MIDEAST STOCKS-Saudi slips on lower than expected oil supply cuts; UAE extends gains - Reuters:
Saudi Arabia’s stock market fell in early trade on investor disappointment after OPEC and allied oil producing countries agreed a smaller-than-expected cut in output.
The OPEC+ group agreed to reduce output by 10 million barrels per day (bpd) from May, with Russia saying it would only reduce if the United States joined the deal.
Meanwhile, King Salman approved an extension of the kingdom’s curfew until further notice due to the rate at which the coronavirus is spreading, state news agency SPA reported early on Sunday.
Saudi’s benchmark index dropped 1%, with Saudi Aramco losing 1.6% and Al Rajhi Bank down 1.4%.
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