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Wednesday, 26 July 2017

MIDEAST STOCKS-Region mixed in narrow trade, no big boost from oil rebound

MIDEAST STOCKS-Region mixed in narrow trade, no big boost from oil rebound:

"Major Middle Eastern stocks markets were mixed in narrow ranges on Wednesday as caution over companies' upcoming second-quarter earnings announcements outweighed the positive effect of a rebound in oil prices.

Brent crude futures rose 40 cents to $50.60 a barrel by the afternoon after rallying more than 3 percent on Tuesday. But many investors are preoccupied with the earnings season; so far, it has been uninspiring for the markets.

The Saudi stock index dropped 0.4 percent in thin trade. Most petrochemical stocks rose moderately on the back of the oil price increase and Sipchem jumped 4.1 percent after saying quarterly profit more than quintupled to 59.8 million riyals ($15.9 million), beating analysts' average forecast of 33.49 million riyals."



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