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Tuesday, 15 November 2016

MIDEAST STOCKS-Saudi, Egypt continue pull-back, MSCI index changes affect UAE, Qatar | Reuters

MIDEAST STOCKS-Saudi, Egypt continue pull-back, MSCI index changes affect UAE, Qatar | Reuters:
"Stock markets in Saudi Arabia and Egypt continued pulling back on Tuesday after big rallies earlier this month, while some individual stocks in the United Arab Emirates and Qatar moved sharply after MSCI adjusted its indexes.

The Saudi index, which had jumped 22 percent between mid-October and Sunday before profit-taking began on Monday, dropped 2.1 percent to 6,493 points on Tuesday in heavy trade, pulling back from technical resistance on the July peak of 6,703 points.

However, the index ended well off the day's low of 6,346 points. Among major losers, National Commercial Bank, the biggest lender, dropped 4.5 percent. Petrochemicals held up relatively well."

'via Blog this'