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Wednesday, 2 August 2017

MIDEAST STOCKS-Crude oil below $52 hits Saudi petchems in otherwise upbeat region

MIDEAST STOCKS-Crude oil below $52 hits Saudi petchems in otherwise upbeat region:

"Stock markets in the Gulf were mixed on Wednesday, with Saudi Arabia dragged down by a drop in crude oil prices while blue chips led gains the United Arab Emirates and Qatar higher. Brent crude futures lost 1.7 percent on Tuesday and traded below $52 a barrel for most of Wednesday. Consequently, 11 of the 14 petrochemical shares listed in Riyadh fell, including Saudi Basic Industries, which dropped 1.3 percent. The Riyadh index lost 0.4 percent. Shares of Nama Chemicals fell 0.5 percent after it reported a smaller net loss in the second quarter compared with last year."



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