MIDEAST STOCKS-Gulf pulls back as global markets stay fragile; foreigners buy Egypt | Reuters:
"Gulf stock markets fell back
on Wednesday as the region consolidated after a strong rebound
on Tuesday, while foreign investors' bargain-hunting in blue
chips lifted Egypt.
The Gulf's bounce on Tuesday, after several days of sharp
falls, created a sense that markets in the region have found at
least short-term floors. Some institutional investors came back
into the markets to buy selected stocks with valuations that
they now saw as reasonable.
But with global oil prices and equities still unstable and
the economic outlook for China unclear, fund managers do not
have any confidence that Gulf bourses have bottomed for the
longer term."
'via Blog this'
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