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Thursday, 21 July 2016

MIDEAST STOCKS-Gulf falls on oil and earnings, Egypt hit by FX worries | Reuters

MIDEAST STOCKS-Gulf falls on oil and earnings, Egypt hit by FX worries | Reuters:

"Most Gulf stock markets fell on Thursday amid soft oil prices and mixed corporate earnings, while Egypt was hit once again by concern about instability in the country's currency.

Dubai's index edged down 0.1 percent. Dubai Parks & Resorts surged 3.8 percent but real estate stocks were weak, with Deyaar Development dropping 1.1 percent after reporting a 17.8 percent fall in second-quarter net profit.

Blue chip Emaar Properties, which had been rallying strongly for the past two weeks, lost steam. It edged down 0.3 percent to 7.00 dirhams, failing to break major technical resistance on its October 2015 peak of 7.01 dirhams."



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