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MidEast Shares Mixed, Egypt Erases Some Recent Losses Made on Plans for 10% Capital Gains Tax

Middle East stocks were mixed, with Egypt rebounding some from recent losses after the government there first announced last Thursday plans for a 10% capital gains tax.

Investors said stocks had fallen enough that they looked like bargains again, Reuters reported.

Meanwhile, UAE shares continued to slip. Investors had bought in the run up to MSCI's including more stocks in its emerging markets index. Now, they are taking profits.

Dubai's main index dropped 1.1% to 5,019 points, Abu Dhabi dipped 0.9% to 5,019 points, Qatar eased 0.6% to 13,143 points, Saudi Arabia firmed 0.2% to 9,857 points, Egypt added 1.9% to 8,116 points, Kuwait lost 0.3% to 7,345 points, Bahrain gained 0.1% to 1,461 points and Oman fell 0.1% to 6,943 points.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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