MIDEAST STOCKS-Markets down on Iran concerns, EM weakness; blue-chips lift Saudi | Reuters

MIDEAST STOCKS-Markets down on Iran concerns, EM weakness; blue-chips lift Saudi | Reuters:

"Middle East stock markets moved down in line with global emerging markets and because of persisting geopolitical tensions, as the risk of the United States pulling out of the Iran nuclear deal looms.

The Saudi Arabian index was in negative territory most of the day but closed up 0.1 percent as some selective buying for blue-chip stocks such as Al Rajhi Bank, up 0.8 percent, and Saudi Arabia Mining Co (Ma’aden), up 2.4 percent, offered support to an otherwise sluggish market.

Ma’aden shares soared almost 3 percent in early trade after it said its first-quarter net profit had more than doubled on higher sales and increased average realised prices of products. The company posted a net profit of 638 million riyals ($170.12 million)versus an average estimate of 372 million riyals, based on three analysts."



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