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Thursday, 16 March 2017

MIDEAST STOCKS-Region surges on Fed but Gulf lags emerging markets | Reuters

MIDEAST STOCKS-Region surges on Fed but Gulf lags emerging markets | Reuters:

"Middle Eastern stock markets rose on Thursday, led by Egypt, after the U.S. Federal Reserve hiked interest rates as expected but signalled no acceleration in the pace of monetary tightening. But Gulf bourses lagged emerging markets in general because of concern that low oil prices and government austerity measures will continue to weigh on corporate earnings. Among planned austerity, the six-nation Gulf Cooperation Council plans to introduce a 5 percent value-added tax in 2018. The Saudi stock index rose 1.3 percent, while Dubai was up 1.2 percent and Qatar added 0.7 percent. MSCI's emerging market index surged 2.0 percent."



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