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Monday, 23 January 2017

MIDEAST STOCKS-Saudi shines in Gulf, Kuwait bull run slows; Egypt rebounds | Daily Mail Online

MIDEAST STOCKS-Saudi shines in Gulf, Kuwait bull run slows; Egypt rebounds | Daily Mail Online:

"Saudi Arabia outperformed other Gulf stock markets on Monday as several major stocks bounced after poor earnings earlier this week, while a bull run in Kuwait slowed and Egypt rebounded sharply from a slide triggered by tax fears.

The Saudi index rose 1.7 percent in the highest trading volume since Jan. 2. Food maker Savola, which had dropped 2.0 percent on Sunday after reporting a shock fourth-quarter loss, jumped 5.4 percent.

The company's earnings were squeezed in part by tough price competition in a slowing Saudi economy, but the stock's rebound suggested many investors were looking forward to a stronger non-oil economy this year as Riyadh delays new austerity steps."



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