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Mideast Stocks Mixed, Saudi Shares Gain Ahead of OPEC+ Meeting


Last updated: 07/15/2020 10:50:38

10:50 AM EDT, 07/15/2020 (MT Newswires) -- Mideast shares were mixed, with Saudi stocks gaining ahead of an Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, meeting to weigh future oil production cuts.

Agreed cuts of 9.7 million barrels per day (bpd) are due to expire in July. They will have to decide if they will extend that agreement or lower the production cut to 7.7 million bpd.

Meanwhile, Egypt's market tumbled after Libya's eastern-based parliament called on Egypt to directly intervene in the country's civil war to counter Turkish support for the internationally recognised Government of National Accord (GNA), based in the capital Tripoli.

Qatar rose after the U.N.'s highest court for disputes between countries sided with Qatar in its legal fight with several Gulf states that imposed an air blockade against Doha.

In company news, Bank Dhofar said first-half net profit fell to 15.8 million rials from 19.7 million rials a year earlier.

Saudi Arabia's main index gained 0.5% to 7,418 points, Abu Dhabi slumped 1.6% to 4,221 points, Dubai slipped 0.2% to 2,048 points, Qatar added 0.8% to 9,295 points, Egypt declined 2.4% to 10,617 points, Bahrain shed 0.3% to 1,304 points, Oman dropped 1.2% to 3,461 points and Kuwait was flat at 5,534 points.
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