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Saudi Arabia's main index dropped 3 percent as shares in petrochemicals giant Saudi Basic Industries (SABIC) tumbled 4.6 percent.However, SABIC unit Saudi Arabia Fertilizer Co (SAFCO) outperformed the sector, trading in the black for most of the day and closing only 1 percent down after the company's board recommended a bonus share issue of one share for each outstanding four shares.Shares in utility firm Tabreed added 2.8 percent after it said Monday it had completed the refinancing of debt facilities worth 2.6 billion dirhams ($708 million), confirming a report by Reuters Sunday.Swiss-listed Orascom Development Holding AG said Monday it had sold a 15 percent stake in its Egyptian subsidiary, Orascom Hotels and Development, for 506.1 million pounds ($70.78 million) and a public offer for those shares was 3.8 times oversubscribed.
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