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Sunday, 28 May 2017

MIDEAST STOCKS-Gulf falls on global oil output deal, property firms aid Egypt | Reuters

MIDEAST STOCKS-Gulf falls on global oil output deal, property firms aid Egypt | Reuters:

"Most Gulf stock markets fell in disappointment on Sunday after global oil producers agreed to extend cuts in output by nine months in an effort to prop up prices, while real estate developers boosted Egypt's index.

Last Thursday's oil output deal may put a floor under oil prices at around $50 a barrel for Brent crude, which could allow Gulf governments including Riyadh to spend a little more on economic growth this year.

"While the cuts will continue to trim headline GDP growth in the Gulf this year, the boost to oil export receipts should allow austerity to be eased further, supporting stronger growth in non-oil sectors," London-based Capital Economics said in a report."



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