01222017Sun
Last update: Sun, 22 Jan 2017 07pm

Markets - Equity

Markets - Equity - Middle East & Africa

Egypt tumbles on stamp duty worry, Q4 earnings support Saudi DUBAI: Egypt's blue-chip stock index tumbled on Thursday after Reuters reported that authorities were considering temporarily reintroducing a stamp duty on stock market transactions, while Saudi Arabia was supported by quarterly corporate earnings. The dropped 3.7 percent, its largest single-day decline since June 2016. Local traders were heavy net sellers after a Finance Ministry source, speaking on condition of anonymity, said: "We are studying temporarily re-imposing a stamp duty on stock market transactions pending the return to a capital gains tax, which has been postponed since May 2015." Mohammad El Nabarwy, chief investment officer of Cairo-based HC Securities & Investment, said investors had priced in an expected three-year delay in the launch of a capital gains tax, so "the market entered panic mode". Wafik Dawood, portfolio manager at Compass Capital, said however that the market had overreacted. The index had soared 56 percent since the Egyptian pound was floated on ...


Markets - Equity - Europe

Draghi sends eurozone stocks higher, euro lower LONDON: European stock markets rebounded while the euro slumped after ECB chief Mario Draghi signalled that the time had not yet come to wind down unprecedented stimulus measures.Meanwhile, the dollar shot higher after data showed construction of new homes surged and December and first-time claims for unemployment benefits fell in mid-January.In the eurozone, Frankfurt's DAX 30 index rose 0.3 percent and the Paris CAC 40 added 0.1 percent in afternoon trading.As predicted, at its first ...

Markets - Equity - Asia

Takata shares dive 17pc on bankruptcy restructuring report TOKYO: Takata shares plunged 17 percent Thursday on a report that two rival suitors are set to propose bankruptcy restructuring plans for the airbag maker at the centre of the biggest-ever auto safety recall.The stock fell by its maximum daily loss limit to close at 717 yen after trading had been suspended in the morning following the rescue plan report by Japan's Nikkei business newspaper.Sweden's Autoliv, the world's leading airbag manufacturer, and a consortium led ...

Markets - Equity - Asia

Toshiba dives on fears of huge loss at nuclear unit TOKYO: Toshiba shares went into freefall Thursday, with the embattled stock down by nearly half since late December on concerns about huge losses at its nuclear power business in the United States.The Tokyo-listed shares dived 16 percent to end the day at 242.3 yen after Japanese media said the vast conglomerate could book losses of as much as 700 billion yen ($6.1 billion) in the US unit.The stock fell as much as 26 percent earlier ...

Markets - Equity - Asia

Tokyo stocks rally, Toshiba dives on huge loss reports TOKYO: Tokyo stocks closed higher Thursday as a weaker yen lifted exporters, but Toshiba plunged 16 percent on concerns about huge losses in its US nuclear power business.Takata shares also dived, tumbling 17 percent on a report that two suitors are set to propose a bankruptcy restructuring plan for the airbag maker at the centre of the biggest-ever auto safety recall.The dollar rose to 114.63 yen Thursday from the 113-yen range early Wednesday, a plus ...

Markets - Equity - Europe

European stock markets rebound at open LONDON: Europe's main stock markets recovered at the start of trading Wednesday, with London's FTSE 100 up 0.5 percent to 7,256.31 points after falling sharply the previous session.In the eurozone, Frankfurt's DAX 30 index grew 0.5 percent to 11,592.12 points and the Paris CAC 40 won 0.3 percent to 4,874.31 compared with the close on Tuesday.The FTSE had closed down 1.5 percent Tuesday as the pound shot higher after British Prime Minister Theresa May fleshed ...

Markets - Equity - Asia

Tokyo stocks close higher after yen rally stalls TOKYO: Tokyo stocks closed higher Wednesday, reversing early losses on bargain hunting and as the yen retreated from a rally against the dollar. The market got off to a weak start after US President-elect Donald Trump's comment that the dollar was too strong lifted the yen.But the currency's rally proved was short-lived. "Attempts to buy on dips helped (the Nikkei 225) reclaim a level above 18,900," said Yoshihiro Ito, chief strategist at Okasan Online Securities."The ...