Saudi Stocks Defy Moody’s Cut as Maaden Rallies; Dubai Retreats
- Tadawul little changed as traders look past rating downgrade
- DFM General Index drops after Emaar, Arabtec statements
Moody's Cuts Saudi Arabia, Bahrain Ratings
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Saudi Arabian stock investors showed they care more about the price of oil than what New York-based Moody’s Investors Service Inc. thinks about the kingdom’s debt dynamics.
A day after Moody’s became the latest company to reduce the nation’s credit rating, the Tadawul All Share Index added as much as 0.8 percent before closing little changed. Saudi Arabian Mining Co., known as Maaden, helped shore up stocks with a 3.8 percent gain. Elsewhere in the region Dubai’s DFM General Index lost 1.2 percent as companies reported financial results that fell short of some analyst estimates.