MIDEAST STOCKS-Gulf markets may stabilise; positive corporate news in Egypt | Reuters:
"After several days of falls, Gulf stock markets may stabilise and some bargain-hunters cautiously return on Thursday after U.S. stocks rose overnight and global oil prices regained a little strength.
In Saudi Arabia, Mobily may continue dropping in the wake of Monday's earnings restatement shock. The stock has tumbled 18.5 percent to 65 riyals in the past two days but unfilled sell orders have continued to outweigh buy orders, so some analysts think it may only stabilise around 60 riyals.
The rest of the Saudi market may fare better, however. The index ended 1.6 percent lower at 9,629 points on Wednesday but it bounced from near technical support on the October low of 9,341 points, suggesting many investors view this level as at least a short-term bottom."
'via Blog this'
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