Wednesday 18 June 2014

MIDEAST STOCKS-Gulf rebounds, Arabtec up as CEO quits | Reuters

MIDEAST STOCKS-Gulf rebounds, Arabtec up as CEO quits | Reuters:



"Most stock markets in the Gulf rebounded on Wednesday after an Iraq-related sell-off ended, although stocks directly exposed to the country continued to suffer. Dubai's Arabtec rose after its chief executive resigned.



The gains by insurgents in Iraq triggered a run on global and regional equities earlier this week that dragged down most stocks in the Gulf. However, the selling subsided on Tuesday, and on Wednesday most bourses in the region edged up, though trading volumes were modest.



Abu Dhabi's bourse led gains, rising 0.7 percent on the back of National Bank of Abu Dhabi, which jumped 4.3 percent."



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