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Wednesday, 17 August 2016

MIDEAST STOCKS-Saudi falls to four-month low, FTSE hopes support Qatar | Reuters

MIDEAST STOCKS-Saudi falls to four-month low, FTSE hopes support Qatar | Reuters:

"Most Middle Eastern stock markets fell on Wednesday with Saudi Arabia hit by a broad sell-off, but support for Qatar persisted on expectations of fund inflows when index compiler FTSE includes it in its emerging market index next month.

Doha's index rose 0.3 percent to a new nine-month closing high of 11,409 points, extending Tuesday's 2.2 percent rise.

Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes the stock will among those included in the FTSE's emerging market index. Qatar National Bank (QNB) added 0.4 percent to 169.10 riyals, taking its gains over the last two days to 7.0 percent."



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Swiss probe ex-Abu Dhabi official over alleged Malaysia fund scam - FT.com

Swiss probe ex-Abu Dhabi official over alleged Malaysia fund scam - FT.com:

"Swiss criminal authorities are probing a well-connected former top Abu Dhabi finance official over an alleged international conspiracy to embezzle money from Malaysia’s 1MDB wealth fund.
Investigators suspect Khadem al-Qubaisi, ex-head of the Emirati government’s International Petroleum Investment Company, of fraud, money laundering and corruption, according to a letter seen by the Financial Times. "



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MIDEAST STOCKS-Qatar flat, Gulf weak as oil, global markets retreat | Reuters

MIDEAST STOCKS-Qatar flat, Gulf weak as oil, global markets retreat | Reuters:

"Qatar's main stock index moved little in early trade on Wednesday but other bourses in the Gulf edged lower as oil and global equities retreated.

Doha's index was flat after it rose 2.2 percent on Tuesday on expectations of fund inflows when index compiler FTSE promotes it to emerging market status next month. Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes it will be included in FTSE's emerging market index.

Qatar National Bank, which had surged 6.7 percent on Tuesday, pulled back 0.3 percent to 168.00 riyals. Shares in the most valuable lender in the Gulf by market value are now at a 5.9 percent premium to the mean fair value of 10 analysts polled by Reuters."



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