MIDEAST STOCKS-Gulf weakens and volumes dwindle; Egypt jumps on c.bank action | News by Country | Reuters:
"Most stock markets in the Gulf fell on Thursday as investors sold off cyclical sectors and some shares went ex-dividend, while Egypt's bourse jumped 3 percent in robust volume after the central bank acted to improve dollar supplies to the economy.
Riyadh's index fell back 0.3 percent, giving up early gains, as the petrochemical and retail sectors dragged the market lower. Trading volume was the lowest this week.
The index had rallied 14 percent since mid-February, buoyed by a belief that oil prices have bottomed out. Investors' selling of sectors vulnerable to downturns in the global and domestic economies may indicate investors are focusing on earnings outlooks once more, rather than oil."
'via Blog this'
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