09292016Thu
Last update: Thu, 29 Sep 2016 08am

Markets - Equity

Markets - Equity - Middle East & Africa

Saudi banks rally on central bank monetary action DUBAI: Saudi banking shares rallied on Monday after the central bank said it would deposit about 20 billion riyals ($5.3 billion) at commercial lenders and introduce two new money market instruments to fight a surge in market interest rates caused by low oil prices. Riyadh's main index climbed 0.7 percent as three-quarters of the banking shares rose. Blue-chip lenders Samba Financial Group and National Commercial Bank gained 1.7 percent and 2.7 percent respectively. Banking shares have been underperforming the general index for several months, hit by an illiquid construction sector, which makes up a large portion of corporate loans. Samba, for example, is trading at a 26 percent discount to its average fair value as estimated by 13 analysts, according to Reuters data. Analysts believe the central bank's decision offers a temporary reprieve but more ought to be done to sustain a rally."Yes the central bank injecting 20 billion riyals ...


Markets - Equity - Asia

Sri Lankan shares end flat amid foreign outflows COLOMBO: Sri Lankan stocks ended steady on Monday, as gains in financial shares were offset by losses in consumer staples, amid foreign outflows and tax hike concerns. Foreign investors sold a net 183 million rupees worth of shares on Monday extending the year-to-date net forging outflow to 3.01 billion rupees worth of equities. The International Monetary Fund (IMF) on Friday said Sri Lanka's government, which has failed to raise taxes as promised when it received ...

Markets - Equity - Europe

Turkey's markets slide after Moody's cuts rating to 'junk' ISTANBUL: Turkish shares tumbled 4 percent and bonds and the lira weakened sharply on Monday after Moody's cut its credit rating to "junk", raising risks of an outflow of foreign funds and a squeeze on external borrowing. Turkey depends on investment to fund its current account deficit - one of the biggest in the G20 - and service its foreign debt.Ratings downgrades could force it to pay more to borrow in international markets. In its ...

Markets - Equity - Asia

US shares open lower on profit-taking NEW YORK: Stocks opened lower on Wall Street Monday as traders took profits after last week's surge, opting to wait for new signals on the strength of the economy.But a rise in crude prices on reports that Saudi Arabia has offered a production cap deal to Iran gave a slight boost to energy shares.Thirty minutes into trade, the Dow Jones Industrial Average shed 0.8 percent to 18,122.02.The broad-based S&P 500 declined 0.6 percent to 2,150.77, ...

Markets - Equity - Americas

TSX falls with banks; resource stocks offset loss TORONTO: Canada's main stock index fell in early trade on Monday, weighed down by financial and some consumer stocks, with losses offset by gains among energy and materials companies as oil prices rallied. The Toronto Stock Exchange's S&P/TSX composite index was down 63.27 points, or 0.43 percent, at 14,634.66 shortly after the open. Eight of its 10 main sectors fell.Copyright Reuters, 2016

Markets - Equity - Europe

Equities slide back after Fed-inspired rally LONDON: Stock markets slumped Monday, extending a pre-weekend drop that followed a Fed-inspired rally, while a crash in the share price of Deutsche Bank offset a surge in German business confidence.After last week's burst of enthusiasm on the back of the US central bank's decision to keep interest rates on hold for a little longer, stocks fell back into the red Friday before accelerating losses across Europe and Asia on Monday."It's been a rough start ...

Markets - Equity - Asia

Markets drop as Fed rally vanishes HONG KONG: World markets dropped on Monday, picking up where they left off after last week's Fed-inspired rally ran out of steam.After a burst of enthusiasm on the back of the US central bank's decision to keep interest rates on hold for a little longer, screens were red across the world -- with the pace of decline sharply quickened.The stay of execution for easy money served to bolster the Japanese yen, knocking the stuffing out ...