MIDEAST STOCKS-Emerging market weakness, lower oil may hit regional shares

January 2017

DUBAI, Nov 13 (Reuters) - Stock markets in the Middle Eastmay pull back on Sunday in line with other emerging market equities, while aretreat in oil prices may add downside pressure. 

The MSCI emerging markets index fell 2.9 percenton Friday while Brent crude oil settled down at $44.75 per barrel, off 2.4percent. It had reached a low of $44.19, the lowest since August. 

Gulf bourses that are most exposed to foreignfund flows, including Dubai and Qatar, could pull back in response, while SaudiArabian petrochemical may could see profit-taking because of weak oil. 

Egypt's main index has soared 25 percent since the centralbank floated the currency on Nov. 3, with foreign investors buying relativelyaggressively in the latter half of last week, sending the index to fresheight-year highs in record trading volumes. 

However, Egyptian pound values of local bluechips have now largely caught up with their global depositary receipts -Commercial International Bank's last close of 67.22 pounds, for example, worksout to a GDR price of $4.10 at an exchange rate of 16.40 pounds to the dollar,compared to the GDRs' last close of $4.18. 

That suggests the easiest part of theEgyptian stock market's rally in response to the currency float, therevaluation of blue chips, may be ending. 

(Reporting by Celine Aswad; Editing by Andrew Torchia)((celine.aswad@thomsonreuters.com)(+9715 6224 7653)) 

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