MIDEAST STOCKS-Egypt falls for fifth day, banks boost Qatar | Reuters:
Egypt’s blue-chip stock index fell for a fifth straight day on Monday, while Saudi Arabia edged up as oil prices rebounded moderately after plunging nearly 8 percent at the end of last week.
The Egyptian index, which had plunged 3.8 percent on Sunday, fell a further 0.8 percent on Monday with the country’s biggest lender, Commercial International Bank (COMI) , losing 1.8 percent.
All eight traded banking stocks fell. Investors have been spooked partly by concern about authorities’ proposed changes to the way banks’ earnings from Egyptian Treasury bonds are calculated for tax purposes; a report released by Pharos Holding on Sunday said this would raise banks’ effective tax rates, shaving 17 percent off COMI’s bottom line last year.
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