"Gulf stock markets retreated on Thursday after the U.S. Federal Reserve said it would start cutting back its bond-buying stimulus this year, but the region reacted more calmly to the Fed than most of the world.
MSCI's benchmark emerging markets index was down 3.3 percent in the late Gulf afternoon. But Gulf markets performed much better, with Dubai closing only 1.4 percent lower and Qatar dropping 1.0 percent. Saudi Arabia was shut for the weekend.
Budget and current account surpluses in the Gulf, as well as its currency pegs to the U.S. dollar and solid economic growth backed by strong consumer spending as well as high oil prices, are shielding the region from the worst of the global turmoil, fund managers said."
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