricultural Commodities - Reuters:
Most major Gulf bourses were sluggish in
holiday-thinned trade on Wednesday with Saudi Arabia leading the
losses on financials, while Egypt retreated on a blue-chip
sell-off.
Saudi Arabia's benchmark index declined 0.9%, driven
down by a 1.8% fall in Al Rajhi Bank and a 3% slide in
National Commercial Bank.
State-owned Aramco dropped a further 0.6% to 35.2
riyals ($9.38) despite Goldman Sachs saying that it may
stabilise its shares by purchasing additional shares on the
market.
The stabilisation period will end on Jan. 9, but so far no
transactions have been executed.
Gulf Union Cooperative Insurance gained earlier in
the session, then went into reverse and closed 1.5% down. On
Wednesday, the insurer signed a non-binding memorandum of
understanding with Al Ahlia for Cooperative Insurance
to evaluate a merger. Al Ahlia climbed 3.1%.
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