Global markets witnessed correction this week as there was outrage in Cyprus over the unprecedented levy on bank deposits. Last weekend, eurozone finance ministers had agreed a €10bn bailout package for Cyprus to save the country from bankruptcy. In return, Cyprus was being asked to trim its deficit, shrink its banking sector and increase taxes. Cyprus’ banks were badly exposed to Greece, which has itself been the recipient of two huge bailouts.
Contagion fears will spread through investors on account of revival of euro crisis.
The GCC (Gulf Co-operation Council) markets also witnessed correction on account of concerns of resurgence of euro crisis. Dubai and Abu Dhabi had led the rally this year in GCC with year-to-date (YTD) growth of more than 15%. The UAE markets performed well because of good results recorded by most banks and property firms.
Read more: http://www.gulf-times.com/business/191/details/346208/qatar%2c-abu-dhabi-markets-offer-attractive-opportunities
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