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Wednesday, 31 August 2016

MIDEAST STOCKS-Qatar falls before FTSE list, Egypt up on reform | Reuters

MIDEAST STOCKS-Qatar falls before FTSE list, Egypt up on reform | Reuters:

"Gulf shares retreated on Wednesday, with Qatar's main stock index dropping 2.9 percent as investors booked profits across the board, though Egypt's main index climbed as investors welcomed economic reforms by the government.

After Wednesday's market close index compiler FTSE is expected to release a list of Qatari stocks to be included in its emerging market index from mid-September.

But Qatari blue chips had already risen over the last few weeks in anticipation, taking them to levels many fund managers see as at or above fair value. Such stocks were sold on Wednesday, with Islamic lender Masraf Al Rayan falling 2.4 percent and Qatar National Bank losing 3.8 percent."



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