Saudi Stocks Fall
Saudi Stocks Fall

Saudi Stocks Fall

Saudi Stocks Fall

Saudi Arabian stocks declined the most in the Persian Gulf as the country’s equities traded for the first time in a week, tracking a selloff across developing nations as investors weigh the chances of a US interest rate increase this year.
The Tadawul All Share Index dropped 1.9% on Sunday as it reopened after a week-long religious holiday. That dragged Bloomberg’s (P)GCC 200 Index, a measure of the largest and most liquid companies in the six-nation (Persian) Gulf Cooperation Council, down 0.8% to a more than two-month low.
Emerging-market stocks posted the steepest five-day drop in more than four months last week amid growing speculation the Federal Reserve may increase interest rates by year-end, diminishing appetite for riskier developing-nation assets.
Meanwhile, oil retreated last week on speculation that Libya and Nigeria are preparing to boost exports, adding to growing skepticism that the Organization of Petroleum Exporting Countries and Russia will agree on measures to stabilize the market at a meeting in Algiers later this month.
“Saudi stocks are basically pricing in the long period without trade during which emerging markets dropped considerably,” said Saleem Khokhar, the Abu Dhabi-based head of fund management and equities at the asset-management group of National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-biggest bank. “Expectations for the talks in Algiers are not so high any more, which is not good for Saudi Arabia at all.”

Short URL : https://goo.gl/tJmKL5
  1. https://goo.gl/vgNIUh
  • https://goo.gl/cMTUkT
  • https://goo.gl/vdvzCO
  • https://goo.gl/9AJ6op
  • https://goo.gl/B5jEcK

You can also read ...

US Looking East After Fining Europe Over Iran Business
The US effort to put Iran in a financial bind meant European...
Proses has offered to explore a possible SISP at the world class Mehdiabad zinc (lead and silver) project in Iran where it has a role in development planning.
British mining and mineral processing technology company...
Depending on Iran’s progress in completing its action plan, FATF will take further steps in June 2018.
The Financial Action Task Force has recognized measures taken...
Iran’s Corruption Perceptions Index Improves
Iran’s score based on the Corruption Perceptions Index...
Home Security Startup Taps Face-Recognition Tech
A team of engineers that worked on self-driving cars and...
Crimean Ports Under Sanctions Looking for Way Out to Iran
Crimea’s ports, which are not operating at full capacity due...
SpaceX successfully deployed a satellite into low Earth orbit for the Spanish government.
SpaceX took a critical step Thursday toward making one of Elon...
Qazvin-Rasht Railroad to Come on Stream in 3 Months
The railroad to connect the two Iranian cities of Qazvin and...