Persian Gulf bonds and stocks fell, with Qatari debt headed for a record drop, after the Federal Reserve said it may reduce monetary stimulus this yea (more)
Persian Gulf bonds and stocks fell, with Qatari debt headed for a record drop, after the Federal Reserve said it may reduce monetary stimulus this year, sparking a global sell-off in emerging-market assets.
Qatar's 2020 bond yield soared 31 basis points, or 0.31 of a percentage point, to 3.1 percent, while Bahrain's 2022 notes yielded 5.88 percent, up 37 basis points. Oman's benchmark MSM 30 Index (MSM30) fell the most in almost three months, leading declines in the six-nation GCC, where Qatar's QE Index also retreated 1.1 percent. The BGCC200 Index of regional stocks lost 0.3 percent at 1:21 p.m. in Dubai.
Equity indexes in the oil-exporting GCC, which are among three of the top-five best performers in the world this year, succumbed to some of the selling pressure that drove the MSCI Emerging Markets Index down the most since November 2011 today. Fed Chairman Ben S. Bernanke said yesterday the central bank may start reducing bond purchases and end the program in 2014 should risks to the U.S. economy abate.
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