05312016Tue
Last update: Tue, 31 May 2016 11pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf markets rise on oil hopes, ignore debt downgrades DUBAI: Gulf stock markets rose on Thursday amid hopes for a global deal to prop up oil prices, as investors largely ignored sharp downgrades of the credit ratings of three nations in the region. Late on Wednesday, Standard & Poor's cut Saudi Arabia by two notches to A- from A+, while Bahrain lost its investment grade status; Oman was lowered to the last rating above junk status. The downgrades underlined the damage to state finances in the region from cheap oil, and the likelihood that governments will have to pay more in future to fund themselves. After the markets closed, the Bahrain government cancelled a $750 million bond sale in response to S&P's decision. But local retail investors focused on Wednesday's more than 7 percent jump in oil prices after Iran endorsed the idea of producers capping their output - although Tehran did not commit itself to any action, and ...

Markets - Equity - Middle East & Africa

Saudi rises sharply on oil price hopes, Egypt firm DUBAI: Saudi Arabia's stock market rose sharply in early trade on Thursday on hopes for a global agreement to prop up oil prices, while Egypt's bourse was firm.The Saudi index gained 1.5 percent in the opening minutes, heading for its fourth straight day of gains, as the biggest petrochemical maker, Saudi Basic Industries, climbed 2.9 percent.Jabal Omar Development rose 3.4 percent after saying it had signed an agreement with the Ministry of Finance to defer ...

Markets - Equity - Middle East & Africa

Saudi rises before oil meeting, Egypt firm DUBAI: Saudi Arabia's stock market rose on Wednesday before an oil producers' meeting that could help support crude prices, while Egypt's bourse was aided by a firm global tone for equities. Most Gulf markets were little changed.Iran's oil minister was meeting his counterparts from Iraq, Qatar and Venezuela in Tehran on Wednesday afternoon to discuss a proposal for major producers to freeze output at January levels.Even if an agreement can be reached, many investors doubt ...

Markets - Equity - Middle East & Africa

Major indexes advance as oil, global markets recover DUBAI: A return of some risk appetite to global equity markets and a recovery in oil prices helped lift major Middle East exchanges in robust volumes on Tuesday.Riyadh's index rose 0.9 percent to 5,740 points in heavy trade, its second straight day of gains since news that the central bank lifted local banks' maximum loan-deposit ratio to 90 percent from 85 percent to ease liquidity in the sector.But the index came off its high of ...

Markets - Equity - Middle East & Africa

Saudi heads for second day of strong gains, Egypt up DUBAI: A recovery in oil prices coupled with the central bank's move to ease banking sector liquidity this week helped lift Saudi Arabia's stock market in early trade on Tuesday, while stronger global bourses encouraged buying in Egyptian shares.Riyadh's index was up 1.5 percent in the early afternoon after climbing 2.8 percent at one stage. It was heading for its second day of gains in a broad-based rally as investors bought back stocks after the ...

Markets - Equity - Middle East & Africa

South Africa's stocks, rand join China-led rally JOHANNESBURG: South African stocks and the rand gained on Monday as emerging market assets were boosted by comments from the Chinese central bank which suggested it was not going to further devalue the yuan, easing fears about global deflation.Anglo American was the biggest winner among the blue-chips, reaching a near three-month high thanks in part to its recent restructuring efforts, according to Cratos Capital portfolio manager Ron Klipin. Anglo gained 8.27 percent to closed on ...

Markets - Equity - Middle East & Africa

Loan-deposit shift boosts Saudi; most markets firm DUBAI: Saudi Arabian stocks rose sharply on Monday after the central bank raised banks' maximum loan-deposit ratio, while most other bourses in the region were buoyed by a rebound of global markets.The Saudi central bank, seeking to ease tightening liquidity caused by low oil prices, increased the ratio of deposits that commercial banks can lend out to 90 percent from 85 percent, industry sources told Reuters.That may not make much difference in the long term ...