Reuters - Financials

MIDEAST STOCKS-Markets may fall after Saudi loses steam, global slump

Nov 2 Stock markets in the Middle East may fall on Wednesday after Saudi Arabia’s bourse lost steam, and following drops in global bourses and oil prices.

After gaining for nine straight days and adding 10.1 percent in response to the success of Riyadh’s international bond issue, the Saudi index pulled back slightly on Tuesday, and this may trigger more profit-taking on Wednesday – though market sentiment remains much better than it was a few weeks ago, so sharp falls look unlikely.

Meanwhile, global stocks have slipped because of signs that Donald Trump is making gains in U.S. election polling, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.3 percent.

Brent crude oil futures have dropped to $ 47.83 per barrel because of worries about oversupply and growing doubts over whether oil producing countries can agree on a meaningful output cut later this month. (Reporting by Andrew Torchia)

Reuters: Financials

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