MIDEAST STOCKS-Most of Gulf weak, Saudi's Savola plunges on Iran tensions | Reuters:
"Most Gulf stock markets remained weak on Tuesday because of concern about volatile oil prices and the outlook for the global economy, while Egypt rallied on the back of buying by foreign investors.
The Saudi index climbed in the opening minutes but soon turned lower and closed down 0.7 percent. Major food producer Savola plunged 9.7 percent after Saudi Arabia said it would cut off all commercial relations with Iran in its dispute with Tehran over Riyadh's execution of a Shi'ite cleric.
Savola is one of the few Saudi companies with a presence in Iran; through an affiliate it has edible oil and confectionery factories in Tehran, which provided 11 percent of its total revenue in the third quarter of 2015."
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