Monday 3 August 2015

MIDEAST STOCKS-Gulf markets edge up after sell-off; Egypt soft | Reuters

MIDEAST STOCKS-Gulf markets edge up after sell-off; Egypt soft | Reuters:



"Major Gulf stock markets edged up on Monday after Sunday's sell-off but Saudi Arabia lagged because telecommunications operator Mobily tumbled following yet another negative earnings restatement.



The main Saudi index edged up 0.2 percent, having dropped 3.2 percent in the previous session. Petrochemicals giant Saudi Basic Industries was the main support, rising 1.3 percent after falling 3.9 percent on Sunday in response to a fresh drop in oil prices.



Another heavyweight, Saudi Arabian Mining (Ma'aden) , jumped 3.5 percent and almost fully recovered from Sunday's sharp decline."



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