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Monday, 24 July 2017

MIDEAST STOCKS-Banks push Qatar higher, Mobily's loss dampens Saudi

MIDEAST STOCKS-Banks push Qatar higher, Mobily's loss dampens Saudi:

"Banks pushed Qatar's stock market higher on Monday while Saudi Arabia's market edged down as telecommunications firm Mobily plunged in the wake of a bigger-than-expected quarterly loss.

The Qatari index added 0.8 percent to 9,579 points, outperforming the rest of the region and closing at its highest level since June 5, when a diplomatic crisis with neighbouring Arab states erupted. It is now just 3.5 percent from its pre-crisis level, after dropping more than 10 percent at one stage.

Corporate earnings and macroeconomic data have shown the economy is suffering only minor damage from sanctions imposed by the other Arab states, and a Reuters poll of economists last week found them predicting Qatar will remain one of the Gulf's fastest-growing economies."



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