CORRECTED-MIDEAST STOCKS-Saudi index retreats on haj curbs; Egypt outperforms - Agricultural Commodities - Reuters:
Saudi Arabian shares ended lower on
Wednesday, following the kingdom's decision to bar visitors from
abroad from the annual haj pilgrimage due to the coronavirus,
while the Egyptian bourse advanced with broad-based gains among
its constituents.
Saudi Arabia's benchmark index was down 0.7%, hurt
by a 1.9% fall in Al Rajhi Bank and a 1.4% decline in
petrochemical firm Saudi Basic Industries.
The kingdom is to limit the number of domestic haj pilgrims
to around 1,000 to prevent the spread of the coronavirus, after
barring Muslims abroad from the rite for the first year in
modern times.
Official data showed that Saudi Arabia earns around $12
billion a year from haj and the year-round pilgrimage umrah.
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