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Middle East & Africa


Saudi, Dubai pull back after rallies; Egypt nears 2015 low DUBAI: Gulf stock markets were mixed on Monday as strong oil prices supported investor sentiment but Saudi Arabia and Dubai pulled back slightly from 2015 highs hit in the previous session. Egypt remained depressed by tax and foreign currency concerns. Brent crude slipped less than 1 percent to around $65 per barrel while Gulf stock markets were open on Monday as the US dollar strengthened. But signs that US shale oil output may have started to fall put a floor under prices. The main Saudi stock index slipped 0.2 percent to 9,711 points and Saudi Telecom was the main drag, dropping 2.1 percent as its shares stopped carrying a quarterly dividend.The Saudi index continues to struggle with major technical resistance in the 9,572-9,745 point area, where the 200-day average roughly coincides with the March peak. Monday saw profit-taking in several stocks that had outperformed recently. Oil shipper Bahri, for instance, ...

Oil buoys Gulf markets; Dubai, Saudi hit 2015 highs DUBAI: Most major Gulf stock markets, led by Dubai, rose on Sunday after the Brent oil price hit a 4-1/2-month high, while the bourse of energy importer Egypt closed in the red. Brent crude climbed to $65.80 a barrel on Friday because of continued fighting in Yemen and, although US crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains. The main Saudi equities index gained 1.2 percent on Sunday to ...
South African stocks scale new records, Kumba up on iron prices JOHANNESBURG: South African shares scaled new peaks on Wednesday, led by Kumba Iron Ore, which got an upward jolt from a spike in spot prices for its product.Kumba, a unit of Anglo American, has been trading near 6-1/2 year lows on iron ore price woes. It's shares rose 3.5 percent to 133.22 rand, making it the top advancer among blue chips.Spot iron ore jumped about 4 percent following a similar uptick in Chinese iron ore ...
Middle East markets edge up as Yemen air strikes end DUBAI: Most major stock markets in the Middle East rose modestly on Wednesday after Saudi Arabia and its allies in the region decided to end a campaign of air strikes against Yemen's Houthi rebels. Riyadh announced late on Tuesday that it was ending a month-long offensive against the Houthis, who seized large areas of Yemen, and said it would back a political solution to bring peace to its war-ravaged neighbour. The Yemen fighting was never ...
Saudi Arabia slips on Mobily, property stocks lift Dubai DUBAI: Saudi Arabia's stock market pulled back further on Tuesday after telecommunications operator Mobily posted a surprise first-quarter loss, while Kuwait fell on news of potential tax reform. Other Gulf markets were positive. The main Saudi index slipped 0.3 percent to 9,559 points as Mobily was the main drag, tumbling 6.8 percent. The firm, whose scandal over the restatement of its 2014 earnings led to the departure of its chief executive earlier this year, missed ...
Saudi Arabia slips, other Gulf markets rise DUBAI: Saudi Arabia's bourse pulled back slightly on Monday after several companies reported poor first-quarter earnings; other Gulf markets were positive, although disappointing earnings slowed Qatar's advance. The main Saudi index edged down 0.3 percent to 9,589 points, having surged 4.0 percent in the previous session on news that the market regulator would allow foreigners to buy local stocks directly from June 15.Petrochemicals and titanium producer National Industrialization Co (Tasnee) tumbled 5.4 percent after the ...
Saudi Arabia surges ahead of market opening to foreigners DUBAI: Saudi Arabia's bourse surged on Sunday after the kingdom's securities regulator said it would open the market to direct foreign investment from June 15, while many other markets in the Middle East were weak.The main Saudi index rose 4.0 percent, its biggest gain this year, to 9,620 points on its highest volume in 11 months. It broke minor technical resistance at the late March high of 9,377 points and stood above the 200-day average, ...


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln