04302016Sat
Last update: Sat, 30 Apr 2016 02am

Middle East & Africa

Markets - Equity - Middle East & Africa

Petrochemicals lift Saudi, rest of region sluggish DUBAI: Petrochemical stocks and a few shares expected to benefit from Saudi Arabia's economic reform plans lifted the Riyadh market on Wednesday while other Gulf bourses were sluggish.The main Saudi stock index added 0.9 percent as the biggest petrochemical maker, Saudi Basic Industries, gained 1.5 percent after Brent oil rose as high as $47.05 a barrel, its highest this year.Another producer, Saudi Kayan, was the most heavily traded stock and rose 5.2 percent.Al Tayyar Travel jumped 7.7 percent in unusually heavy trade after the Saudi reform plan unveiled this week emphasised the need to develop the tourism sector, though no details were given.Also, a joint venture between Al Tayyar and Dubai-based Equinox signed a deal with New York-listed Choice Hotels International to develop the Clarion, Comfort and Quality hotel brands in the United Arab Emirates and Saudi Arabia.Property developer Al Andalus, which listed in January, rose 1.4 percent after saying ...

Markets - Equity - Middle East & Africa

Petrochemical stocks lift Saudi market, rest of Gulf sluggish DUBAI: Petrochemical stocks and shares expected to benefit from Saudi Arabia's economic reform plans lifted the Riyadh market on Wednesday, while other Gulf bourses were sluggish.Saudi Basic Industries was up 1.8 percent as Brent oil rose to a five-month peak of $46.49 a barrel overnight. The main Saudi stock index added 0.7 percent.Al Tayyar Travel jumped 3.9 percent in unusually heavy trade. The reform plan unveiled this week stressed developing the tourism sector, though no ...

Markets - Equity - Middle East & Africa

Ugandan shilling unchanged, seen getting support from Treasury bill auction  NAIROBI: The Ugandan shilling was unchanged on Wednesday and traders were eyeing dollar inflows from offshore investors participating in a Treasury bill auction later in the day to provide support to the local currency.At 0939 GMT commercial banks quoted the shilling at 3,342/3,352, unchanged from Tuesday's close. The central bank on Wednesday scheduled to sell 190 billion shillings ($56.80 million) worth Treasury bills of all maturities. Copyright Reuters, 2016 ...

Markets - Equity - Middle East & Africa

Saudi falls as reform euphoria fades, rest of region mixed DUBAI: Shares in Saudi Arabia pulled back on Tuesday as local short-term investors booked profits in stocks that had jumped when Deputy Crown Prince Mohammed bin Salman announced economic reforms on Monday.Riyadh's stock index, which had gained 2.5 percent on Monday mainly from banks that could win business handling the government's privatisation plans, dropped 1.6 percent. Trading volume shrank by almost one-third.Samba Financial Group, lead underwriter of the recent initial public offer of Middle East ...

Markets - Equity - Middle East & Africa

Saudi pulls back in early trade, Dubai's Emaar Malls surges DUBAI: Shares in Saudi Arabia pulled back early on Tuesday as short-term investors booked profits in stocks which had jumped when Deputy Crown Prince Mohammed bin Salman announced economic reforms on Monday. The rest of the Gulf was mixed.Riyadh's stock index, which had gained 2.5 percent on Monday, mainly on the back of banks which could win business handling the government's privatisation plans, was down 0.9 percent after an hour of trade on Tuesday.Samba Financial ...

Markets - Equity - Middle East & Africa

Saudi surges as reforms announced, rest of Gulf weak DUBAI: Saudi Arabia's stock market recovered from early losses and jumped 2.5 percent on Monday as Deputy Crown Prince Mohammed bin Salman announced an economic overhaul for the oil-dependent kingdom.He outlined a restructuring of the government's Public Investment Fund to make it an international investment power, a planned sale of a stake of less than 5 percent in national oil giant Saudi Aramco, a restructuring of the housing ministry to increase supply of affordable housing, ...

Markets - Equity - Middle East & Africa

Saudi stock market rises as prince outlines reform plan DUBAI: Saudi Arabia's stock market recovered from early losses and rose in late trade on Monday as Deputy Crown Prince Mohammed bin Salman outlined a sweeping economic reform plan.Measures include building up the government's Public Investment Fund to become a major player in global markets, restructuring the housing ministry to increase supply of affordable housing, and creating a "green card" system within five years to give resident expatriates long-term residence.The stock index was up 2.2 ...