Monday 4 May 2015

MIDEAST STOCKS-Oil buoys Saudi Arabia; Egypt up as c.bank addresses FX shortage | Reuters

MIDEAST STOCKS-Oil buoys Saudi Arabia; Egypt up as c.bank addresses FX shortage | Reuters:



"Saudi Arabia's bourse edged up on Monday after oil prices hit a new 2015 high, while profit-taking continued in the United Arab Emirates. Egypt's market rose after the central bank sold some foreign currency to address shortages faced by importers.



Brent crude rose to a 2015 high of $67 a barrel on Monday, supported by expectations that the crude supply glut would ease and after weak Chinese factory activity reinforced views that stimulus measures would be rolled out.



The main Saudi stock index added 0.2 percent and petrochemicals giant Saudi Basic Industries (SABIC) was the main support, rising 1.3 percent."



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