MIDEAST STOCKS-Dubai up, Saudi down as Gulf reacts to Iran nuclear deal | Reuters:
"Gulf stock markets reacted very differently on Sunday to Iran's nuclear deal with world powers, as Dubai rose on hopes for new Iranian business while Saudi Arabia fell on fears of lower oil prices. Egypt continued sliding after poor economic data.
If confirmed in a final agreement by a June 30 deadline, the nuclear deal - assuming it is received positively by major Gulf Arab governments - could reduce geopolitical tensions in the area, encouraging more foreign portfolio investment throughout the region.
But Saudi investors focused instead on the fact that lifting international sanctions on Iran would allow more Iranian oil onto the market, potentially pushing down crude prices and hurting profit margins of the petrochemical producers which are heavily weighted in the Saudi bourse. Brent oil plunged nearly 4.0 percent on Thursday in an initial reaction to the deal."
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