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Thursday, 6 July 2017

MIDEAST STOCKS-Saudi steel, cement cheer export tariff cuts in mostly weak region | Reuters

MIDEAST STOCKS-Saudi steel, cement cheer export tariff cuts in mostly weak region | Reuters:

"Shares in Saudi Arabia's cement and steel sectors surged in early trade on Thursday after the government cut export tariffs, but Gulf stock markets were mostly weak after a slide in oil prices. The Saudi government said it was cancelling all export duties on steel for two years to encourage local industries, and would slash cement export tariffs by 50 percent. Najran Cement jumped 6.2 percent in unusually high volume and was the top gainer in Riyadh after 35 minutes of trade. All other stocks among the top 10 gainers were also from the building materials sector, including Al Yamamah Steel Industries, which rose 2.1 percent."



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