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Thursday, 25 August 2016

MIDEAST STOCKS-Saudi keeps falling on economy fears, UAE firm | Reuters

MIDEAST STOCKS-Saudi keeps falling on economy fears, UAE firm | Reuters:

"Most Gulf stock markets fell on Thursday with Saudi Arabia sliding for a fifth straight day, led by banks, but United Arab Emirates bourses were firm. Egypt sank as blue chip Orascom Telecom Media and Technology Holding reported a loss.

The Saudi index, which on Wednesday fell below minor technical support on the April low of 6,066 points, sank 0.9 percent on Thursday to a six-month closing low of 5,977 points. Turnover was thin; this week's volume was the lowest in 2016.

That is partly because summer holidays have kept retail investors away. Investors are also worried about the impact on corporate earnings of Saudi Arabia's economic slowdown due to low oil prices.

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