MIDEAST STOCKS-Global woes hurt Egypt, weak oil pushes down Saudi | Reuters:
Egypt's blue-chip index fell sharply on Monday, weighed down by financial shares, mirroring a slide in global stocks amid fears of a slowdown in global growth, while Saudi Arabia snapped a seven-day winning streak as its petrochemicals were pulled down by sliding oil prices.
Egypt's blue-chip index fell 1.4 percent with 23 of its 30 stocks declining.
The country's biggest lender Commercial International Bank retreated 1.4 percent, while the top loser, Global Telecom, shed 6 percent, having lost nearly 5 percent in the last session after announcing its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity.
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