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Tuesday, 28 March 2017

MIDEAST STOCKS-Most markets edge up, Emaar Malls jumps as Amazon seals Souq.com deal | Reuters

MIDEAST STOCKS-Most markets edge up, Emaar Malls jumps as Amazon seals Souq.com deal | Reuters:

"Most Gulf stock markets edged up on Tuesday although trading volumes were generally low, while Emaar Malls jumped in Dubai after the company appeared to lose a contest with Amazon.com to acquire Middle Eastern online retailer Souq.com.

Emaar Malls added 3.6 percent, outperforming Dubai's stock index, which dropped 0.2 percent.

The company's shares had dropped 2.8 percent in the previous two days on news it was making an $800 million bid to acquire e-commerce operator Souq.com, which could have put it in a bidding war with Amazon.com. The U.S. company had agreed in principle to buy Souq.com."



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