October 8, 2017 / 5:49 AM / 9 months ago

MIDEAST STOCKS-Gulf may move sideways, U.S. sanctions news boost Sudatel

DUBAI, Oct 8 (Reuters) - Gulf stock markets look set to move sideways on Sunday in the absence of major new factors, although Abu Dhabi-listed Sudatel Telecom could get a boost from news that the United States lifted economic sanctions against Sudan.

A U.S. official said Washington lifted 20-year-old sanctions against Sudan on Friday, citing progress on counter-terrorism and improvement on human rights. The sanctions had effectively cut Sudan off from much of the global financial system, so their removal is good news for almost all investors in the country.

In Saudi Arabia, National Agriculture Development Co may attract interest after saying it signed a memorandum of understanding with dairy firm Al Safi Danone Co, a partner of France’s Danone, to study the possibility of NADEC acquiring all of Al Safi’s shares. The deal would leave current Al Safi shareholders owning 38.75 percent of NADEC.

Global stock markets ended marginally lower on Friday Brent oil settled at $55.62 per barrel, down $1.38 on the day. (Reporting by Andrew Torchia)

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