09262016Mon
Last update: Mon, 26 Sep 2016 10pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi banks rally on central bank monetary action DUBAI: Saudi banking shares rallied on Monday after the central bank said it would deposit about 20 billion riyals at commercial lenders and introduce two new money market instruments to fight a surge in market interest rates caused by low oil prices.Riyadh's main index was up 0.6 percent after 15 minutes of trade as four-fifth of the banking shares rose. Samba Financial Group was the top gainer in the industry, up 2.3 percent to 18.20 riyals ($4.85).Banking shares have been underperforming the general index in several months, hit by an illiquid construction sector, which makes up a large portion of corporate loans. Samba, for example, is trading at a 26 percent discount to its average fair value as estimated by 13 analysts, according to Reuters data.The petrochemical sector was also positive, with its largest producer Saudi Basic Industries up 0.9 percent as Brent futures climbed back over $46 a barrel.Dubai's ...

Markets - Equity - Middle East & Africa

Gulf bourses start week down, but Qatar slightly up DUBAI: Petrochemical shares dragged Saudi Arabia's equity index lower in early trade on Sunday after oil prices fell 4 percent at the end of last week, while Qatar's main index regained some ground.Riyadh's main index slipped 0.3 percent after 15 minutes of trade, with bellwether petrochemical producer Saudi Basic Industries declining 0.9 percent.The retail segment was also weak, with one of the largest electronics stores, Jarir Marketing, down 1.0 percent.Dubai's main index fell 0.5 percent, ...

Markets - Equity - Middle East & Africa

Gulf shares cheer Fed decision to keep interest rates put, Egypt slips DUBAI: Stocks in the Gulf rallied on Thursday, taking their cue from global shares after the Federal Reserve left US interest rates unchanged and indicated a slower pace of future hikes. Dubai's main index was the top gainer among its regional peers, jumping 2.0 percent in the most active trade of the week as nine-tenths of the traded shares rose. Emaar Properties, the largest listed developer and Dubai Investments each gained 2.9 percent. In neighbouring ...

Markets - Equity - Middle East & Africa

Gulf markets climb in line with global shares DUBAI: Stocks in the Gulf climbed in early trade on Thursday, taking their cue from Asian shares and Wall Street, after the Federal Reserve left U.S. interest rates unchanged and indicated a slower pace of future hikes.Dubai's main index was the top gainer among its regional peers, jumping 1.1 percent as nine-tenths of the traded shares rose.Emaar Properties, the largest listed developer, climbed 2.2 percent, and Dubai Investments gained 2.0 percent.In neighbouring Abu Dhabi, the ...

Markets - Equity - Middle East & Africa

Gulf mixed with Saudi outperforming peers, Egypt loses steam DUBAI: Bourses in the Gulf were mixed on Wednesday with Saudi Arabia's bourse supported by the petrochemical sector while Egypt lost steam as local and regional funds exited positions. Saudi Arabia's index rose 0.4 percent in moderate trade as Brent prices firmed over $46 a barrel. Saudi Basic Industries, the petrochemical heavyweight, climbed 0.9 percent. The insurance sub-index, usually actively traded by day traders, added 1.7 percent as almost all the constituents advanced, recouping some ...

Markets - Equity - Middle East & Africa

Gulf edges up but Qatar slips in early trade DUBAI: Stock markets in the Gulf made small gains in early trade on Wednesday with investors buying small and mid-sized shares, while Qatar's index slipped as the FTSE passive funds inflow faded.Riyadh's index rose 0.3 percent to 5,943 points after 45 minutes of trade, pulling slightly away from its technical support at the August low of 5,911 points.Petrochemical shares firmed as Brent futures bounced back over $46 a barrel. The largest listed producer Saudi Basic ...

Markets - Equity - Middle East & Africa

Qatar gains after FTSE inclusion, Saudi near technical support level DUBAI: Qatar's equity index climbed on Tuesday as passive funds flowed into shares now included in FTSE's secondary emerging market index while other Gulf markets sagged. Doha's index rose 1.0 percent, recouping some of the percent losses from the previous session. Passive funds will flow into 22 shares from Tuesday, and the stocks will continue to be bid up for several days to come as managers meet their fund mandates. Islamic lender Masraf Al Rayan, ...