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Middle East & Africa


Markets to consolidate, Saudi banks may stay strong DUBAI: Most Middle East stock markets look set to consolidate in modest turnover on Thursday, though Saudi Arabian banks may continue to attract interest after some surged on Wednesday. The global market environment is soft, with Asian shares under pressure after a disappointing survey of Chinese manufacturing. MSCI's broadest index of Asia-Pacific shares outside Japan is down 0.6 percent. Most Gulf stock markets have been suffering from low turnover during the summer lull and show little sign of breaking out of recent ranges. Dubai, for example, last closed at 4,856 points; it faces strong chart resistance at 4,935 points, the peaks in July and August, and may be unable to break this barrier unless turnover rises considerably, which may only happen as summer holidays end early next month. Qatar, which last closed at 13,683 points, faces major resistance at May's multi-year peak of 13,909 points. Fahd Iqbal, head of Middle ...

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. ...
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 ...


Index Closing Chg%
Arrow DJIA 17,039.49 0.36
Arrow Nasdaq 4,532.11 0.12
Arrow S&P 1,992.37 0.29
Arrow FTSE 6,777.66 0.33
Arrow DAX 9,401.53 0.93
Arrow CAC-40 4,292.93 1.23
Arrow Nikkei 15,586.20 0.85
Arrow H.Seng 24,994.10 0.66
Arrow Sensex 26,360.11 0.17

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