MIDEAST STOCKS-Egypt rebounds, UAE and Qatar remain weak | News by Country | Reuters:
"Egypt's bourse rebounded on Wednesday after several days of weakness, while many major stocks in the United Arab Emirates and Qatar extended declines following a jump that their inclusion in MSCI's emerging market index had sparked.
Egyptian investors, who had been selling stocks en masse, resumed buying, lifting the Cairo index 1.9 percent.
The benchmark fell 7.5 percent in two sessions after the government first announced plans for a 10 percent capital gains tax last Thursday, and had remained muted until Wednesday.
"It was capitulation, the end of fighting (by local investors)," said Chamel Fahmy, vice-president for sales and trading at Egypt's HC Securities and Investment.
Foreign investors continued buying during the sell-off, he said. Locals have now followed suit while foreigners have moved to the sidelines."
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