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Tuesday, 31 January 2017

MIDEAST STOCKS-Markets exposed to foreign funds underperform in reaction to Trump | Reuters

MIDEAST STOCKS-Markets exposed to foreign funds underperform in reaction to Trump | Reuters:

"Stock markets in the Middle East fell on Tuesday as the travel curbs ordered by U.S. President Donald Trump hit sentiment towards equities globally. Middle Eastern bourses most exposed to foreign fund flows underperformed the region. Egypt's blue-chip index dropped 2.0 percent as foreign funds were net sellers of shares, bourse data showed. It was one of only a few days of foreign net selling since the Egyptian pound was floated on Nov. 3. Fund managers believe that in the worst case, flows of U.S. trade, aid and investment could be hit by Trump's policies. Companies favoured by foreign funds were hit hard on Tuesday with investment firm EFG Hermes down 5.4 percent."



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