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Monday, 3 October 2016

MIDEAST STOCKS-Saudi Telecom drags down Riyadh, rest of Gulf weak | Reuters

MIDEAST STOCKS-Saudi Telecom drags down Riyadh, rest of Gulf weak | Reuters:

"Saudi Telecom dragged Riyadh's market down further early on Monday while other Gulf bourses, many of them reopening after closing on Sunday for the Islamic New Year holidays, were also weak.

The Saudi index, which had tumbled 3.1 percent on Sunday to its lowest close since March 2011 because of concern over the impact of government austerity measures, dropped a further 1.9 percent in the first 45 minutes.

Saudi Telecom, the country's top operator, tumbled 6.7 percent after the government said it would provide telecommunications firms with "unified licences" allowing them to offer a full range of services."



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