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Last update: Thu, 11 Feb 2016 07am

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi'S Ma'aden helps lift index after loan, most markets rise DUBAI: Saudi Arabian Mining Co (Ma'aden) jumped to a three-month high on Thursday after the company secured a major loan, while most Middle East shares firmed as a steady oil price encouraged bargain hunters.Ma'aden shares were up 5.5 percent after local, regional and international banks committed to a 11.5 billion riyal ($3.1 billion) loan for its phosphate business, replacing existing debt on more favourable terms.Riyadh's Tadawul index rose 1.2 percent in its third session of gains in the four days since it hit a two-year low on Sunday.A marginal recovery in oil prices, with Brent crude up 0.25 cents to 44.25 dollars per barrel at 1232 GMT, helped lift Saudi petrochemical shares. Saudi Basic Industries Corp (SABIC) gained 2.1 percent."Saudi market valuations are attractive," said Mohammed Al Shammasi, chief investment officer of Riyad-based Derayah Financial, though the market would continue in a wait-and-see mode until there is more clarity on ...

Markets - Equity - Middle East & Africa

Gulf markets rise, Egypt buoyed by World Bank loan promise DUBAI: Middle East stockmarkets firmed on Thursday, with Saudi Arabian Mining Co (Ma'aden) rising on news of a major loan and Egyptian shares climbing on the prospect of Cairo receiving $1 billion from the World Bank. Ma'aden were up 3.9 percent by 0943 GMT after local, regional and international banks committed to a 11.5 billion riyal ($3.1 billion) loan for its phosphate business, replacing existing debt on more favourable terms.Riyadh's Tadawul index rose 1.1 percent ...

Markets - Equity - Middle East & Africa

Egypt stock extends losses, Saudi bucks trend as oil rises DUBAI: Egyptian shares extended recent losses on Wednesday as security concerns increased, while a rise in oil prices helped the Saudi market edge higher, bucking the Gulf region trend.Cairo's index fell 1.3 percent to hit a new 23-month intraday low after Russia said on Tuesday that an act of terrorism brought down its airliner.Two employees of Egypt's Sharm al-Sheikh airport have been detained for questioning over the crash that killed all 224 people aboard, but ...

Markets - Equity - Middle East & Africa

Egypt hits two-year low as Russia blames bomb for plane crash DUBAI: Egyptian stocks fell to a two-year low on Tuesday after the Kremlin said a bomb brought down a Russian passenger plane in Egypt. Saudi shares fell after a legislative body endorsed a tax on undeveloped land. The crash of a Russian aircraft on Oct. 31 in Egypt's Sinai Peninsula, which killed all 224 people on board, was "a terrorist act," Russia's foreign minister said. The accusation is likely to hit Egypt's tourist industry, a ...

Markets - Equity - Middle East & Africa

Egypt hits two-year low as Russia blames bomb for plane crash DUBAI: Egyptian stocks fell to a two-year low on Tuesday after the Kremlin said a bomb brought down a Russian passenger plane in Egypt. Saudi shares fell after a legislative body endorsed a tax on undeveloped land.The crash of a Russian aircraft on Oct. 31 in Egypt's Sinai Peninsula, which killed all 224 people on board, was "a terrorist act," Russia's foreign minister said. The accusation is likely to hit Egypt's tourist industry, a mainstay ...

Markets - Equity - Middle East & Africa

Bargain hunters lift UAE shares, Drake & Scull rebounds DUBAI: UAE shares rise in early trading as bargain hunters step in to buy from record lows, with a steady oil price supporting sentiment.Dubai's Drake & Scull rises 6.8 percent, up from a record-low hit on Monday after reporting a third-quarter profit slump.Contractor Arabtec is flat but along with DSI, they account for almost half the traded volumes on the bourse so far.Arabtec on Monday said it had submitted a proposal to Egypt's government to ...

Markets - Equity - Middle East & Africa

Telecom Egypt rallies on Q3 jump; Cairo extends drop, Saudi up DUBAI: Shares of Telecom Egypt and property developer Talaat Moustafa rose on Monday after the two companies reported higher quarterly earnings, but declines in two heavyweight stocks dragged Cairo's benchmark to a new 23-month low.Gulf markets were mixed as those hardest hit by Sunday's region-wide equity sell-off - Dubai, Abu Dhabi and Saudi Arabia - clawed back some of their losses and others were muted.Telecom Egypt was up 2.8 percent at 1009 GMT after the ...