02092016Tue
Last update: Tue, 09 Feb 2016 04pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf bourses fall, following global shares lower DUBAI: Gulf stock markets fell in early trade on Tuesday, erasing the prior session's gains as risk appetite diminished following a slump in global shares. Dubai's index fell 2.2 percent with blue chips Emaar Properties and Emirates NBD, Dubai's largest bank by market value, each tumbling more than 3.0 percent.Abu Dhabi's benchmark was down 0.4 percent after closing flat on the previous day; large-cap lender First Gulf Bank fell 0.9 percent. Dana Gas retreated 2.1 percent after gaining for three days.But Kuwait Food Co (Americana) jumped 4.6 percent after rocketing 10.0 percent on Monday. The food company said its board had agreed to give a Gulf-based investment firm 60 days to carry out due diligence for the acquisition of a controlling stake in the company. Kuwait's main index edged down 0.4 percent.Qatar's bourse is closed for a public holiday.Copyright Reuters, 2016 ...

Markets - Equity - Middle East & Africa

Local investors lead major bourses up but banks dampen Abu Dhabi DUBAI: Several major stock markets in the Middle East rose on Monday as local investors bought back shares, though blue-chip banks weighed on Abu Dhabi. Equity markets in the region, where government revenues largely depend on petrodollars, have been struggling to break free of the negative impact of weak oil prices. "Investors' propensity to react to changes in oil prices has increased," said a Riyadh-based analyst, noting even a slight change in rhetoric between OPEC ...

Markets - Equity - Middle East & Africa

Saudi firms on oil, property firms support Egypt DUBAI: Saudi Arabia's stock market rose in early trade on Monday after oil prices firmed, while real estate shares supported Egypt's market. The Saudi index climbed 0.7 percent in the first 15 minutes of trade as petrochemical blue chip Saudi Basic Industries gained 1.1 percent.Most activity focused on second- or third-tier stocks, however, with property developer Al Andalus jumping 5.0 percent.AlTayyar Travel rose 2.1 percent after the Capital Market Authority approved a small capital increase ...

Markets - Equity - Middle East & Africa

Major bourses dragged lower by weaker oil, global equities DUBAI: Major stock markets in the Middle East fell on Sunday after oil prices pulled back and global bourses sold off at the end of last week.The correlation between oil prices and Gulf equity markets has strengthened in recent months with many investors believing markets will continue to trade in almost lockstep with crude prices in the near term.In Riyadh, the index dropped 1.3 percent to 5,896 points, erasing Thursday's 0.8 percent gain. The petrochemical ...

Markets - Equity - Middle East & Africa

Saudi, Egypt up in early trade as oil rises DUBAI: Stock markets in Saudi Arabia and Egypt rose in early trade on Thursday as a second day of rising oil prices helped to revive risk appetite. Riyadh's index traded up 1.7 percent to slightly above 6,000 points, lifted by the petrochemical sector. Saudi Basic Industries, the largest petchem by market value, jumped 3.0 percent. However, strength in Saudi stocks late on Wednesday was accompanied by lower trading volumes, suggesting the index is still in ...

Markets - Equity - Middle East & Africa

South Africa's stocks slide, rand weakens as risk appetite wanes JOHANNESBURG: South African stocks closed lower for a second consecutive day on Tuesday as demand for high-yielding assets declined. The rand also weakened.The blue-chip Top-40 index retreated 2.07 percent to 42,972 points and the broader All-share index shed 2.09 percent to 48,029 points.The fall tracked declines in global markets as crude prices fell for a second straight day. A glut in supply and concern over demand have kept crude prices near 12-year lows.Petrochemical giant Sasol ...

Markets - Equity - Middle East & Africa

Banks boost Abu Dhabi, other Gulf markets lose steam DUBAI: Two major banks boosted Abu Dhabi's stock market early on Monday after strong quarterly earnings, but other Gulf bourses lost steam after oil prices pulled back following last week's rally.Abu Dhabi's index climbed 1.7 percent in the first hour of trade as First Gulf Bank jumped 6.2 percent. Late on Sunday it reported an 11 percent profit rise to 1.72 billion dirhams ($468.4 million), well above analysts' average forecast of 1.46 billion dirhams. The ...