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Middle East Shares Mostly Slip Again But Saudi Arabia Rebounds on Technicals


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MidEast stocks mostly declined again, but Saudi Arabia rebounded on technical buying, with strong support around 7,000 points.

Qatar continued to drop amid disappointment the country's impasse with four neighboring Arab countries will likely continue. Earlier in the week, investors were hopeful but those hopes faded when Saudi Arabia, the United Arab Emirates and Bahrain, in an apparent snub of Qatar, did not send their heads of state to this week's regional summit in Kuwait.

In company news, Amiantit said a 50% owned affiliate had won a five-year, 100 million riyal ($26.7 million) contract to manage water utility services in Jeddah.

Saudi Arabia's main index gained 0.9% to 7,086 points, Dubai dipped 0.03% to 3,393 points, Abu Dhabi fell 0.8% to 4,277 points, Qatar dropped 0.3% to 7,774 points, Egypt fell 0.3% to 14,297 points, Kuwait slipped 0.2% to 6,187 points, Bahrain added 0.2% to 1,267 points and Oman shed 0.5% to 5,066 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks


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