BRIEF-Egypt's Naeem Holding board approves capital increase
* Board approves issued and paid-up capital increase to $218.6 million from $198.7 million through bonus share issue Source: (http://bit.ly/2qvUGWl) Further company coverage: )
HONG KONG, March 16 Hong Kong financial and property shares climbed on Thursday after the central bank raised the base rate charged through its overnight discount window by 25 basis points to 1.25 percent, tracking a hike by the U.S. Federal Reserve.
The property sub-index spiked 1.8 percent, while the financials sub-index rose 1.3 percent in opening trades. Hong Kong's benchmark index was set to open up 1.3 percent.
Hong Kong tracks U.S. rate moves as its currency is pegged to the U.S. dollar and including reinvested dividends, the broader Hong Kong stock market has outperformed a sub-index of property and finance companies since the last U.S. rate increase in December.
(Reporting By Donny Kwok and Saikat Chatterjee; Editing by Richard Pullin)
DUBAI, May 28 Gulf stock markets may have a soft tone in thin trade on Sunday after global oil producers agreed after the close on Thursday to extend cuts in output by nine months to March 2018.