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Middle Eastern equities hit as well

Gulf economies are better-insulated from such an event than many areas of the world.

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Dubai — The Greek debt crisis continued to push down Middle Eastern stock markets on Monday after Athens imposed capital controls and shut banks, raising the prospect of Greece leaving the eurozone.

Gulf economies are better-insulated from such an event than many areas of the world, because they do not depend on foreign investment and governments can use huge fiscal reserves to continue spending heavily.

But market sentiment in the region was hurt by a broad slide of Asian and European stocks and a near two per cent drop in Brent oil to just above $62 a barrel.

Saudi Arabia’s stock index slid 1.6 per cent, while Dubai’s index slipped 0.3 per cent; Emaar lost 0.4 per cent.

But top Dubai bank Emirates NBD, a creditor of Limitless, gained 2.2 per cent after the real estate developer reported progress in its debt restructuring. Abu Dhabi’s index dropped 0.8 per cent as etisalat lost 2.9 per cent.

Egypt’s market slid 1.7 per cent, while Tunisia’s stock market reopened and fell one per cent after Friday’s attack on a holiday resort that killed 39 people. Before the attack, it was trading near record highs.

Qatar slid 0.6 per cent and Kuwait edged down 0.1 per cent. Oman’s measure slipped 0.01 per cent while Bahrain’s nudged up 0.2 per cent. 

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