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Monday, 22 May 2017

MIDEAST STOCKS-Egypt hit by surprise rate hike, Qatar outperforms in quiet Gulf | Reuters

MIDEAST STOCKS-Egypt hit by surprise rate hike, Qatar outperforms in quiet Gulf | Reuters:

"Egypt's stock market tumbled in heavy trade on Monday after the central bank unexpectedly raised key interest rates overnight, while Qatar outperformed in an otherwise quiet Gulf.

Cairo's blue-chip index dropped 2.5 percent after the central bank hiked its overnight deposit rate and overnight lending rate by two percentage points - its first increase since a hike of three percentage points in November.

The motive for the hike was to combat Cairo's hyperinflation and it came at the recommendation of the International Monetary Fund. But the equity market was not prepared for such a move."



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