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Middle East & Africa


Saudi Arabia slips on weaker oil, Egypt down as pound stabilises DUBAI: Saudi Arabia's bourse slipped in early trade on Thursday after oil prices dropped below $54 per dollar, dragging down petrochemical stocks. Egyptian property stocks fell after the pound's depreciation paused.The main Saudi index inched down 0.1 percent as Saudi Basic Industries, the Gulf's largest petrochemicals producer, dropped 2.3 percent. Other stocks in the sector also pulled back.The prices of petrochemicals are usually linked to oil prices and cheaper crude dents the competitive advantage that Gulf producers used to have because of cheap feedstock.Retailer Jarir Marketing, up 1.9 percent, was one of the main supports or the Saudi bourse after hiking its fourth-quarter dividend to 1.85 riyals from 1.40 riyals a year ago. Egypt's index edged down 0.7 percent as major property names pulled back after the central bank paused the gradual depreciation of the pound on Wednesday.Real estate developers Talaat Moustafa Group and SODIC dropped 2.3 and 2.2 percent ...

South African stocks falter as investors sell retail shares, Arcelor shines JOHANNESBURG: South African stocks snapped a three-day winning streak on Wednesday as profit taking on retailers such as Woolworths and Mr Price who recently hit all-time highs, while ArcelorMittal rose after flagging a narrower full-year loss.The general retailers index fell 2.3 percent after investors took profits as the indice hit all-time high of 84,327.63 last week.Nolan Macnamara, a derivatives trader at Nedbank Private Wealth said the investors cashed in on high-end retailer Woolworths and discount ...
Saudi, Dubai run out of steam as oil slips DUBAI: Stock markets in Saudi Arabia and Dubai paused their advance on Wednesday after oil prices began to pull back after a strong rally.Brent crude fell 1.0 percent to $57.35 per barrel by 0915 GMT on renewed concern over global demand and high stock levels. It had surged 19 percent in the previous four sessions.Saudi Arabia's equities index was nearly flat in early trade as most stocks pulled back, including some petrochemicals such as National ...
Dubai's Shuaa Capital says didn't renew Moody's contract as has no debt DUBAI: Dubai-based investment bank Shuaa Capital said on Wednesday it had decided not to renew its rating contract with Moody's as it had no public debt.Moody's on Tuesday withdrew Shuaa's ratings, citing Moody's "own business reasons" without elaborating. Shuaa shares tumbled as much as 8.3 percent on the news on Wednesday."Shuaa, which has no public debt at the corporate level, sees no further requirement for a public rating for the time being," a company spokesperson ...
South African stocks rise, sentiment buoys banks JOHANNESBURG: South African stocks rose for the third straight session on Tuesday spurred on by investor sentiment that favoured banking and mining shares such as Anglo American Platinum. Oil prices, which were up 2.5 percent at 1525 GMT, also fanned demand for synthetic fuel maker Sasol, which added more than 5 percent. Johannesburg's Top 40 index gained 1.1 percent to 45,708 and the All-share ended at 51,949, or 1 percent higher. "It's a change of ...
Stronger oil boosts Saudi petrochemicals DUBAI: Petrochemicals lifted Saudi Arabia's bourse in early trade on Tuesday as oil prices strengthened, while property developers extended gains in Egypt.Brent crude traded around $55.50 per barrel, posting gains for a third session in a row.The main Saudi index rose 1.0 percent as Saudi Basic Industries (SABIC) climbed 1.9 percent and its affiliate Saudi Kayan Petrochemical Co surged 4.4 percent."The profitability of the MENA petrochemical producers which benefit from advantageous feedstock pricing will continue ...
South African stocks end slightly higher, Sasol in demand JOHANNESBURG: South African stocks ended slightly higher on Monday, led by a sharp rise in heavyweight Sasol as the price of crude oil rose. Sasol, which sells its synthetics fuel at the same price as companies that import and refine crude oil, climbed 6.8 percent to 450 rand.Crude oil prices rose on Monday as investors shrugged off a strike at nine refineries and chemical plants in the United States and focused on a falling rig ...


Index Closing Chg%
Arrow DJIA 17,678.23 0.23
Arrow Nasdaq 4,863.36 0.27
Arrow S&P 2,056.15 0.24
Arrow FTSE 6,895.33 1.37
Arrow DAX 11,843.66 0.18
Arrow CAC-40 5,006.35 0.29
Arrow Nikkei 19,471.12 1.39
Arrow H.Seng 24,497.08 0.13
Arrow Sensex 27,457.58 2.33

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln