MIDEAST STOCKS-Saudi leads most of Gulf lower; Aramco rebounds - Reuters:
Most major Gulf markets fell on Sunday, led by Saudi
Arabia as concerns about the effect of the spread of the coronavirus on oil
prices weighed on the country's petrochemical and banking shares.
Oil prices posted their fifth straight weekly decline, as speculators backed
away due to weaker consumption figures and expectations the coronavirus will
remain a drag on demand.
The death toll from the virus reached 811 on Sunday.
Saudi Arabia's benchmark index fell 1.3%, weighed down by a 1.7%
slide in Al Rajhi Bank and 2.6% fall in Saudi Basic Industries
.
State-owned Saudi Aramco closed up 2% at 34.05 riyals, however,
having earlier touched a new low of 32.8 riyals, not far from its initial public
offering price of 32 riyals.
No comments:
Post a Comment