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Banks lift Saudi to 6-year high; Suez project cheers Egypt DUBAI: Banks led Saudi Arabia's stock index to a new six-year peak as trading volumes increased on Wednesday, while Egypt also extended gains. But other Gulf markets were subdued as a summer lull deepened.The Saudi measure rose 0.5 percent to 10,716 points, its highest finish since January 2008. Nearly 270 million shares changed hands, a two-week high: Saudi Arabia has not suffered the summer trading slump of neighbouring bourses.Eight of the 10 largest stocks advanced. Riyad Bank , which last month reported a 17 percent increase in second-quarter profit, rose 4.5 percent. Lenders SABB and Al Rajhi Bank climbed 3.2 and 0.3 percent respectively."One of the most important drivers for a re-rating of the sector is the coming increase in U.S. interest rates," said Fahd Iqbal, head of Middle East research at Credit Suisse. "That will boost Saudi banks' net interest margins."Saudi Arabia's currency is pegged to the dollar, which ...

Kenyan shilling flat, seen vulnerable NAIROBI: The Kenyan shilling was steady on Monday but was seen vulnerable if the tight money market conditions ease up, traders said.At 0705 GMT, commercial banks quoted the shilling at 88.05/88.15 to the dollar, unchanged from its closing level on Friday.The shilling has been supported by tighter conditions on the interbank market, where the weighted average lending rate rose to 11.9492 percent on Friday from about 7.5 percent in mid-July.Commercial Bank of Africa trader Joshua ...
Kuwait Food Co falls after says no knowledge of Savola takeover talks DUBAI: Shares in Kuwait Food Co (Americana) fell on Monday after the company said it had no knowledge of any talks with Saudi Arabia's Savola Group over a possible acquisition of Americana. Americana was down 1.3 percent at 0733 GMT, resuming trading following a five-day suspension. The stock rose 2.6 percent to a record high on Aug. 13 after Savola said in a bourse statement that it was in preliminary talks to buy Americana, but ...
South African stocks down, Naspers retreats from record high JOHANNESBURG: South African stocks fell for a third straight session on Thursday after a slew of financial results knocked prices of companies such as lender Standard Bank and mining firm Harmony Gold. Shares of e-commerce firm Naspers retreated from a record high hit the previous day, ending down 4.68 percent at 1,365.40 rand. Naspers jumped on Wednesday after China's Tencent, in which it owns over a third, reported higher first-half earnings. The benchmark Top-40 index ...
Egypt bullish as institutions buy in DUBAI: Egypt's stock market may have a bullish tone on Tuesday as increased institutional involvement suggests the bourse can continue setting new highs. The main benchmark rose 1.3 percent on Monday, its fifth gain in six sessions, to reach a new six-year peak; it closed very near its intra-day high. "Institutions are getting more involved in Egyptian stocks in terms of both volume and value," said Allen Sandeep, director of research at Naeem Holdings in ...
Emaar Q2 may cool Dubai; global environment weak DUBAI: Dubai's stock market may lose steam on Tuesday after second-quarter earnings from property giant Emaar, while a weak global environment may restrain other regional markets. The main Dubai stock index climbed 1.3 percent on Monday as Emaar rose in anticipation of the earnings, gaining 3.1 percent to 10.15 dirhams in its heaviest turnover for a month.After the close it reported quarterly net profit up 28.6 percent to 868 million dirhams ($236 million). That beat ...
UAE markets may reopen with firm tone DUBAI: United Arab Emirates stock markets may reopen with a firm tone on Thursday after three days of Eid holidays, while other major Gulf markets will stay closed until next week.On their last day of trade before the holidays, Dubai's index rose 1.9 percent and Abu Dhabi gained 1.1 percent on strength in banks, after several large ones reported healthy earnings, and property developers.Emaar Properties is expected to announce second-quarter earnings in the next few ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln