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Sunday, 6 December 2015

MIDEAST STOCKS-Egyptian stocks lifted by upward revision to growth; Gulf mixed | Reuters

MIDEAST STOCKS-Egyptian stocks lifted by upward revision to growth; Gulf mixed | Reuters:

"Egyptian stocks bourse rose in the first trading session of the week after the government revised GDP upward on Saturday; Gulf markets were mixed and thinly traded as oil dropped to within a few cents of a new six-year low.

Positive economic growth lifted Egypt's stock index by 0.9 percent to 6,837 points in the final hour of trade.

The Planning Ministry revised its target gross domestic product upward to 5.5 percent from 5 percent on Saturday and said the economy grew at 4.2 percent in the 2014/2015 fiscal year, up from 2.2 percent the previous year."



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Mideast Stocks Drop as OPEC Decision Signals No End to Oil Rout - Bloomberg Business

Mideast Stocks Drop as OPEC Decision Signals No End to Oil Rout - Bloomberg Business:

"Dubai stocks fell to a three-week low, leading declines in most Middle Eastern markets, after OPEC decided to forgo an output reduction that might have propped up oil prices and eased the pressure on the region’s export revenues. Abu Dhabi equities dropped the most in a week.
Shares in the Middle East are catching up with Friday’s losses across emerging markets after the Organization of Petroleum Exporting Countries kept production at about 31.5 million barrels a day, amid a glut in global oil supply.
“The market is going to continue to see some selling pressure this week” as OPEC’s decision will continue to damp sentiment, said Saleem Khokhar, who manages about $2.5 billion as head of equities at the asset management group of National Bank of Abu Dhabi PJSC, the U.A.E.’s biggest bank. “The banking sector has been pretty aggressively sold, so we do see some real value there, although take on board it’s going to be a soft economy next year.”"



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