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Middle East & Africa


Gulf markets join global equity slide on China fears DUBAI: Stock markets across the Middle East fell on Tuesday alongside steep drops in global stock prices because of renewed uncertainty about the state of China's economy.Stock markets fell after data showed China's manufacturing activity had contracted in August at its fastest pace in three years, reinforcing fears of a slowdown in the world's second-largest economy despite a flurry of government support measures.Oil fell more than 4 percent after the Chinese data, giving up some of the gains made on Monday, when both Brent and US crude futures had surged more than 8 percent.This rise was fuelled by an OPEC commentary saying the group was ready to talk to other producers to achieve reasonable oil prices. A downward revision of US output data by the US Energy Information Administration also provided support.Saudi Arabia's main stock index fell 1.1 percent with all sectors in the red. China is the second-biggest market ...

Gulf stocks slide in August over oil price dive KUWAIT CITY: Saudi stocks dived 17.2 percent in August to lead a slide in other Gulf bourses which came under pressure from a sharp decline in oil prices and China's economic woes.Global equities were hammered last week as risk-averse investors dumped shares on spreading panic that the flagging Chinese economy -- the world's second largest -- could spark a new worldwide recession.The August decline in the Gulf wiped out all gains made by its seven ...
Saudi Arabia, Egypt join regional pull-back DUBAI: Stock markets in Saudi Arabia and Egypt fell in early trade on Monday after oil prices dropped and emerging market equities in Asia slipped. The main Saudi stock index fell 1.6 percent, with petrochemicals heavyweight Saudi Basic Industries (SABIC) the main drag. It slid 2.2 percent, in line with the price of oil, which affects the industry's profit margins. Brent crude futures for October delivery have dropped more than $1 or 2 percent on ...
Nigerian stocks recover, led by banking and energy LAGOS: Nigerian stocks showed signs of recovery on Friday, gaining more than one percent after a strings of losses caused by falling oil prices and weakening growth in Africa's biggest economy. Nigeria's stock index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, rose 1.26 percent to 28,577 points in early trade, lifted mainly by gains in banking, breweries and energy firms stocks. Shares of First Bank holdings rose 9.26 percent ...
Stocks set to rise on better global backdrop DUBAI: An improved global backdrop looks set to boost Middle East stocks on Thursday although concern about the long-term oil price trend is likely to keep many investors cautious.Though most Gulf stock markets pulled back on Wednesday, the strong rebound on Tuesday, during which some institutional investors returned to buy selected stocks with valuations that they now saw as reasonable, created a sense that markets had established at least short-term floors.A better global environment on ...
Nigeria stock index falls for second day to hit 6-month low LAGOS: Nigeria's stock index fell to a more than six-month low early on Tuesday, its second day of losses, as investors worried about the persistent decline in crude prices and a slowdown in China's economy sold off frontier market shares. The bourse, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, fell 1.95 percent at 1033 GMT to 28,645 points, its lowest since February 18, as investors sold off shares in ...
Saudi stock index tumbles below chart support DUBAI: Saudi Arabia's main stock index sank below major technical support on Monday amid heavy selling of petrochemical and resource-related shares. After plunging 6.9 percent on Sunday, the index slowed its decline in early trade on Monday. But by mid-afternoon heavy selling pressure had resumed, with the index dropping 6.8 percent to 6,957 points, below major chart support on its December low of 7,226 points. Saudi Basic Industries Corp, the biggest petrochemical producer, lost 6.8 ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln