Egyptian authorities are coming under increased pressure to devalue the currency. REUTERS/Mohamed Abd El Ghany
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Most Gulf stocks dropped, tracking a retreat in emerging markets Friday as U.S. jobs data spurred speculation the Federal Reserve will raise interest rates this year, diminishing the appeal of riskier assets. Saudi Arabia's Tadawul All Share Index, whose 10-day volatility surged to the highest since February, tumbled 2.2 percent at the close in Riyadh, the first decline in four days. Banks led the retreat in Saudi Arabia, where Al Rajhi Bank lost 4.6 percent, Banque Saudi Fransi fell 8.7 percent and Samba Financial Group dropped 6.4 percent.Kuwait's SE Price Index slipped 0.2 percent and Bahrain's BB All Share Index fell 0.5 percent.About 126 million shares traded on the main index, 22 percent below the 180-day intraday average.
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