MIDEAST STOCKS-Gulf markets consolidate as oil dips; telco deal boosts Egypt | News by Country | Reuters:
"Gulf equity markets were mostly soft on Monday after oil prices pulled back again, while Egypt rose on a fresh sign of foreign investor interest as foreign telecommunications firm Orange raised its stake in a local operator.
Brent crude oil dropped below $59 a barrel by 1230 GMT on worries about oversupply in North America and a strong dollar.
Oil's sharp rebound earlier this year and fourth-quarter earnings reports were the main drivers behind equity market rallies across the Gulf. With both factors largely gone, volumes dropped and markets started trading sideways this week."
'via Blog this'
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