MIDEAST STOCKS-Saudi rises on strong private sector data, Egypt extends losses - Reuters:
Saudi Arabia's stock market rose on Tuesday on the back of
rising oil prices and robust non-oil private sector data, while Egypt fell as
the same sector there dropped to a more than two-year low in the last month.
Oil prices edged higher on expectations of deeper output cuts when OPEC and
its allies meet this week.
Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT.
Saudi Arabia is pushing for the cut in oil supplies to deliver a positive
surprise to the market before the listing of state-owned oil giant Saudi Aramco,
the sources said.
Aramco plans to sell 1.5% of its shares in a deal that could raise up to
$25.6 billion for which Institutional investors have already put in 144.1
billion riyals ($38.4 billion) worth of bids.
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