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Sunday, 9 July 2017

MIDEAST STOCKS-Cairo shares flat after rate hike, oil dents Saudi | Reuters

MIDEAST STOCKS-Cairo shares flat after rate hike, oil dents Saudi | Reuters:

"Cairo's stock market showed little reaction on Sunday to an unexpected interest rate hike in Egypt, tempered by comments by the deputy finance minister, while a sharp drop in crude oil weighed on Saudi Arabia's petrochemical sector.

The central bank, faced with accelerating inflation, on Thursday raised rates by 200 basis points for the second policy meeting in a row, wrongfooting economists who had forecast no change.

Deputy finance minister Mohamed Meait told Reuters on Saturday the hike was only temporary."



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