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Sunday, 21 August 2016

MIDEAST STOCKS-Gulf edges down despite petchems; Telecom Egypt climbs | Reuters

MIDEAST STOCKS-Gulf edges down despite petchems; Telecom Egypt climbs | Reuters:

"Most Gulf stock markets edged down on Sunday despite strength in some Saudi Arabian petrochemical shares, while Telecom Egypt boosted Egypt's bourse slightly.

Brent crude oil closed above $50 a barrel on Thursday and Friday for the first time since July 4. This encouraged buying of petrochemical stocks on Sunday, with Saudi Basic Industries adding 0.9 percent to 84.25 riyals, nearing technical resistance at 86-87 riyals, the top of the range in which it has traded since April.

Most other stocks were sluggish in the absence of fresh, positive news, and the main Saudi equities index fell 0.2 percent.

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