02132016Sat
Last update: Sat, 13 Feb 2016 05pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf markets move little though Dana soars on Kurdistan news DUBAI: Gulf bourses moved little in sluggish trade early on Sunday, weighed down by a lack of positive economic and corporate news, though Abu Dhabi's Dana Gas soared after saying it won a major court judgement in its dispute with Iraqi Kurdistan.Dana jumped its 15 percent daily limit after saying a tribunal of the London Court of International Arbitration had directed the Kurdish regional government to pay $1.98 billion to a consortium including Dana within 28 days. There was no immediate comment from the Kurdish government.Elsewhere, there was little incentive to buy stocks; Brent oil slipped back below $45 a barrel at the end of last week while global equity markets were soft.Abu Dhabi's stock index edged up 0.1 percent. Dubai's index slipped 0.3 percent as property and construction firms remained soft because of signs of an economic slowdown in the region; Emaar Properties dropped 0.7 percent.Qatar's index lost 0.6 ...

Markets - Equity - Middle East & Africa

Egypt stock rises as new central bank chief arrives; Saudi firm DUBAI: Egypt's stock market rose early on Sunday as a new central bank governor took office, increasing hopes that the country's foreign exchange crisis can be resolved, while the Saudi market was firm.Tarek Amer, a well-regarded former commercial banker, was to head the first meeting of the central bank's new board on Sunday.Many people expect him to work with the government to try to end the foreign currency shortage by regulating imports and supporting exports, ...

Markets - Equity - Middle East & Africa

Corporate news boosts Egypt, Gulf mixed DUBAI: Positive corporate news boosted Egypt's stock market on Thursday while Gulf bourses were mixed in modest volumes because of a lack of fresh incentives. Egypt's index rose 0.6 percent to 6,428 points, bouncing further from technical support on its November low of 6,302 points. Financial firm Pioneers Holding gained 3.0 percent after reporting its consolidated nine-month net profit after taxes and minority interests almost doubled; non-consolidated profit rose 11 percent. Global Telecom Holding climbed ...

Markets - Equity - Middle East & Africa

Saudi, Egyptian markets edge up DUBAI: The Saudi Arabian and Egyptian stock markets were firm in early trade on Thursday but trading in Riyadh focused on second-tier stocks, suggesting many local and foreign institutional investors were staying away.The Saudi stock index edged up 0.3 percent as Jazan Development, an agriculture and real estate firm, added 5.7 percent.Egypt's index rose 0.4 percent as financial firm Pioneers Holding gained 4.1 percent after reporting an 11 percent rise in nine-month net profit.Global Telecom ...

Markets - Equity - Middle East & Africa

CIB helps Egypt rebound; Saudi market flat DUBAI: A bounce in shares of Commercial International Bank (CIB) helped Egypt's stock market rebound from near technical support on Wednesday, while most Gulf markets were little changed. CIB, a traditional favourite of foreign investors, had tumbled 22 percent over the past three weeks ago, hit by concern that Egypt might soon devalue its currency because of the blow to tourism revenues from last month's apparent bombing of a Russian passenger jet over the Sinai ...

Markets - Equity - Middle East & Africa

Nigeria stocks recover from 9-month low after rate cut LAGOS: Nigerian stocks recovered from a nine-month low on Wednesday to gain 0.24 percent after the central bank announced a surprise interest rate cut aimed at stimulating lending in Africa's biggest economy. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index , erased seven days of losses to climb to 27,662 points. The index is down 20.4 percent this year. The index shed 3.3 percent in the seven-days ...

Markets - Equity - Middle East & Africa

CIB helps Egypt rebound; Saudi market flat DUBAI: A bounce in shares of Commercial International Bank (CIB) helped Egypt's stock market rebound from near technical support early on Wednesday, while Saudi Arabia's market was flat.CIB, a traditional favourite of foreign investors, is down 22 percent from its level three weeks ago, hit by concern that Egypt might soon devalue its currency. Tourism revenues there are sagging in the wake of last month's apparent bombing of a Russian pasenger jet over the Sinai.However, ...