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Middle East & Africa


UAE, Qatar up on FTSE index review; Medinet Nasr lifts Egypt DUBAI: An influx of foreign funds due to changes in some FTSE indexes boosted stock markets in the United Arab Emirates and Qatar on Thursday, while Egyptian real estate developer Medinet Nasr surged after announcing an ambitious sales target.Dubai's main index rose 2.3 percent as Emaar Properties, the emirate's largest developer, jumped 5.0 percent to 11.60 dirhams.Emaar had peaked at 12.00 dirhams this month after announcing the launch of the initial public offer of its subsidiary Emaar Malls Group (EMG). But the stock then came under pressure as retail investors sold some of their holdings in the parent company in order to raise cash for purchases of EMG. That wave of selling appears to have ended.Shares in smaller developers Deyaar and Union Properties added 3.2 and 2.8 percent respectively ahead of their inclusion in the FTSE All-World index, which will take effect on Sept. 22.The index compiler is also adding ...

UAE, Egypt edge up; Qatar slips after index rejig DUBAI: Bourses in the United Arab Emirates and Egypt edged up in early trade on Thursday on the back of property and banking stocks, while Qatar's index pulled back after the stock exchange announced changes to the benchmark. Dubai's main index rose 0.9 percent, supported by blue chips Emaar Properties and Dubai Islamic Bank, up 2.3 and 1.3 percent respectively. Emaar came under pressure earlier this week as retail investors sold some of their holdings ...
Waha Capital's buy-back may lift Abu Dhabi; Qatar tweaks index DUBAI: Shares in Abu Dhabi's Waha Capital may rise further on Thursday after its board approved a buy-back of up to 10 percent of outstanding stock, while some companies in Qatar may come under pressure after being dropped from the main index. Waha Capital, an investment firm, said early on Thursday it would repurchase up to 194 million shares, but did not disclose the price it would offer. The stock has already risen 7.5 percent ...
Saudi rises on economic reform plans; better global mood boosts region DUBAI: Saudi Arabia's stock market led the region higher on Wednesday because of optimism over the government's economic reform efforts, while other markets were buoyed by a more positive global mood.The main Saudi index gained 0.8 percent to 11,081 points, with major mining company Ma'aden rising 3.1 percent.The Capital Market Authority said on Wednesday that it would permit off-market trading of shares in companies which had been suspended or delisted from the exchange.There are only ...
South African stocks flat ahead of Fed, Richemont slumps JOHANNESBURG: South African stocks traded sideways on Wednesday as a sharp drop by luxury goods retailer Richemont weighed on a lacklustre market waiting for direction from a key U.S. Federal Reserve statement later in the day.The U.S. central bank is expected to provide clues on the next interest rate move after years of aggressive monetary stimulus.Johannesburg's Top-40 index gave up 0.15 percent to 45,814 and the wider All-share was little changed at 51,173."We are generally ...
South African stocks end slightly lower, Telkom slumps JOHANNESBURG: South African stocks ended a touch lower on Tuesday, in line with major overseas markets ahead of the U.S. Federal Reserve's policy meeting, with Telkom among the worst performers as doubts crept in about its turnaround plan.Telkom dropped 4.7 percent to 55.50 rand, extending its sharp decline to a second day and paring a two-fold increase notched up so far this year.The fixed-line operator is in a middle of a turnaround plan that includes ...
Saudi corporate earnings growth set to jump before bourse opening DUBAI: The opening of Saudi Arabia's stock market to direct foreign investment early next year is set to coincide with a pick-up in earnings growth in the kingdom, which has lagged the region in the past few years.The combined net profits of Saudi Arabia's leading companies are expected to rise 17 percent in 2014 and a further 11 percent in 2015, largely on the back of petrochemical producers and banks, although a number of companies ...


Index Closing Chg%
Arrow DJIA 17,265.99 0.64
Arrow Nasdaq 4,593.43 0.68
Arrow S&P 2,011.36 0.49
Arrow FTSE 6,819.29 0.57
Arrow DAX 9,798.13 1.41
Arrow CAC-40 4,464.70 0.75
Arrow Nikkei 16,067.57 1.13
Arrow H.Seng 24,168.72 0.85
Arrow Sensex 27,112.21 1.81

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln