Thursday 2 June 2016

MIDEAST STOCKS-Gulf mixed before OPEC meeting; Egypt's Cleopatra lists | Reuters

MIDEAST STOCKS-Gulf mixed before OPEC meeting; Egypt's Cleopatra lists | Reuters:

"Gulf stock markets were mixed before an OPEC meeting later on Thursday to discuss coordinated action among oil producers to support prices. Egypt's market rose as a newly listed healthcare stock performed strongly.

Riyadh's stock index added 0.5 percent with support from some petrochemical shares as Brent oil held near $50 a barrel. Saudi Basic Industries climbed 1.5 percent.

Low-cost supermarket operator Abdullah Al Othaim jumped 2.1 percent to 99.00 riyals, its highest close since August 2015, in heavy trade. The stock is approaching its mean fair value of 108.27 riyals, according to a Reuters survey of analysts. Of 12 analysts, seven have a "buy" rating on Othaim and the rest a "hold"."



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