MIDEAST STOCKS-Saudi rises on firmer oil, Egypt stagnates | Reuters:
"Saudi Arabia's stock market edged up in early trade on Monday after global oil prices firmed, while Egypt's bourse was sluggish after a corporate survey showed growth in business activity slowed last month.
Brent oil was up 1.2 percent at $48.70 a barrel in Asian trade and this helped to boost the Saudi stock index by 0.7 percent, with petrochemical blue chip Saudi Basic Industries gaining 1.0 percent. Oil shipper Bahri also added 1.0 percent.
Property developer Dar Al Arkan continued to rise, gaining 1.5 percent, after Sunday's news that the government plans to convert a state-owned housing fund into a bank, the latest measure to spur housing construction."
'via Blog this'
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