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Monday, 3 October 2016

MIDEAST STOCKS-Saudi swings widely, Gulf weak; IMF hopes boost Egypt | Reuters

MIDEAST STOCKS-Saudi swings widely, Gulf weak; IMF hopes boost Egypt | Reuters:

"Gulf stock markets were weak on Monday as Saudi Arabia swung widely, hit by plans for reforms to the telecommunications industry, but Egypt rose sharply on hopes that its International Monetary Fund loan would be finalised soon.

The Saudi index fell more than 2 percent at one stage as Saudi Telecom, the country's top operator, tumbled as much as 8.5 percent after the government said it would provide telecommunications firms with "unified licences" allowing them to offer a full range of services.

Analysts said this could mean more competition for Saudi Telecom. The stock closed 4.9 percent lower and the Saudi index finished down 0.6 percent at 5,416 points, its lowest close since March 2011, in active trade."



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