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Middle East & Africa


Dubai tumbles, led by Arabtec; Egypt up after Sisi sworn in DUBAI: Dubai's bourse fell sharply on Monday as investors booked profits in the region's best-performing market this year, while Egypt was lifted by the inauguration of a new president and an offer to buy a large stake in investment bank EFG Hermes.The Dubai benchmark tumbled 4.1 percent to 4,771 points, its biggest decline since May 20. Builder Arabtec led losses, tumbling 9.7 percent to 5.42 dirhams.The stock has tripled in value this year, making it one Dubai's most volatile names, and many analysts think it has become overvalued; five out of eight think it is a "sell" or a "strong sell", while none view it as a "buy", according to Thomson Reuters data"Aggressive selling on Arabtec after it broke below the important neckline support level of 6.25 dirhams brought negative sentiment to other stocks as well," said Shiv Prakash, senior technical analyst at NBAD Securities."Those who were sitting on profits ...

South Africa stocks benefit from European stimulus JOHANNESBURG: South African share prices edged slightly higher on Thursday as a European Central Bank decision to cut rates buoyed local gold stocks such as AngloGold Ashanti.The ECB announced a raft of stimulus measures, such as cutting rates and imposing negative rates on its overnight depositors, to boost the eurozone economy.Spot gold jumped 1 percent after the ECB announcement, helping to push Johannesburg's bullion index 0.7 percent higher."We have seen a bit of turnaround in ...
Kenyan shilling strengthens, more gains seen NAIROBI: The Kenyan shilling strengthened on Thursday, with sentiment boosted by the launch of a roadshow to sell a debut Eurobond that could raise the country's foreign exchange reserves.At 0848 GMT, commercial banks quoted the shilling at 87.20/30, compared with Wednesday's close of 87.40/50.Kenya, rated B+ by Standard & Poor's and Fitch, is meeting fixed-income investors in the United States and Britain before selling its dollar Eurobond to raise up to $2 billion.The central bank ...
Egyptian markets to close Sunday for inauguration of Sisi CAIRO: Egypt's bourse will be closed on Sunday after the government announced it as an official holiday to mark the inauguration of president-elect Abdel Fattah al-Sisi, the bourse head Mohamed Omran said on Thursday.Copyright Reuters, 2014 ...
South African shares edge higher, market watches platinum talks JOHANNESBURG: South African shares barely closed in the black on Wednesday as investors awaited the outcome of the latest round of negotiations to end the country's longest-running platinum sector strike.Newly installed mining minister Ngoako Ramatlhodi said he hoped the five-month stalemate between miners and their employers could end this week, but even his optimism failed to lift prices for producers Impala and Lonmin."People are just waiting for what is coming with the miners. There is ...
ECB, China support emerging markets; Qatar, UAE fall on debut LONDON: Qatari stocks fell 1 percent on Monday as the country debuted in MSCI's mainstream emerging index, though firmer Chinese data and expectations of euro zone policy easing lent support to broader emerging market assets.Qatar and United Arab Emirates, the two best performers this year in MSCI's frontier index, are now classed as emerging markets with index weightings of 0.53 percent and 0.64 percent respectively - larger than Egypt, Hungary or Peru.While UAE stocks fell, ...
South Africa's rand eases, investors brace for weaker GDP JOHANNESBURG: South Africa's rand weakened slightly against the US dollar on Monday, opening the week on the back foot as investors analysed President Jacob Zuma's new cabinet and ahead of expected weaker economic growth data in the next session. Zuma announced his new team for his second five-year term on Sunday, appointing former deputy finance minister Nhlanhla Nene as finance minister, while Pravin Gordhan moved to handle local government. "The local cabinet is mostly business ...


Index Closing Chg%
Arrow DJIA 16,399.67 0.12
Arrow Nasdaq 4,316.07 1.35
Arrow S&P 1,904.01 0.91
Arrow FTSE 6,267.07 0.68
Arrow DAX 8,717.76 1.50
Arrow CAC-40 3,991.24 1.04
Arrow Nikkei 15,111.23 3.98
Arrow H.Seng 23,070.26 0.20
Arrow Sensex 26,429.85 1.23

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln