MIDEAST STOCKS-Qatar sinks to 5-year low, Egypt banks hurt by reserve ratio rise

MIDEAST STOCKS-Qatar sinks to 5-year low, Egypt banks hurt by reserve ratio rise:

"Qatar’s stock index sank to a five-year low on Wednesday as foreign funds continued to sell ahead of third-quarter corporate earnings, while banks in Egypt were hit by news that the central bank would raise the required reserve ratio.

The Qatari index lost 1.6 percent in thin trade, bringing its losses since four other Arab states broke off ties with Doha on June 5 to nearly 18 percent. Banks were particularly hard hit, with Commercial Bank down 3.6 percent.

“There is too much uncertainty and negative headlines about the Qatari banking sector. Third-quarter results will be watched very closely to see just how much the diplomatic rupture has hurt those banks’ asset quality,” said a Paris-based fund manager.

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