Middle East Shares Mixed

MidEast stocks were mixed with Qatar dropping to a new 17-month low after neighboring countries severed ties earlier this week with the country, accusing Qatar of aiding terrorists. Egypt touched a record high. Qatar Islamic Bank hit the lowest since January 2016. It is one of the Qatari banks most dependent on deposits from other Gulf states, obtaining a quarter of its deposits from that source, said Olivier Panis, analyst at Moody’s, according to Reuters.

In other company news, Emaar Properties said it planned to offer up to 30% of its United Arab Emirates real estate development business in an initial public offer. Dana Gas said it had received $40 million from the Egyptian government towards its outstanding receivables. Its current receivables balance in Egypt now stands at $187 million, Reuters said. Ezz Steel rose after Eypt’s trade ministry imposed a temporary import tariff for four months on rebar steel from China, Turkey and Ukraine to protect local manufacturers suffering from losses.