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Monday, 22 August 2016

MIDEAST STOCKS-Region hit by lower oil, Fed worries; Dubai's DSI sinks | Reuters

MIDEAST STOCKS-Region hit by lower oil, Fed worries; Dubai's DSI sinks | Reuters:

"Gulf stock markets sank on Monday as oil prices and global equities dropped because of the possibility of a U.S. interest rate hike, while Dubai builder Drake & Scull dropped amid concern over its financial situation.

Brent crude dropped below $50 a barrel on talk the U.S. Federal Reserve might signal at a conference this week in Jackson Hole, Wyoming, that it is gearing up to raise interest rates.

The Saudi stock index dropped 1.7 percent to 6,110 points, confirming a break of technical support on its early August low of 6,226 points. That triggered a bearish right triangle formed by the highs and lows since April and pointing down to the 5,600-point area in the medium term."



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