05032016Tue
Last update: Tue, 03 May 2016 07pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Bourses rise as oil remains over $30; Dubai gets boost from results DUBAI: Bourses in the Middle East advanced on Wednesday as investors nerves were quelled, for now, by Brent prices trading over $30.Many traders and fund managers believe that if Brent trades above $30 - a level investors have been eyeing as a floor - then the region's stock markets may get a temporary boost. Brent traded at $31.61 at 1249 GMT.Saudi's benchmark index traded up 1.1 percent to 5,699 points, but is about 200 points away from the next resistance level.Technical charts suggested that the index has entered a consolidation phase, Riyad Capital said in a note."The market was trading at a steady range and managed to hold firm over the critical support level at 5,350," said Shiv Prakash, senior analyst at Abu Dhabi's NBAD Securities. But investors will remain cautious in the near term, he added.Saudi Basic Industries (SABIC), the largest stock by market value, added 1.5 percent. Other ...

Markets - Equity - Middle East & Africa

Saudi, Egypt rise as Brent settles above $30 DUBAI: Bourses in Saudi Arabia and Egypt rose in early trade on Wednesday as investors, encouraged by signs that Brent crude may settle above $30 a barrel, moved back into a market that has been hit hard by weak oil prices this year.Many traders and fund managers believe that if Brent trades above $30 - a level investors are keeping a close eye on - then the region's stock markets may get a temporary boost. ...

Markets - Equity - Middle East & Africa

Nigeria stocks end five-day rally as investors book profit LAGOS: Nigerian stocks ended a five-day rally to fall 0.55 percent on Tuesday as investors booked profits from recent gains, traders said. The index, which has the second biggest weighting on the MSCI frontier market index after Kuwait, closed at 23,832 points after gaining 5.9 percent over five days from Jan. 19. Traders said investors were taking profits in stocks that had rallied more than 20 percent over the five-day period. Unilever was the hardest ...

Markets - Equity - Middle East & Africa

Saudi, Egypt fall as oil, global bourses decline DUBAI: Bourses in Saudi Arabia and Egypt fell in early trade on Tuesday as investors cashed out following a resumption in declines of global stocks and worries over further weakness in oil markets.Brent broke below $30 a barrel in Asian trade, as fresh worries about oversupply from top producers Saudi Arabia and Iraq spooked the market.In Riyadh the stock index fell 1.6 percent in the first half hour of trade, with petrochemical stocks weighing on ...

Markets - Equity - Middle East & Africa

Qatar trade lower as oil turns south DUBAI: Stock markets in the United Arab Emirates and Qatar fell in early trade on Tuesday, following Asian shares lower as oil prices broke below the $30 a barrel mark.Brent fell 3.0 percent to $29.58 a barrel in Asian trade, as fresh worries about oversupply from top producers Saudi Arabia and Iraq spooked the market.Japan's Nikkei fell 2.3 percent while Hong Kong's Hang Seng Index fell 1.9 percent, with MSCI's broadest index of Asia-Pacific shares ...

Markets - Equity - Middle East & Africa

Bearish sentiment thwarts market rally; Saudi near-flat DUBAI: Major Gulf bourses retreated on Monday, erasing some of the previous day's gains with investors unconvinced markets can mount a sustainable rebound.Riyadh's index was near-flat, slipping 0.02 percent to 5,610 points as day traders booked quick profits to take its 2016 losses to 18.8 percent. It had gained 2.7 percent on Sunday after oil prices rallied late last week, but crude's renewed weakness has again sapped Saudi market confidence.The petrochemical sector, the main influence ...

Markets - Equity - Middle East & Africa

Gulf trades narrowly as investors remain uneasy DUBAI: Most Gulf bourses traded narrowly on Monday, with investors torn between betting on further gains following a sharp rebound a day earlier or booking some quick profits and this lack of conviction indicates the bear trend could persist.Markets have tumbled to such an extent this year that many stocks are considered cheap by traders and fund managers, even after Sunday's rally."Sunday's sugar rush is winding down," said a Dubai-based trader. "Daily traders turned a ...