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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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COLUMN-OPEC's simple problem. Despite Saudi cuts, it's shipping more oil: Russell | Reuters

COLUMN-OPEC's simple problem. Despite Saudi cuts, it's shipping more oil: Russell | Reuters:

"OPEC has finally acknowledged what the oil market already knows, namely that rebalancing is taking longer than expected. Perhaps this is because OPEC is actually shipping more crude. The Organization of the Petroleum Exporting Countries prefers to talk about output when assessing the impact of the deal among members and 11 allied countries to reduce production by 1.8 million barrels per day (bpd). While output is no doubt important, for the immediate market impact it's probably better to focus on what the group is actually exporting."



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MIDEAST STOCKS-DXBE leads Dubai higher; Qatar up but most of Gulf moves little | Reuters

MIDEAST STOCKS-DXBE leads Dubai higher; Qatar up but most of Gulf moves little | Reuters:

"Gulf stock markets were mostly little changed on Wednesday, although amusement park operator DXB Entertainments led Dubai higher and Dana Gas continued its surge in Abu Dhabi, while Qatar's bourse recovered modestly.

Dubai's index rose 0.5 percent as DXBE, which has been hit by disappointing visitor numbers at its parks, climbed 6.1 percent after announcing a new management structure.

It said strategy and business development would be incorporated into a newly structured finance function, and that John Ireland had been appointed chief financial officer."



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