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Middle East & Africa


Gulf stocks dive in Q3 on oil slump, China jitters KUWAIT CITY: Share prices in the energy-rich Gulf states plunged 10.9 percent in the third quarter, driven lower by a slump in oil revenues and by jitters over the state of the Chinese economy.All seven stock markets ended lower, not only for the quarter but on the 2014 close, with the heavyweight Saudi bourse leading the slide. Their combined market capitalisation dived $120 billion (107 million euros) to $980 billion, according to the Arab Monetary Fund.The International Monetary Fund has said Gulf states will lose around $300 billion in oil revenues and end 2015 with a budget shortfall.Among the biggest buyers of Gulf oil is China."The drop in oil revenues will lead to a cut in (public) spending," said Mohammed Zaidan, chief market strategist at Kuwait-based Orbex Brokerage. "Most Gulf companies rely heavily on government expenditures.""Most investors are dumping part of their stocks and buying other assets as a consequence ...

UAE markets edge down in thin trade DUBAI: United Arab Emirates stock markets edged down in thin trade on Sunday as they reopened after a break for Eid Al-Adha, with no major corporate news to move shares and the global market environment slightly negative.The Dubai stock index slipped 0.6 percent in its lowest daily trading volume since April 2013, with many investors still on holiday. Activity focused on smaller-capitalised, low-priced stocks favoured by local retail investors rather than institutions.GFH Financial Group, the ...
Sluggish growth hits South Africa's rand, stocks firm JOHANNESBURG: South Africa's rand weakened on Wednesday after the South African Reserve Bank said the domestic economic outlook has deteriorated, while stocks ended a three-day losing run as advancing commodity prices lifted mining shares. The rand hit a session low of 13.8430 to the dollar, its weakest since Sept. 9, and was trading at 13.8275 by 1551 GMT, down 1.1 percent from New York's close. Government bonds remained range-bound despite large currency swings. Yields on ...
South African stocks at 4-week high, rand weakens before Fed JOHANNESBURG: South African stocks rose on Thursday, lifting the benchmark index to its highest level in more than a month as traders bet against an interest rate increase in the United States. Investors have dumped emerging market assets in anticipation that US rates could start rising in September, but those expectations have now largely been pushed back to December. "We don't think the Fed is going to hike, but tomorrow's market moves will all be ...
SABMiller leads S.African shares higher, rand firms JOHANNESBURG: South Africa's stocks rose on Wednesday, reaching a 4-1/2 week high with SABMiller surging after news that AB InBev was to make an offer to acquire the British firm, while the rand firmed on better-than-expected retail data. Johannesburg-listed SABMiller, the world No.2 brewer, led the gainers as it jumped by 18.35 percent to 739 rand on an offer which could see its rival gunning for presence in Africa, as well as Asia and Latin ...
Oil lifts Gulf; bargain-hunting buoys Egypt DUBAI: Most Gulf stock markets rose on Wednesday, moving in line with oil prices and global equities. Egypt's bourse extended its rally as investors bought beaten-down stocks, hoping that the market had bottomed out.Dubai's index climbed 1.8 percent and property developer DAMAC was the most traded stock, jumping 2.0 percent after its shareholders approved the firm's first cash dividend since it listed in Dubai in January.DAMAC will pay investors 0.1 dirham per share in cash ...
Nigerian stocks gain, naira falls on dollar shortage LAGOS: Nigerian stocks gained almost two percent in early trade on Monday, while the local currency weakened on the parallel market amid a shortage of dollars. The Nigerian stock index gained 1.73 percent to 30,202 points, lifted by rising prices of banking, breweries, cement and petroleum shares. The naira fell 0.67 percent on the unofficial market on concern about possible devaluation of the naira in the weeks ahead. It was quoted at 224 to the ...


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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 $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln