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Last update: Sun, 11 Dec 2016 02pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Egypt jumps on further devaluation speculation DUBAI: Egypt's stock market posted its largest one-day gain in nearly four months on Sunday as speculation over a further currency devaluation in the North African country combined with positive global cues to propel the exchange higher. In the first day of trading after the Eid al-Fitr holiday, which marks the end of the Muslim fasting month of Ramadan, Egypt's main index jumped 4.7 percent. The surge came after a 2.9 percent increase last Monday, the last session before the holiday, following comments from Egypt's central bank governor which said the Egyptian pound should be a market-based currency where demand and supply set the price.Economists now believe it is inevitable there will be another currency devaluation in the current fiscal year. Real estate-related stocks were among the biggest winners on Sunday, building on substantial gains in the last session. They, as well as tourism-focused and export-orientated firms, are seen benefiting ...

Markets - Equity - Middle East & Africa

Saudi, Egypt stock markets rise in early post-Eid trade DUBAI: Saudi Arabia's stock market rose in early trading on Sunday, the first day many Middle Eastern bourses re-opened after the Eid al-Fitr holiday, while the performance of other regional exchanges were mixed.The main Tadawul index rose 0.8 percent, with most blue chip stocks higher, including Al Rajhi Bank and Saudi Basic Industries Corp, which were 2.6 percent and 0.3 percent higher respectively.Saudi Arabia's midcaps were also broadly firmer on the first day of trading ...

Markets - Equity - Middle East & Africa

Global stock market gains to boost to post-Eid trading DUBAI: Gains on global markets during the Eid al-Fitr holiday may give a boost to Gulf bourses on Sunday, although renewed concerns over oil oversupply may provide a counterweight in what may be light volumes after the holiday.Markets in the Middle East were shut for at least two days last week to mark the end of the holy fasting month of Ramadan, and bourses in Qatar and Bahrain remain closed on Sunday.Wall Street stocks rose ...

Markets - Equity - Middle East & Africa

UAE, Qatar edge up in early trade DUBAI: Stock markets in the United Arab Emirates edged up in early trade on Monday with Abu Dhabi's exchange supported by government owned shares while Qatar's largest listed developer kicks off second quarterly financial reports on a strong footing.Abu Dhabi's index was up 0.2 percent with National Bank of Abu Dhabi extending its 4.0 percent gains from the previous session to add 1.5 percent. On Sunday NBAD and First Gulf Bank boards approved the merger ...

Markets - Equity - Middle East & Africa

Banking shares climb in Abu Dhabi on FGB/NBAD merger details DUBAI: Abu Dhabi banking shares climbed in early trade on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.Shares in NBAD jumped 5.6 percent to 10.20 dirhams while FGB gained 4.0 percent to 13.10 dirhams. They were the market's two most heavily traded stocks.The merger would be completed via a share ...

Markets - Equity - Middle East & Africa

Gulf edges up on positive global trend DUBAI: Gulf stock markets edged up early on Thursday in line with a positive global trend for equities and oil prices, but trade was quiet before next week's long Eid al-Fitr holidays.Saudi Arabia's index was up 0.2 percent in the first 15 minutes. Big petrochemical producer Saudi Basic Industries added 0.6 percent.Shares in L'azurde Company for Jewellery, which rose 7.6 percent when they listed on Wednesday, edged down 0.3 percent. The stock, a play on ...

Markets - Equity - Middle East & Africa

Gulf pushes higher but volumes subdued DUBAI: Most stock markets in the Gulf nudged up on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week, but turnover was small before summer and Eid al Fitr holidays. Riyadh's index added 0.3 percent, buoyed by the banking and telecommunications sectors, with phone operator Zain KSA climbing 1.3 percent to 7.95 riyals.NCB Capital said in a note that strong revenue ...