MIDEAST STOCKS-Saudi edges down as Savola plunges; Egypt up in thin trade | Reuters:
"Saudi Arabia's stock index edged down in the first hour of trade on Tuesday while Egypt's rose in thin volumes.
The Saudi benchmark climbed in the opening minutes but then turned lower, losing 0.4 percent. Food producer Savola plunged 8.9 percent after Saudi Arabia said it would cut off all commercial relations with Iran in its row following Riyadh's execution of a Shi'ite cleric in the kingdom.
Savola is one of the few Saudi companies with a presence in Iran, with edible oil and confectionary factories in Tehran. It has not yet released a statement on the impact on its business of geopolitical tensions, and analysts said there would not necessarily be a big impact.
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