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Wednesday, 24 August 2016

MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters

MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters:

"Most major Gulf stock markets fell on Tuesday after Brent crude oil dropped back below $49 a barrel, but most closed well off their lows as investors bought blue chips in late trade.

The Saudi index closed 0.2 percent lower at 6,096 points, extending Monday's 1.7 percent slide. But gainers slightly outnumbered losers 77 to 74 and the index bounced from an intra-day low of 6,063 points, holding minor technical support on the April low of 6,066 points.

Petrochemical blue chip Saudi Basic Industries rose 0.3 percent and Al Rajhi Bank added 0.5 percent. Insurer Alinma Tokio rose 1.5 percent after the central bank approved one of its new products."



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