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MidEast Shares Mostly Drop Amid Weaker Oil, Global Stock Markets

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Middle East stocks mostly declined on weaker oil prices and global bourses after the Federal Reserve Open Market Committee on Wednesday raised interest rates a quarter point.

In company news, Emaar Properties said proceeds from the 2.20 billion dirham ($599 million) sale of its hotels would be used to finance commercial properties which generated higher returns. The firm also expects the impact of the deal in Q119.

Qatar Commercial Bank said it did not support the proposed merger of National Bank of Oman OM with Bank Dhofar.

Saudi Arabia's main index slumped 1.4% to 7,753 points, Dubai declined 1.4% to 2,510 points, Abu Dhabi dipped 0.1% to 4,856 points, Egypt firmed 0.5% to 13,138 points, Qatar fell 0.8% to 10,413 points, Kuwait shed 1.1% to 5,309 points, Bahrain was flat at 1,314 points and Oman was flat at 4,337 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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