MIDEAST STOCKS-Saudi pulls back with oil's retreat; profit-taking resumes in Egypt | Reuters:
"Saudi Arabia's stock market gave up early gains by the close on Tuesday as oil prices pulled back, while other Gulf bourses were mixed. Profit-taking pulled Egypt' market lower after big gains this month.
The Saudi index has soared over 25 percent - almost entirely erasing its losses this year - since the government's $17.5 billion international bond issue in late October eased fears about its ability to cope with an era of cheap oil, and helped it begin making delayed payments to settle its debts to private companies.
In early trade on Tuesday the index rose as much as 0.7 percent. But Brent crude oil fell around 2 percent to below $47.50 a barrel on Tuesday afternoon on signs that oil exporters were struggling to agree a deal to cut production."
'via Blog this'
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