MIDEAST STOCKS-Egyptian stocks gain after inflation data, #Saudi extends losses - Reuters

MIDEAST STOCKS-Egyptian stocks gain after inflation data, Saudi extends losses - Reuters:

Egyptian blue-chip stocks rose on Thursday after data
showed consumer price inflation dropping to its lowest level in almost seven
years, while Saudi Arabia fell for a fourth straight session.

Egypt's annual urban consumer price inflation slowed to 4.8% in September
from 7.5% in August, clearing the way for the central bank to cut interest rates
further after two consecutive months of easing. 

Inflation has been slowing in recent months as Egypt approaches the end of
an IMF-backed economic reform programme that saw the annual inflation rate rise
to 33% during 2017.

Egypt's blue-chip index closed 0.8% higher with market heavyweight
Commercial International Bank rising 0.3% and Cairo for Investment and
Real Estate Development adding 3.9%.