MIDEAST STOCKS-Saudi, Egypt tumble in early trade | Reuters

MIDEAST STOCKS-Saudi, Egypt tumble in early trade | Reuters:

"Stock markets in Saudi Arabia and Egypt tumbled in early trade on Wednesday as investors sold off aggressively across the board after renewed weakness in oil prices and global equity markets.

Riyadh's index erased Tuesday's gains and dropped more than 4 percent in the opening minutes, nearing a multi-year closing low hit on Monday. Petrochemical blue chip Saudi Basic Industries slumped 4.2 percent.

Al Tayyar tumbled 7.0 percent. The tourism and travel group posted a 6.9 percent fall in fourth-quarter profit to 215 million riyals ($57.3 million); analysts at Aljazira Capital and Osool & Bakheet Investment Co had expected 286.3 million riyals and 296.4 million riyals."



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