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Middle East Stocks Mixed, Saudi Shares Recover Losses Made on Fears of U.S. Sanctions

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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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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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