MidEast Stocks Mostly Drop Amid Weaker Oil Prices

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Middle East shares mostly declined amid weaker oil prices . Qatar touched the lowest level since January 2016, still reeling after neighboring countries severed ties with the nation due to what they believe are Qatar's ties to terrorism.

Saudi stocks gave back gains made earlier in the week on hopes MSCI will on Tuesday announce it will launch a review of Saudi Arabia for possible inclusion in its emerging market index. Inclusion would bring tens of

billions of dollars of fresh foreign money to the kingdom's financial markets.

In company news, Drake & Scull said it had obtained regulatory approval to start a capital restructuring after heavy losses.

Orascom Telecom went ex-dividend.

Saudi Arabia's main index slumped 1.3% to 6,953 points, Dubai slipped 0.2% to 3,452 points, Abu Dhabi fell 0.8% to 4,456 points, Qatar tumbled 1.5% to 8,934 points, Egypt eased 0.7% to 13,416 points, Kuwait dropped 0.7% to 6,783 points, Bahrain firmed 0.2% to 1,319 points and Oman lost 0.5% to 5,195 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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