Thursday 31 December 2015

MIDEAST STOCKS-Markets end grim year mixed, signs 2016 may be better | Reuters

MIDEAST STOCKS-Markets end grim year mixed, signs 2016 may be better | Reuters:

"Middle Eastern stock markets ended a grim year with mixed performances on Thursday, but there were signs they could fare better in 2016.

Saudi Arabia, Dubai, Egypt and other regional bourses were caught in an emerging market downturn this year and the Gulf was hit by shrinking oil revenues, while a severe foreign exchange shortage plagued Egypt.

There is likely to be more pain ahead. Gulf governments are starting to cut spending in response to cheap oil, which will hurt economic growth next year, while the reduction in oil revenues is pushing up market interest rates. Investors in Egypt have been disappointed by faltering economic reforms."



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