12042016Sun
Last update: Sun, 04 Dec 2016 07pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Second-tier stocks boost Saudi, foreign money supports Egypt DUBAI: Strength in second-tier stocks favoured by local retail investors boosted Saudi Arabia's stock market on Monday, while foreign buying helped Egypt partially rebound from a drop on Sunday and most other Middle East bourses fell. Saudi Arabia's index climbed 0.9 percent to 6,904 points, rising above major technical resistance on its April peak of 6,876 points. A second consecutive close above that level would be very bullish technically and point to the index reaching around 8,400 points in the long term. The Saudi market has been strong since the kingdom's $17.5 billion international bond issue in late October partly eased concern about Riyadh's ability to cope with an era of cheap oil.Banks and petrochemicals led the market in the initial stages of its rally, but underperformed on Monday with activity focused on unusually heavy trade in second-tier stocks such as Tabuk Agricultural Development Co, which was up 6.2 percent. ...

Markets - Equity - Middle East & Africa

Gulf markets move sideways in early trade DUBAI: Gulf stock markets moved sideways in early trade on Monday with little fresh corporate news to spur buying, while uncertainty over oil prices also deterred some investors.Saudi Arabia's index was flat after 70 minutes of trade with most petrochemical companies little changed and the banking sector index edging down.Real estate developer Jabal Omar gained 1.4 percent after saying it had ended a contract with builder Saudi Binladin Group, settling an outstanding 196 million riyal ...

Markets - Equity - Middle East & Africa

Gulf consolidates in quiet trade DUBAI: Gulf stocks consolidated in a quiet market on Sunday with little corporate news to prompt trading, and with Friday's sharp pull-back in oil prices offsetting strength in bourses worldwide.The Saudi stocks edged up 0.1 percent to 6,806 points in the first half hour. The index tested and failed to break technical resistance on its April peak of 6,876 points on Thursday.The petrochemical index underperformed, dropping 0.4 percent, while the cement sector was also weak.Alawwal ...

Markets - Equity - Middle East & Africa

Saudi lifts mood in regional markets; Egypt holds near 8 year peak DUBAI: Saudi Arabia's index firmed on Wednesday as blue chips resumed their climb and the positive mood flowed into other Gulf bourses, carrying them higher. Egypt's market edged up, holding near an 8-year peak as foreign funds remained aggressive buyers. Riyadh's index bounced 3.0 percent to 6,796 points, closing 93 points over technical resistance at the July peak of 6,703 points. Turnover was almost double that of Tuesday.Some blue chips continued to attract funds, with ...

Markets - Equity - Middle East & Africa

Saudi shares rebound, outperform rest of Gulf DUBAI: Saudi Arabian stocks rebounded on Tuesday as oil prices hit a one-month high, outperforming other stock markets in the Gulf where traders booked profits. Egypt's main index pulled back but foreign buyers continued to hunt for bargain buys, lifting the broader index. Saudi Arabia's general market index rose 1.6 percent to 6,602 points, heading back towards technical resistance at the July peak of 6,703 points.The index has now gained 13.9 percent over the past ...

Markets - Equity - Middle East & Africa

Abu Dhabi recovers, Saudi petrochemicals buoyed by oil bounce DUBAI: Abu Dhabi's stock market index rebounded in early trade on Monday as some of banking stocks which were sold off in the previous session recovered, while Saudi Arabia rose as oil prices firmed.Abu Dhabi's index rose 0.9 percent after falling 1.7 percent on Sunday. Abu Dhabi Commercial Bank climbed 3.2 percent and Abu Dhabi Islamic Bank rose 0.3 percent.On Sunday, Union National Bank dropped 5.2 percent and ADCB lost 2.7 percent after both lenders ...

Markets - Equity - Middle East & Africa

Gulf shares diverge in early trade DUBAI: Gulf equity markets diverged in early trade on Sunday with corporate news buoying Dubai's market and Abu Dhabi's index weighed down by some of last week's top movers.Dubai's index rose 0.4 percent, buoyed by a 10.8 percent jump in Shuaa Capital after the investment firm announced that Abu Dhabi Financial Group (ADFG) had carried out a previously announced acquisition of 48.36 percent of the firm from Dubai Banking Group, a subsidiary of Dubai Group, ...