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Middle East & Africa


Saudi drops 3.2pc in sell-off on weak oil, Q2 earnings DUBAI: Saudi Arabia's stock market fell sharply by mid-afternoon on Sunday after oil prices hit six-month lows and several companies posted disappointing earnings.The benchmark dropped 3.2 percent to 8,808 points, its lowest since early April, with nearly all stocks in the red. It has no significant technical support left above the April low of 8,502 points.Heavyweight petrochemicals giant Saudi Basic Industries tumbled 5.2 percent. The company's profits have been hurt by the drop in oil prices over the last 12 months, and the commodity's fresh weakness is a concern for investors.U.S. crude posted its biggest monthly drop - 21 percent - since the 2008 financial crisis on Friday after a string of losses in July triggered by China's stock market slump and signs that top Middle East producers were pumping crude at record levels. Brent lost 5 percent on the week and 18 percent on the month.Other companies in the ...

Gulf mixed, DAMAC lifts Dubai ahead of results DUBAI: Stock markets in the Gulf were narrowly mixed in early trade on Sunday as Dubai outperformed, supported by positive earnings and expectations.The emirate's index rose 0.5 percent, supported by Dubai Islamic Bank, up 1.3 percent, and property developer DAMAC, which jumped 2.6 percent.Dubai Islamic Bank beat analysts' forecasts with a 35 percent rise in second-quarter net profit last week and DAMAC said on Sunday its board would discuss second-quarter results and a dividend payout ...
Saudi Arabia falls on weak oil; Egypt up DUBAI: Saudi Arabia's stock market fell in early trade on Sunday after oil prices dropped, while Egypt's bourse was rose slightly after encouraging news on the country's investment projects.The main Saudi index fell 1.7 percent and petrochemicals giant Saudi Basic Industries, down 1.8 percent, was the main drag. The company's profits have been hurt by the drop in oil prices over the last 12 months and the commodity's fresh weakness is a concern for investors.U.S. ...
South African stocks in 3-session losing streak, gold shares dive JOHANNESBURG: South African stocks fell for a third straight session on Tuesday with gold mining shares among the biggest decliners as the price of bullion remained near its lowest level in more than five years. AngloGold Ashanti was the biggest loser on the blue-chip Top-40 index, dropping 5.8 percent to 79.15 rand. Smaller rival Gold Fields, which is not in the Top-40 stocks, plunged 7.9 percent to 34.27 rand. Gold remained near 5-1/5-year lows on ...
Gulf markets slip as oil extends losses DUBAI: Gulf stock markets slipped in early trade on Tuesday after oil prices slid again on concern about global oversupply.Crude prices fell towards four-month lows, dropping for a fifth straight session. Brent futures traded just above $53 per barrel.Dubai's bourse edged down 0.6 percent with most stocks in the red. Builder Arabtec fell 1.3 percent and was the most traded stock.Bourse operator Dubai Financial Market fell 1.5 percent, having posted a 48 percent fall in ...
South African stocks fall on risk-off trade as Chinese shares dive JOHANNESBURG: South African stocks fell on Monday after Chinese shares tumbled more than 8 percent, their biggest one-day drop since 2007, sending broader emerging market assets down in risk-off trade. While the market has been fixated on a near-term rise of US interest rates, traders said Monday's sell-off was on the back of China's volatile stock market, rekindling concerns over the economic health of the Asian behemoth. "A move of this nature again is a ...
South Africa's rand wobbly ahead of trade data JOHANNESBURG: South Africa's rand struggled against the dollar on Monday, with traders and analysts seeing scope for further weakness if local trade data comes out softer than expected and the Federal Reserve issues a hawkish statement later this week.The rand touched a fresh 14-year low of 12.6900 to the dollar, extending Friday's sharp losses, and traded at 12.6235 at 1604 GMT, slightly weaker than its previous close at 12.6165.Government bonds also ended the session weaker, ...


Index Closing Chg%
Arrow DJIA 17,598.20 0.52
Arrow Nasdaq 5,115.38 0.25
Arrow S&P 2,098.04 0.25
Arrow FTSE 6,688.62 0.11
Arrow DAX 11,443.72 1.19
Arrow CAC-40 5,120.52 0.75
Arrow Nikkei 20,548.11 0.11
Arrow H.Seng 24,411.42 0.91
Arrow Sensex 28,187.06 0.26

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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 $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln