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Gulf markets mostly down, Egypt up despite clashes

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Gulf markets mostly down, Egypt up despite clashes

Gulf markets mostly edged down on Monday as investors took profits ahead of long Eid holidays and the U.S. government moved into the second week of its shutdown.

Egyptian market rose despite at least 53 deaths in Sundays political violence.

 

The Gulf will be closed for most of next week - the time when the U.S. government and Congress must agree on raising the countrys debt ceiling to avoid a default.

Although most Gulf investors expect a positive resolution to the U.S. crisis, they will be unable to react to any bad news during the holidays.

Meanwhile, a handful of third-quarter earnings reports announced so far this week have been mixed.

Qatar Gas Transport Company (Nakilat), one of the worlds largest shippers of liquefied natural gas, fell 1.8 percent on Monday after its third-quarter earnings missed the forecast of QNB Financial Services by 9 percent.

Doha Bank was down 0.6 percent after saying it would seek shareholder approval to issue a perpetual debt instrument worth 2 billion riyals.

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