Saudi Stock Exchange failed to keep its bullish momentum

By Gerard Al-Fil

Gulf Arab markets usually correlate positively with Western bellwether indices. U.S. stock markets reached a two-year high last Friday, but this could not uplift the sentiment among Arab investors Sunday.

The Saudi Stock Exchange failed to keep its bullish momentum from Saturday, closing off 0.4 percent at 6,436.21 points. Petrochemical giant Sabic, which reached its highest price level since May 2010, dipped 1.2 percent to close at 103 Saudi riyals ( 27.47 U.S. dollars).

Markets in the United Arab Emirates (UAE) performed lackluster as well. The Dubai Financial Market (DFM) closed 0.92 percent lower at 1,721.66 points. Shares of construction firm Arabtec plummeted 5.12 percent to close at 2.04 dirhams (0.56 dollar).

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