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Thursday, 18 August 2016

MIDEAST STOCKS-Petchems support Saudi, Qatar retreats after surge on FTSE | Reuters

MIDEAST STOCKS-Petchems support Saudi, Qatar retreats after surge on FTSE | Reuters:

"Gulf stock markets were narrowly mixed in quiet trade on Thursday as petrochemical shares supported Saudi Arabia's index but Qatar pulled back after a surge this week due to hopes for inflows of foreign funds.

The Saudi stock index closed 0.1 percent higher as the petrochemical sector's sub-index gained 1.1 percent after Brent crude oil futures hit a five-week high of $49.93 a barrel overnight. Saudi Arabia Fertilizers closed 4.8 percent higher in volatile trade.

But Qatar's index dropped 0.8 percent after gaining this week on expectations for fund inflows in mid-September, when index compiler FTSE will upgrade the bourse to emerging market status."



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