MIDEAST STOCKS-Saudi shares drop, property stocks weigh on Dubai - Reuters:
Banks dragged Saudi Arabian shares lower on Monday and markets in the United Arab Emirates extended losses due to a fall in financials and real estate stocks.
Saudi Arabia’s benchmark index dropped 0.9%, a day after it saw its biggest intraday fall in nearly two months, driven down by a 0.7% fall in oil giant Saudi Aramco and a 2.7% drop in Samba Financial Group.
On Monday, Credit Suisse cut Aramco’s price target to 26.7 riyals ($7.11) from 28 riyals on lower crude oil production.
Saudi Basic Industries fell 1% after reporting a net loss in the first quarter, which it blamed on impairment losses on assets and a lower demand for its products in the wake of the COVID-19 pandemic.
No comments:
Post a Comment