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Middle East Stocks Mostly Drop, Saudi Shares Weaken Again

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Last updated: 10/09/2019 09:57:53

09:57 AM EDT, 10/09/2019 (MT Newswires) -- Mideast shares mostly fell with Saudi Arabia postings its sixth loss in seven sessions on weaker banking stocks.

Saudi Basic Industries also extended its losses after Fitch downgraded it and Saudi Aramco to A from A+ on Monday.

In Egypt, local investors were seen as net sellers of stocks.

In company news, QNB said after the market closed nine-month net profit rose 4%, about in line with analyst estimates.

Saudi Arabia's main index slumped 1.5% to 7,716 points, Abu Dhabi eased 0.3% to 5,053 points, Dubai gained 0.5% to 2,810 points, Qatar dropped 0.7% to 10,198 points, Egypt declined 1.2% to 14,183 points, Bahrain was flat to 1,518 points, Oman inched up 0.1% to 4,040 points and Kuwait shed 0.7% to 6,194 points.

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