05272016Fri
Last update: Fri, 27 May 2016 05pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi shares drop despite oil over $50 but Dubai lifted DUBAI: A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed.The Riyadh index failed to hold on to earlier gains as investors booked profits, snapping two days of gains.Although petrochemical shares remained resilient, with the sub-index advancing 0.3 percent, it closed 49 points below its intra-day high, a sign that investors lack belief in a sustained rally.Speculative shares, favoured by local day traders and which are usually heavily traded, dropped. Tourism company Altayyar Travel Group fell 2.8 percent while insurer Alinma Tokio Marine tumbled 3.1 percent.In Abu Dhabi the index slid 0.1 percent, mainly weighed by declines in blue chip lenders National Bank of Abu Dhabi and Abu Dhabi Commercial Bank. The former closed down 2.8 percent and the latter 1.2 percent.But Dana Gas managed to hold onto ...

Markets - Equity - Middle East & Africa

Gulf bourses rise in early trade as oil breaks $50 DUBAI: Gulf shares rose in early trade on Thursday as oil prices climbed to hit their highest levels in six months and global equity markets edged higher.Petrochemical shares lifted Riyadh's index 0.6 percent with Saudi Basic Industries, the largest listed producer, adding 1.2 percent as Brent oil prices broke over $50 a barrel in Asian trade.Makkah Construction added 0.6 percent after it reported a 6 percent rise in its quarterly income. The company attributed the ...

Markets - Equity - Middle East & Africa

Gulf bourses rise in early trade, Saudi petchems lead DUBAI: Gains for global equity and oil markets supported Gulf bourses in early trade on Wednesday, with Riyadh's index gaining one percent in the first hour as investors bought back shares which were sold off at the start of the week.Saudi petrochemical shares were particularly strong, lifted by firm oil prices. Saudi Basic Industries was up 1.6 percent.Saudi Cement rose 1.6 percent after the company said it had sold its 40-percent stake in a Kuwaiti ...

Markets - Equity - Middle East & Africa

Global bourses, oil to support Gulf DUBAI: Rises in global equity and oil markets look set to support bourses in the Gulf on Wednesday, although trading volumes are likely to stay thin.Brent oil futures have risen 1.1 percent to $49.19 a barrel in early Asian trade, while MSCI's broadest index of Asia-Pacific shares outside Japan is up 1.6 percent.Most stock markets in the Gulf have witnessed dwindling volumes over the last ten days with the approach of the holy month of ...

Markets - Equity - Middle East & Africa

Gulf mostly rises, quieter as Ramadan nears DUBAI: Most Gulf stock markets rose on Tuesday but trading volumes were small as some investors stayed away because of the approach of the holy month of Ramadan and summer holidays, when activity tends to decrease in some bourses.Dubai's index spent most of the day little changed but closed 1.0 percent higher after a surge in the final half-hour.Investment bank Shuaa Capital jumped 3.7 percent in unusually heavy trade after sources told Reuters that it ...

Markets - Equity - Middle East & Africa

Saudi slumps over 3pc, other bourses mixed DUBAI: Saudi Arabia's stock index sank 3.1 percent on Monday as investors sold shares indiscriminately, while the United Arab Emirates and Qatar held onto small gains. Egypt fell as foreign funds exited the market.Saudi shares were dumped across the board in the largest single-day decline since the government announced sweeping economic reforms in late April."Investors are cashing out and keeping cash available on hand before the extended low-volume season of Ramadan and summer vacations," said ...

Markets - Equity - Middle East & Africa

Gulf bourses diverge in early trade DUBAI: Stock markets in the Gulf trod separate paths on Monday, with Saudi Arabia's market lagging while the two main markets in the United Arab Emirates held on to small gains.Riyadh's index was down 1.2 percent after an hour of trade amid a sell-off in petrochemical shares after oil prices weakened.Brent oil was down 0.9 percent at $48.25 a barrel; mid-sized petrochemical producers were hit hardest, with Saudi Kayan dropping 3.0 percent.Retail industry shares, which ...