MIDEAST STOCKS: Egypt extends losses, Saudi Arabia flat Egypt's market extended losses on Sunday in a broad decline, while Saudi Arabia's stock market moved very little.The Cairo index fell 1.2 percent as most stocks traded lower, continuing a decline which began last week as Egypt's weighting in MSCI's emerging markets index was reduced with Telecom Egypt's exclusion from the benchmark.Also, Egypt started rationing gas supplies to a number of industrial consumers, such as steelmaker Ezz Steel, last week as a rise of temperatures across the country led to an increase in power consumption.Ezz Steel shares dropped 2.7 percent on Sunday and a**ther industrial gas consumer, carpet maker Oriental Weavers , was down 3.6 percent.Meanwhile, Saudi Arabia's index was nearly flat amid a mixed performance by local stocks. Petrochemicals giant Saudi Basic Industries climbed 0.7 percent after Brent oil jumped almost 5 percent on Friday.But a**ther firm in the same sector, PetroRabigh, dropped 2.2 percent to a one month-low of 23.45 riyals after the company said on Sunday it had shut down a hydrogen-producing facility on May 29 because of faulty pipes.PetroRabigh said it was still assessing maintenance work needed as well as the financial impact of the stoppage.
05-31-2015, 05:40 PM
MIDEAST STOCKS: Egypt extends losses, Saudi Arabia flat
Egypt's market extended losses on Sunday in a broad decline, while Saudi Arabia's stock market moved very little.The Cairo index fell 1.2 percent as most stocks traded lower, continuing a decline which began last week as Egypt's weighting in MSCI's emerging markets index was reduced with Telecom Egypt's exclusion from the benchmark.Also, Egypt started rationing gas supplies to a number of industrial consumers, such as steelmaker Ezz Steel, last week as a rise of temperatures across the country led to an increase in power consumption.Ezz Steel shares dropped 2.7 percent on Sunday and a**ther industrial gas consumer, carpet maker Oriental Weavers , was down 3.6 percent.Meanwhile, Saudi Arabia's index was nearly flat amid a mixed performance by local stocks. Petrochemicals giant Saudi Basic Industries climbed 0.7 percent after Brent oil jumped almost 5 percent on Friday.But a**ther firm in the same sector, PetroRabigh, dropped 2.2 percent to a one month-low of 23.45 riyals after the company said on Sunday it had shut down a hydrogen-producing facility on May 29 because of faulty pipes.PetroRabigh said it was still assessing maintenance work needed as well as the financial impact of the stoppage.
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