MIDEAST STOCKS-Qatar falls after Fitch downgrade, Qalaa helps Egypt

MIDEAST STOCKS-Qatar falls after Fitch downgrade, Qalaa helps Egypt:

"Qatar’s stock market dropped on Tuesday after Fitch cut the country’s credit rating, while most other Gulf bourses fell in thin trade but Egypt’s blue-chip index gained strongly, helped by investment firm Qalaa Holdings. Fitch lowered Qatar by one notch to AA-minus with a negative outlook on Monday, citing the impact of sanctions imposed by other Arab states on Doha. That brought Fitch into line with the other two major rating agencies, Moody’s and Standard & Poor’s. The downgrade threatens higher funding costs for Qatari banks as they seek to replace deposits and loans that are being withdrawn by the other Arab states. Most bank shares fell on Tuesday as Qatar National Bank lost 1.3 percent."



'via Blog this'