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Middle East Stocks Mixed But Volume Thinned by Eid Holiday


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MidEast shares were mixed but volume was light as many investors were off were the Eid holiday.

Abu Dhabi slipped amid profit-taking.

Gulf investors are awaiting news of rebalancing of stocks on June 16 by index compiler FTSE Russell that could affect Middle East and North Africa shares as well.

Egypt rose in some bargain hunting in financial and property shares.

OnTuesday, Egypt announced new cuts to electricity subsidies, raising prices by an average of 26% from July, the latest in a raft of tough economic reform.

Saudi Arabia's main index was closed for the Eid holiday, Dubai dropped 0.9% to 3,051 points, Abu Dhabi slumped 2.1% to 4,633 points, Qatar eased 0.9% to 9,080 points, Kuwait added 0.6% to 4,810 points, Bahrain firmed 0.6% to 1,296 points, Oman was flat at 4,596 points and Egypt advanced 1.5% to 16,178 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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