MIDEAST STOCKS-Gulf mixed early on; Qatar falls after credit downgrade:
"Most Gulf stock markets traded narrowly early on Tuesday as many investors stayed away with the approach of Eid al-Adha holidays beginning this week, but Qatar’s bourse dropped after Fitch cut the country’s credit rating. Fitch lowered Qatar by one notch to AA-minus with a negative outlook on Monday, citing the impact of sanctions on Doha imposed by other Arab states. That brought Fitch into line with the other two major rating agencies, Moody’s and Standard & Poor’s. The downgrade threatens higher funding costs for Qatari banks as they seek to replace deposits and loans that are being withdrawn by the other Arab states. Qatar National Bank fell 1.2 percent as Qatar’s stock index lost 1.1 percent."
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