MIDEAST STOCKS-Egypt, Saudi drop in global rout; Saudi breaks chart support | Reuters:
"Egypt's stock market fell in early trade on Thursday, erasing the previous day's gain as global bourses sagged, while Saudi Arabia's index was headed for a third straight day of losses after oil slid back near $30.
Cairo's main index fell 1.0 percent in the first 30 minutes with Egypt's largest bank by market value, Commercial International Bank, dropping 1.6 percent after it recorded fourth-quarter net profit of 1.2 billion Egyptian pounds ($192 million), up 11 percent from a year earlier.
"The strong performance at the top line was partially offset by higher operating expenses and provisioning," said a note by Cairo-based Naeem brokerage, though it upgraded the stock to "buy" from "accumulate"."
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