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Tuesday, 14 March 2017

MIDEAST STOCKS-Gulf weak in early trade, Shuaa retreats in Dubai | Reuters

MIDEAST STOCKS-Gulf weak in early trade, Shuaa retreats in Dubai | Reuters:

"Gulf stock markets were generally weak in early trade on Tuesday on concern about weaker oil prices and the prospect of multiple possible U.S. interest rate hikes this year. A retreat by Shuaa Capital dampened Dubai. The Dubai index fell 1.1 percent as Shuaa dropped 3.2 percent. It had risen more than 18 percent to a 7-year high in the previous two days after local news provider MEED quoted Shuaa chairman Jassim Alseddiqi as saying it was in talks with a larger regional financial institution over a potential share-swap merger in a deal that could be worth billions of dirhams. GFH Financial, which jumped 7 percent on Monday because some investors think it could be the merger partner, was flat in heavy trade. GFH has growing financial ties with Abu Dhabi Financial Group, Shuaa's main shareholder."



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