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Thursday, 23 February 2017

MIDEAST STOCKS-Transaction tax plan hits Egyptian stocks; banks drag on most Gulf markets | Reuters

MIDEAST STOCKS-Transaction tax plan hits Egyptian stocks; banks drag on most Gulf markets | Reuters:

"Cairo's main stock index retreated on Thursday after Reuters reported the finance ministry would recommend a tax on stock exchange transactions.

In Gulf markets, banks were a drag on most bourses as minutes from a U.S. Federal Reserve meeting showed little support for a March rate rise.

Gulf currencies are pegged to the U.S. dollar, so policy rates in the region would follow any move by the Fed, which would boost banks' margins."



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