Traders work at the Egyptian stock exchange in Cairo. REUTERS/Mohamed Abd El Ghany
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Almost every Middle Eastern stock index declined after oil, the region's main source of income, sank to the lowest in seven years, damping the outlook for government spending.The Tadawul All Share Index in Saudi Arabia lost 1.6 percent, also the most in seven days.The six-member Gulf Cooperation Council, which includes Saudi Arabia and the United Arab Emirates, is home to about 30 percent of the world's oil.A Bloomberg index of the leading 200 stocks in the region declined 1 percent Monday, the most in a week.Saudi Arabia increased crude exports in October to the highest level in four months, as the world's biggest oil exporter added barrels to a worldwide supply glut that has contributed to a slump in prices. The shares fell 3.5 percent, the most since Oct. 1, as government deposits retreated this year.The company is one of eight gainers on Abu Dhabi's ADX General Index, which rose 0.2 percent.
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