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Middle East & Africa


Dubai posts biggest drop in more than 2 yrs DUBAI: Dubai's index recorded its largest drop in more than two years on Wednesday as traders used declines in global stocks to book profits from the emirate's early-year surge, while other Gulf Arab markets also declined. Nine Dubai stocks fell more than 9 percent, including developer Deyaar and Dubai Financial Market. Dubai's benchmark fell 4.8 percent, its biggest slide since January 2010 to trim its gains since mid-January's seven-year low to 24 percent. "The market has been in very bullish mood and now it's taking a breather, with profit-taking across the board due to what's happening on world markets," said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. Arabtec, which was expected to announce its annual results after market hours, plunged 9.9 percent. On Monday, a bourse filing showed Abu Dhabi's Aabar Investments, which scrapped a $1.7 billion deal to take a majority stake in Arabtec two years ago, had raised its holding ...

South African stocks lower on disappointing China data        JOHANNESBURG: South African stocks edged lower on Monday for a third consecutive session, led by resource stocks such as Gold Fields and Harmony Gold on the back of disappointing growth data from top commodity consumer China. The Asian giant cut its 2012 growth target to an eight-year low of 7.5 percent as Beijing looks to wean the economy off its reliance on external demand and foreign capital. "It's a China story today, all of our resource ...
South Africa JOHANNESBURG: The Johannesburg Stock Exchange resumed its regulatory news service on Tuesday, following a technical glitch that forced ArcelorMittal's South African unit to delay the release of its full-year results. Companies are required to release their results via the service, which on Tuesday was operational by 0715 GMT, two hours later than usual. The JSE has been plagued by technical problems in recent years, many to do with its network tie-up with London. Copyright Reuters, ...
Egypt trims 5-year bond sale     CAIRO: Egypt's central bank sold only half the reopened five-year bonds it offered at an auction on Monday and none of the reopened seven-year bonds, the Finance Ministry said on its website. The bank had asked for 2 billion Egyptian pounds ($331.5 million) of the five-year bonds, but trimmed the sale to 1 billion pounds. The yields on the bonds ranged from 16.65 to 16.85 percent, up from 16.6 to 16.75 percent at an auction a ...
Cairo shares plunge 2.22pc at close, off lows CAIRO: Cairo stocks recovered some of their heavy losses on Thursday but still closed down 2.22 percent, a day after violence at a football stadium in Port Said killed 74 people. The main EGX-30 index closed at 4,584.39. Earlier in late morning trade, the index of leading shares fell from 4,688 points at opening to 4,471 points. Egypt has witnessed a roller coaster year of political upheaval, unrest and insecurity since a popular uprising ousted president Hosni ...
South Africa JOHANNESBURG: South Africa's All-Share index edged up to a new record of 33,723.81 in early Monday trade but shed gains to 33,683.80, down 0.06 percent in skittish trade. The All-Share, the broadest measure of South African stock performance, hit four consecutive record closes last week, led by banks and resource firms. The Top-40 index has also been on an upward trend, but is still a little way off its lifetime high of 31,393.10. It ...
Orascom Tel shares soar   CAIRO: Shares in Egypt's Orascom Telecom (OT) surged 56 percent on Sunday following an eight-week suspension imposed as the company spun off assets owned by Egyptian businessman Naguib Sawiris. The purchase by Russia's Vimpelcom of most of OT in April resulted in it being split into two. Under the deal, assets including a stake in Egyptian mobile operator Mobinil and Orascom's North Korean operations were spun off into Orascom Telecom Media and Technology (OTMT) OTMT, which ...


Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
Arrow S&P 1,864.85 0.14
Arrow FTSE 6,625.25 0.62
Arrow DAX 9,409.71 0.99
Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,417.53 0.01
Arrow H.Seng 22,760.24 0.28
Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln