07252016Mon
Last update: Mon, 25 Jul 2016 07am

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi slips as investors eye earnings, Egypt rises DUBAI: Saudi Arabia's stock market pulled back in early trade on Tuesday as investors looked ahead to the first-quarter earnings reporting season, which is now starting, while Egypt rose.The Saudi index fell 0.6 percent in the first hour of trade, erasing some of its 1.6 percent gains in the previous session.The main drag was the telecommunications sector, with Saudi Telecom (STC), the largest operator, dropping 3.2 percent as it went ex-dividend. Albilad Capital said in a note published on Monday it expected STC's first-quarter bottom line to increase 7 percent from the same period last year.The petrochemical sector, which rose on Monday, also pulled back, with Saudi Basic Industries down 1.0 percent.But Advanced Petrochemical, the first company to issue first-quarter results in the Gulf, rose 1.3 percent to 40.50 riyals after announcing a 62.9 percent jump in profits. A note by NCB Capital on Monday affirmed its "overweight" rating on ...

Markets - Equity - Middle East & Africa

Saudi up despite lower oil, Egypt edges lower DUBAI: Investors in Saudi Arabia's stock market shrugged off further losses in oil prices in early trade on Monday, while Egypt's bourse edged lower.Riyadh's index recouped most of the prior session's losses in the first 75 minutes of trade, as local retail investors bought back speculative stocks which were dumped on Sunday. The insurance sub index jumped 2.2 percent after tumbling 3.5 percent on Sunday.Almarai, the largest dairy producer in the Gulf, added 0.5 percent. ...

Markets - Equity - Middle East & Africa

Dubai edges higher as other Gulf markets decline DUBAI: Dubai's stock market edged higher in early trade on Monday while other Gulf bourses weakened after oil prices slipped further below $39 a barrel.The Dubai index added 0.3 percent, with most volume concentrated in small and mid-cap shares. Bahrain-based Islamic investment company GFH Financial added 1.7 percent and was the most heavily traded stock while builder Arabtec gained 0.6 percent.Blue-chip companies have been largely dormant for several weeks as local speculative traders continue to ...

Markets - Equity - Middle East & Africa

Gulf may stay weak as oil falls further DUBAI: Stock markets in the Gulf may edge down on Monday after oil prices extended their losses, though Egypt may take its cue from upbeat Asian bourses.Brent crude futures are down 1 percent in early Asian trade, extending a 4 percent tumble on Friday after Saudi Arabia said it would only participate in a global freeze of its output if its rival Iran also took part, something Tehran has dismissed.On Sunday Riyadh's stock index fell ...

Markets - Equity - Middle East & Africa

China markets closed for public holiday China's stock, bond, foreign exchange and commodity futures markets are closed for the Qingming festival or Tomb Sweeping Day.Markets will resume trade on April 5.For the latest Chinese market reports, double-click on the following codes in brackets for stocks, bonds and money , foreign exchange and metals.Copyright Reuters, 2016 ...

Markets - Equity - Middle East & Africa

Saudi falls after oil retreats, Egypt edges up DUBAI: Investors in Saudi Arabia sold stocks in early trade on Sunday after oil prices retreated at the end of last week and because of uncertainty over economic policy, while Egypt's bourse edged up.Riyadh's index fell 1.5 percent in the first hour of trade. Saudi deputy crown prince Mohammed bin Salman told Bloomberg at the weekend that the Public Investment Fund would eventually control more than $2 trillion, partly by taking over shares in national ...

Markets - Equity - Middle East & Africa

Nigerian stocks post biggest quarterly fall in 15 months LAGOS: Nigerian stocks recorded their biggest quarterly decline in 15 months on Thursday, falling 11.6 percent in the three months to March, after a currency rout triggered by the plunge in oil prices hurt sentiment. Nigeria's index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, gained 0.64 percent on Thursday to end at 25,306 points for the first quarter. The index stood at 34,657 points at the end of the ...