02132016Sat
Last update: Sat, 13 Feb 2016 03am

Middle East & Africa

Markets - Equity - Middle East & Africa

Dubai down on weak earnings, Gulf soft DUBAI: Disappointing earnings from a few Dubai companies pulled the emirate's stock index lower in early trade on Thursday while most other Gulf stock markets slipped after oil prices reversed back near $30. Dubai's index was down 0.5 percent, weighed down by the real estate sector. DAMAC Properties fell 3.9 percent in volatile trade; it reported a 12 percent fall in fourth-quarter net profit. Dubai Parks and Resorts fell 2.7 percent after the amusement park builder posted a 2015 loss of 109 million dirhams ($29.7 million) compared to a 21 million dirham loss a year earlier. But the largest real estate developer by market value, Emaar Properties. rose 0.7 percent, recouping some of its 1.3 percent decline on the previous day.The company reported near-flat quarterly net profit of 1.03 billion dirhams after taking a writedown related to a fire at one of its hotels on New Year's Eve. An analyst ...

Markets - Equity - Middle East & Africa

Egypt, Saudi drop in global rout; Saudi breaks chart support DUBAI: Egypt's stock market fell in early trade on Thursday, erasing the previous day's gain as global bourses sagged, while Saudi Arabia's index was headed for a third straight day of losses after oil slid back near $30. Cairo's main index fell 1.0 percent in the first 30 minutes with Egypt's largest bank by market value, Commercial International Bank, dropping 1.6 percent after it recorded fourth-quarter net profit of 1.2 billion Egyptian pounds ($192 million), ...

Markets - Equity - Middle East & Africa

Bourses join global market rout; Egypt tumbles 2.8pc DUBAI: Stock markets in the Middle East fell on Tuesday, erasing the prior session's gains, as risk appetite diminished following a slump in global shares.Egypt's main index tumbled 2.8 percent to 6,004 points, erasing the prior session's gains as foreign funds redeemed shares, bourse data showed.Commercial International Bank, a stock favoured by international fund managers, retreated 3.3 percent. Palm Hills Development declined 4.3 percent in heavy trade, after the real estate developer posted strong quarterly ...

Markets - Equity - Middle East & Africa

South Africa's stocks slide as resources wilt, rand strengthens JOHANNESBURG: South African stocks ended in the red for the second consecutive day on Tuesday as resources and financials weighed on the bourse, while the rand strengthened to the dollar in line with a with a stronger euro.Mining heavyweights BHP Billiton and Anglo American were among the losers, both shedding 4.6 percent, declining to 155.37 rand and 80.61 rand respectively.The falling copper price has knocked on to other resource stocks, said Inkunzi Investments trader Petri ...

Markets - Equity - Middle East & Africa

Egypt tumbles, follows global market rout; Saudi slips DUBAI: Egypt's stock market fell more than 2 percent in early trade on Tuesday, following global shares lower, while Riyadh's index slipped as local traders cashed out of speculative shares. Egypt's main index tumbled 2.1 percent. Palm Hills Development was down 3.0 percent and was the most heavily traded stock, after the real estate developer posted strong quarterly earnings early this week. Commercial International Bank, an Egyptian share favoured by international fund managers, retreated 3.7 ...

Markets - Equity - Middle East & Africa

Gulf bourses fall, following global shares lower DUBAI: Gulf stock markets fell in early trade on Tuesday, erasing the prior session's gains as risk appetite diminished following a slump in global shares. Dubai's index fell 2.2 percent with blue chips Emaar Properties and Emirates NBD, Dubai's largest bank by market value, each tumbling more than 3.0 percent.Abu Dhabi's benchmark was down 0.4 percent after closing flat on the previous day; large-cap lender First Gulf Bank fell 0.9 percent. Dana Gas retreated 2.1 ...

Markets - Equity - Middle East & Africa

Local investors lead major bourses up but banks dampen Abu Dhabi DUBAI: Several major stock markets in the Middle East rose on Monday as local investors bought back shares, though blue-chip banks weighed on Abu Dhabi. Equity markets in the region, where government revenues largely depend on petrodollars, have been struggling to break free of the negative impact of weak oil prices. "Investors' propensity to react to changes in oil prices has increased," said a Riyadh-based analyst, noting even a slight change in rhetoric between OPEC ...