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Thursday 18, February 2010 by

GCC equity markets 2010 on a mixed note

Despite rising oil prices, four out of seven equity markets in the GCC region started 2010 on a negative note against a background of ongoing investor concerns on banks’ exposure to Dubai’s debt and the possibility of provisions absorbing part of the banks’ annual profits for 2009 coupled with weak corporate earnings reported during the month on the back of provisions taken against credit losses and impairments in the value of investments due to a deterioration in asset prices.