MIDEAST STOCKS-Saudi, Egypt retreat in early trade | Reuters:
"Stock markets in Saudi Arabia and Egypt retreated in early trade on Thursday as investors remained worried by the chronic weakens in oil prices and declines in international bourses.
The Saudi index fell 1.8 percent in the first half-hour of trade, with the petrochemical sector dropping by the same magnitude.
"The swing factor in the markets is oil, because although technical analysis shows that the majority of stocks are in oversold territory, as long as Brent remains below $30 investors will have no confidence in any type of analysis," said a Jeddah-based portfolio manager.
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