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Monday, 30 January 2017

MIDEAST STOCKS-Saudi, Kuwait, Egypt retreat; Aramex earnings beat supports Dubai | Reuters

MIDEAST STOCKS-Saudi, Kuwait, Egypt retreat; Aramex earnings beat supports Dubai | Reuters:

"Middle Eastern equity markets diverged on Monday, with last week's top gainers pulling back on profit taking while strong quarterly earnings from courier firm Aramex bolstered Dubai. The Saudi Arabian index fell 0.7 percent, snapping seven consecutive sessions of gains. Twelve of the 14 listed petrochemical producers pulled back as Brent oil futures fell near $55 a barrel. Saudi Basic Industries closed 0.8 percent lower. But Nama Chemicals soared 9.1 percent, taking its gains since Wednesday to 31.5 percent. Last week the loss-making chemicals maker announced a recovery plan including eventually increasing capital to finance production of speciality chemical products and boost capacity."



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