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Thursday, 6 July 2017

MIDEAST STOCKS-Saudi steel, cement strong on export tariff cuts in otherwise weak region | Reuters

MIDEAST STOCKS-Saudi steel, cement strong on export tariff cuts in otherwise weak region | Reuters:

"Shares in Saudi Arabia's cement and steel sectors rose 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 halve cement export tariffs. Analysts said top-line growth of cement and steel companies was not expected to get a huge boost, but the news was positive for a building materials sector that has been hit hard by the government's austerity policies in the past couple of years."



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