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Tuesday, 2 August 2016

MIDEAST STOCKS-Weak oil and global bourses pull down Gulf; Egypt rises | Reuters

MIDEAST STOCKS-Weak oil and global bourses pull down Gulf; Egypt rises | Reuters:

"Weak oil prices and global equity markets pulled down stocks in the Gulf on Tuesday, with some Saudi Arabian petrochemical shares and banks falling sharply, but Egypt edged up on the back of its currency's firmness in the unofficial market.

The Saudi index sank 1.2 percent as petrochemical giant Saudi Basic Industries fell 1.5 percent and Saudi British Bank lost 2.7 percent.

But major retailer Jarir Marketing, which had dropped 18 percent from its June peak because of Saudi Arabia's economic slowdown, rebounded 2.5 percent."



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