07272016Wed
Last update: Wed, 27 Jul 2016 02pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf markets slip as Saudi hit by poor Q2 earnings DUBAI: Gulf stock markets mostly fell on Tuesday as soft oil prices dampened buying, while Saudi Arabia's index fell 0.7 percent on disappointing quarterly corporate results.Etihad Etisalat (Mobily) slumped 4.2 percent after the Saudi telecommunications operator swung to a net profit of 18.8 million riyals ($5 million) in the second quarter, from a loss of 901 million riyals in the prior-year period, but fell short of estimates by analysts polled by Reuters who forecast a quarterly profit of 52.5 million riyals.Construction firm Abdullah Abdul Mohsin al-Khodari and Sons tumbled 3.1 percent after it reported a worse-than-forecast net loss of 43.34 million riyals in the second quarter due to a slowdown in the kingdom's building sector.Most petrochemical shares fell as Brent oil futures flirted with $44 a barrel, hitting a fresh 11-week low. National Industrialization Co (Tasnee) fell 1.5 percent to close at 13.55 riyals after hitting a session high of ...

Markets - Equity - Middle East & Africa

UAE rebounds, banks weigh on Saudi DUBAI: Gulf stock markets diverged on Monday, with the two main bourses in the United Arab Emirates recovering from losses in the previous session, while banks weighed on Saudi Arabia's index.Riyadh's benchmark closed 0.1 percent lower, extending Sunday's 1.2 percent decline, as the banking sub-index sagged 0.7 percent. Samba Financial Group fell 0.7 percent.But the market's other major sector, petrochemicals, edged up after Sahara Petrochemical reported that second-quarter net profit soared 746 percent to 96.4 ...

Markets - Equity - Middle East & Africa

Gulf retreats as oil's fall outweighs Q2 earnings DUBAI: Gulf stock markets declined on Sunday as sharp falls in oil prices late last week outweighed a few positive corporate earnings in Saudi Arabia.In Egypt, investors bought shares that could benefit from any currency devaluation.Riyadh's stock index fell 1.2 percent as losses accelerated in the final hour of trade, with four-fifths of traded stocks declining.Rabigh Refining and Petrochemical Co declined 2.5 percent after it reported a 79.6 percent slide in net profit to 103.2 ...

Markets - Equity - Middle East & Africa

Gulf falls on oil and earnings, Egypt hit by FX worries DUBAI: Most Gulf stock markets fell on Thursday amid soft oil prices and mixed corporate earnings, while Egypt was hit once again by concern about instability in the country's currency.Dubai's index edged down 0.1 percent. Dubai Parks & Resorts surged 3.8 percent but real estate stocks were weak, with Deyaar Development dropping 1.1 percent after reporting a 17.8 percent fall in second-quarter net profit.Blue chip Emaar Properties, which had been rallying strongly for the past ...

Markets - Equity - Middle East & Africa

Turkey keeps Gulf wary, Saudi's NCB falls after earnings DUBAI: Gulf stock markets moved little early on Sunday as the failed coup attempt in Turkey kept investors cautious, while Saudi Arabia's largest listed bank dropped after reporting second-quarter earnings. The Saudi index edged up 0.3 percent in the first 50 minutes of trade as Almarai climbed 2.7 percent after it said second-quarter net profit rose 18.6 percent year-on-year to 628.8 million riyals ($167.7 million), beating analysts' average forecast of 530.3 million riyals.But National Commercial ...

Markets - Equity - Middle East & Africa

Gulf edges up despite Turkey; Saudi's NCB falls on earnings DUBAI: Major Middle Eastern stock markets edged up on Sunday although some shares with exposure to Turkey underperformed after the failed coup attempt there, and Saudi Arabia's largest listed bank dropped after reporting second-quarter earnings. The instability in Turkey is expected to have little financial impact on the Gulf because trade and investment ties are relatively minor.Nevertheless, fund managers said the event made some investors more cautious about buying. Qatar National Bank, which last month ...

Markets - Equity - Middle East & Africa

Gulf markets slip as investors pause ahead of global events DUBAI: Gulf shares traded lower on Thursday after two days of gains as investors paused ahead of expected economic policy moves in major global markets.The Bank of England is due to make its first post-Brexit policy decision on Thursday, with analysts expecting the Bank to cut interest rates to a record low to calm markets.This, coupled with expectations of further economic stimulus this month in Japan, has revived risk appetite among global investors, pushing funds ...