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Thursday, 2 February 2017

MIDEAST STOCKS-Gulf markets mostly soft in early trade; banks buoy Qatar | Reuters

MIDEAST STOCKS-Gulf markets mostly soft in early trade; banks buoy Qatar | Reuters:

"Gulf stock markets mostly edged down in early trade on Thursday in the absence of fresh news to prompt buying, with much activity in Saudi Arabia and Dubai focusing on second-tier stocks rather than blue chips.

The Saudi index slipped 0.1 percent in the first 45 minutes as loss-making Nama Chemicals, which had soared in the last few days after it announced the outline of a recovery plan, pulled back 7.3 percent.

Atheeb Telecom added a further 2.9 percent, however, after jumping 9.4 percent on Wednesday in response to the sale of some of its tower network for 230 million riyals ($61.3 million) to Saudi Telecom Co."



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