Middle East Stocks Mixed, Saudi Shares Recover Losses Made on Fears of U.S. Sanctions
MidEast shares were mixed, with Saudi stocks recovering losses made on fears of possible U.S. sanctions linked to the disappearance of journalist Jamal Khashoggi.
A Saudi treasury banker said he believed the rebound was aided by government-linked funds intervening to support the market, as they did late last year when a corruption inquiry unsettled investors, according to Reuters.
Others reportedly said the selloff linked to Khashoggi was overdone and created a buying opportunity. They also noted King Salman had ordered an internal investigation into Khashoggi's disappearance after he visited the Saudi consulate in Istanbul, which could is seen as a positive. Turkish officials allege Saudi agents killed Khashoggi, which Riyadh denies.
In company news, Sahara Petrochemical said a unit had started marketing polypropylene made by affiliate Al-Waha Petrochemicals in the region.
Bank Muscat reported a rise in profit for the nine months ended Sept. 30.
Al Anwar Ceramic Tiles' profits fell in the first nine months of the year.
Saudi Arabia's main index jumped 4.1% to 7,568 points, Dubai dipped 0.03% to 2,713 points, Abu Dhabi firmed 0.04% to 4,933 points, Qatar edged up 0.1% to 9,834 points, Kuwait rose 0.9% to 5,205 points, Bahrain added 0.01% to 1,316 points, Oman shed 0.8% to 4,461 points and Egypt slipped 0.1% to 13,521 points.
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