Mideast Stocks Shrug Off Turkey Coup as Almarai Rises on Profit
- MSCI World Index snaps longest winning streak since October
- Summer holidays reduce level of trading volumes across Gulf
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Most Gulf stock indexes rose, even after an attempted coup in Turkey that began on Friday rattled global markets.
Saudi Arabia’s Almarai Co., the region’s largest publicly-traded packaged-food manufacturer, climbed as much as 5.5 percent before closing 2.3 percent higher as it posted a 19 percent increase in second-quarter profit. It was the third-biggest contributor to the Tadawul All Share Index’s 0.3 percent gain. The Bloomberg GCC 200 Index, which tracks some of the leading companies in the six nations that comprise the Gulf Cooperation Council, added 0.2 percent.