Google+ Followers

Monday, 9 January 2017

MIDEAST STOCKS-Egypt corrects, Saudi extends losses and UAE outperforms | Reuters

MIDEAST STOCKS-Egypt corrects, Saudi extends losses and UAE outperforms | Reuters:
"Egypt's main stock index corrected on Monday as local traders booked profits and Gulf markets diverged with United Arab Emirates markets outperforming as traders focused on financial shares while a retreat in oil prices weighed on Saudi Arabian petrochemical producers.

Cairo's main index fell 0.9 percent, snapping four straight sessions of gains. Local institutions were net sellers of Egyptian shares by a large margin, while foreign funds were net buyers, bourse data showed.

Many analysts believe this is a normal correction, not uncommon after a market has climbed 45 percent since the floatation of the currency on Nov. 3 last year."

'via Blog this'