05262016Thu
Last update: Thu, 26 May 2016 05am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf stocks rally to reduce January losses KUWAIT CITY: Stock markets in the energy-rich Gulf states enjoyed a strong rally Sunday on improved oil prices, reducing massive losses suffered in January.Led by the Dubai, Abu Dhabi and Saudi bourses, all seven Gulf markets made gains in the last session of the month but still ended January sharply lower.The Dubai Financial Market Index surged 4.9 percent on Sunday to close the month just under the 3,000-point mark, but remained 4.86 percent below last year's close.The Abu Dhabi Securities Exchange gained 3.7 percent in the last session of the month to rise above the 4,000-point level but ended January down 5.9 percent.The Saudi Tadawul All-Shares Index, the largest Arab market, was trading up 3.1 percent above the 6,000-point level at mid-session Sunday, reducing its monthly losses to 12.2 percent.The Qatar Exchange added 2.26 percent to finish the day on 9,481.30 points. The second largest bourse in the Gulf however ...

Markets - Equity - Middle East & Africa

Gulf jumps on oil price recovery, Egypt edges higher DUBAI: Gulf stock markets rose sharply for a second straight trading day on Sunday after oil prices surged at the end of last week, though the Egyptian bourse closed far from its highs on persisting concern over the risk of currency depreciation.Oil prices rebounded to almost $36 a barrel last week, from a 12-year low close to $27, on hopes that OPEC and non-OPEC producers might eventually agree on a deal restraining oil production to ...

Markets - Equity - Middle East & Africa

Saudi stocks surge after oil rises, Egypt also gains DUBAI: Saudi Arabia's stock market rose sharply in early trade on Sunday, led by petrochemical companies, after oil prices climbed at the end of last week. Egypt's bourse also gained in response to firmer global equities prices.The Saudi index jumped 3.2 percent in the opening 20 minutes of trade to 6,071 points. Its 3.2 percent rise on Thursday triggered a minor double bottom formed by the lows since mid-January and pointing up to around 6,300 ...

Markets - Equity - Middle East & Africa

Gulf stocks gain and volumes grow as oil rises over $33 DUBAI: Stocks rose in the Middle East on Thursday after Brent oil climbed above $33 a barrel, and higher trading volumes suggested some investors were returning to the markets.Valuations have plunged in recent weeks, but many traders and fund managers believe that if Brent is above $30, investor jitters should ease enough for stock markets to stage at least a short-term rally.Saudi petrochemical stocks made solid gains, with Saudi Basic Industries, the largest such stock ...

Markets - Equity - Middle East & Africa

Saudi firms as Brent settles above $30; Egypt up in modest volumes DUBAI: Saudi Arabian stocks firmed up on Thursday as oil prices held above $30 a barrel, while Egypt edged higher on modest volumes.Brent futures were holding above $33, having risen 4 percent on Wednesday after Russian officials said they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices.Saudi petrochemical stocks made solid gains in early trade, with Saudi Basic Industries, the largest petrochemical stock by market value, rising 2.6 ...

Markets - Equity - Middle East & Africa

Bourses rise as oil remains over $30; Dubai gets boost from results DUBAI: Bourses in the Middle East advanced on Wednesday as investors nerves were quelled, for now, by Brent prices trading over $30.Many traders and fund managers believe that if Brent trades above $30 - a level investors have been eyeing as a floor - then the region's stock markets may get a temporary boost. Brent traded at $31.61 at 1249 GMT.Saudi's benchmark index traded up 1.1 percent to 5,699 points, but is about 200 points ...

Markets - Equity - Middle East & Africa

Saudi, Egypt rise as Brent settles above $30 DUBAI: Bourses in Saudi Arabia and Egypt rose in early trade on Wednesday as investors, encouraged by signs that Brent crude may settle above $30 a barrel, moved back into a market that has been hit hard by weak oil prices this year.Many traders and fund managers believe that if Brent trades above $30 - a level investors are keeping a close eye on - then the region's stock markets may get a temporary boost. ...