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Wednesday, 14 June 2017

MIDEAST STOCKS-Saudi banks strong before Fed; Qatar bounces, Dana Gas volatile | Reuters

MIDEAST STOCKS-Saudi banks strong before Fed; Qatar bounces, Dana Gas volatile | Reuters:

"Most major stock markets in the Gulf rose on Wednesday as shares in Qatar picked up and Saudi Arabian banks rose on expectations for a U.S. interest rate hike later in the day, which Riyadh would most probably imitate.

"Higher interest rates mean higher net interest margins and with the economy now coming off a slowdown and with better liquidity levels in the market, banking shares have performed well today," said a Riyadh-based fund manager.

Saudi Arabia tends to follow U.S. interest rate moves because its currency is pegged to the dollar."



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