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MidEast Stocks Mixed - Egypt's Benchmark Stock Index Touches Lowest Level In 4 Months as IMF Loan Talks Commence

Middle East stocks were mixed, with Egypt's EGX 30 Index underperforming bourses elswhere in the region as investors fear that the weakening local currency will negatively impact the value of their savings and investments, according to a report on Bloomberg.

Egypt's benchmark stock index was down 2.21% at 4926.22, and earlier hit its lowest level in nearly four months, according to the report. Investors were also keeping their eyes on the ongoing negotiations between the country and the International Monetary Fund for a EUR3.74 billion loan that is aimed at easing Egypt's economic crisis.

Meanwhile, in Iran, a boycott of pistachio nuts due to rising prices has gained a following, spurred on by protests on Facebook and other social media, according to report on euronews.com. The government is also supporting the boycott. But some pundits believe that the government is backing the protests so that local consumption of pistachio nuts will decline, giving way to higher nut sales abroad, the report added. Pistachio nut traders usually profit from a surge in nut consumption following the Persian New Year, but the country also exports the nuts to markets in Europe, Asia and the Middle East, the report stated. The cause for the rising nut prices was not clear.

Other indices in the region at mid-day:

- Dubai's DFM was up 0.57% at 1854.01

- Saudi Arabia's TASI was down 0.13% at 7163.60

- Abu Dhabi's ADX was up 0.51% at 3022.23

- Kuwait's KSE was up 0.81% at 6814.35

- Bahrain's BSE dipped 0.15% at 1090.17

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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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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