MIDEAST STOCKS-Egypt falls on failed buyout offer, Gulf mostly lower

MIDEAST STOCKS-Egypt falls on failed buyout offer, Gulf mostly lower:

"Egyptian stocks fell on Tuesday, hit by a plunge in index heavyweight Global Telecom after the company’s majority shareholder withdrew a buyout offer, while Saudi Arabia stabilised after three days of falls. Most Gulf markets were lower or flat in the absence of fresh cues ahead of quarterly earning announcements for companies, which began this week. A six-day rally in Egypt’s blue-chip index ended with a 1.1 percent drop, on news that Amsterdam-based Veon , which owns about 57 percent of Global Telecom, withdrew its offer to buy the remaining shares."



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