(Reuters) - Egypt’s stock market ended higher on Wednesday following a deep fall in the country’s inflation, while losses in financial shares weighed on most major Gulf indexes.
Egypt’s inflation has fallen to some of its lowest levels in well over a decade, potentially triggering consultations with the International Monetary Fund under the conditions of a new $5.2 billion loan.
If inflation falls too quickly, the IMF could argue that the central bank’s monetary committee should consider lowering interest rates when it next meets on Nov. 12, Reuters reported, citing some economists.
The United Arab Emirates, with a population of around 9.9 million people, surpassed 100,000 recorded cases of COVID-19 infection on Tuesday.
Authorities have blamed people’s poor adherence to social distancing for the rise. The government does not disclose where in the seven emirates that make up the UAE the cases occur.
SAUDI ARABIA .TASI eased 0.1% to 8,359 points
ABU DHABI .ADI rose 0.3% to 4,495 points
DUBAI .DFMGI fell 0.6% to 2,213 points
QATAR .QSI lost 0.8% to 9,932 points
EGYPT .EGX30 rose 1.6% to 11,327 points
BAHRAIN .BAX gained 0.3% to 1,449 points
OMAN .MSI added 0.1% to 3,608 points
KUWAIT .BKP was up 0.9% at 6,325 points
Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber
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