09262016Mon
Last update: Mon, 26 Sep 2016 08pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf bourses rise in early trade, Saudi petchems lead DUBAI: Gains for global equity and oil markets supported Gulf bourses in early trade on Wednesday, with Riyadh's index gaining one percent in the first hour as investors bought back shares which were sold off at the start of the week.Saudi petrochemical shares were particularly strong, lifted by firm oil prices. Saudi Basic Industries was up 1.6 percent.Saudi Cement rose 1.6 percent after the company said it had sold its 40-percent stake in a Kuwaiti cement company, Grup International Cement, for $6.59 million, and that would be reflected in its books in the second quarter.Dallah Healthcare climbed 1.2 percent after the company announced the signing of a memorandum of understanding with Shibh AlJazira Real Estate Development to form a joint venture that would build and operate a hospital in Jeddah.Dubai's stock index added 1.1 percent after rising one percent on Tuesday. Trades were concentrated in real estate- related shares with ...

Markets - Equity - Middle East & Africa

Global bourses, oil to support Gulf DUBAI: Rises in global equity and oil markets look set to support bourses in the Gulf on Wednesday, although trading volumes are likely to stay thin.Brent oil futures have risen 1.1 percent to $49.19 a barrel in early Asian trade, while MSCI's broadest index of Asia-Pacific shares outside Japan is up 1.6 percent.Most stock markets in the Gulf have witnessed dwindling volumes over the last ten days with the approach of the holy month of ...

Markets - Equity - Middle East & Africa

Gulf mostly rises, quieter as Ramadan nears DUBAI: Most Gulf stock markets rose on Tuesday but trading volumes were small as some investors stayed away because of the approach of the holy month of Ramadan and summer holidays, when activity tends to decrease in some bourses.Dubai's index spent most of the day little changed but closed 1.0 percent higher after a surge in the final half-hour.Investment bank Shuaa Capital jumped 3.7 percent in unusually heavy trade after sources told Reuters that it ...

Markets - Equity - Middle East & Africa

Saudi slumps over 3pc, other bourses mixed DUBAI: Saudi Arabia's stock index sank 3.1 percent on Monday as investors sold shares indiscriminately, while the United Arab Emirates and Qatar held onto small gains. Egypt fell as foreign funds exited the market.Saudi shares were dumped across the board in the largest single-day decline since the government announced sweeping economic reforms in late April."Investors are cashing out and keeping cash available on hand before the extended low-volume season of Ramadan and summer vacations," said ...

Markets - Equity - Middle East & Africa

Gulf bourses diverge in early trade DUBAI: Stock markets in the Gulf trod separate paths on Monday, with Saudi Arabia's market lagging while the two main markets in the United Arab Emirates held on to small gains.Riyadh's index was down 1.2 percent after an hour of trade amid a sell-off in petrochemical shares after oil prices weakened.Brent oil was down 0.9 percent at $48.25 a barrel; mid-sized petrochemical producers were hit hardest, with Saudi Kayan dropping 3.0 percent.Retail industry shares, which ...

Markets - Equity - Middle East & Africa

Gulf markets edge lower in early trade DUBAI: Stock markets in the Gulf edged down in early trade on Sunday as investors took profits, encouraged by a dip in Brent oil futures at the end of last week.Riyadh's stock index lost 0.2 percent, weighed down by the petrochemical sector. Saudi Basic Industries, the largest listed stock by market value, was down 0.6 percent.But some retail industry shares, which had largely been weak since reporting quarterly results last month, outperformed the market with ...

Markets - Equity - Middle East & Africa

Markets retreat on weak oil, US rate worries DUBAI: Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June.The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27.Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform ...