Monday 25 May 2015

MIDEAST STOCKS-Gulf markets dip, tracking oil; Egypt extends gains | Reuters

MIDEAST STOCKS-Gulf markets dip, tracking oil; Egypt extends gains | Reuters:



"Most Gulf stock markets slipped on Sunday after oil prices fell, while Egyptian equities extended gains following the delay of an unpopular capital gains tax. 




Brent oil fell $1.17, or 1.8 percent, to $65.37 a barrel on Friday, declining 2.1 percent on the week as a rallying dollar and profit-taking ahead of a long U.S. holiday weekend cut short a two-day rally.



Petrochemicals giant Saudi Basic Industries, whose profits are sensitive to oil prices, dropped 2.5 percent and was the main drag on Saudi Arabia's index which lost 0.4 percent."



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