01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf edges up before Saudi budget, Egypt continues bull run DUBAI: Gulf stock markets edged up early on Wednesday ahead of the release of Saudi Arabia's state budget for 2017, which is expected on Thursday.Egypt's stock market continued its bull run.The Saudi stock index edged up 0.3 percent in the first 90 minutes of trade.Arabian Pipes jumped 5.2 percent after saying it had won a 72 million riyal ($19.2 million) order to supply pipes to oil giant Saudi Aramco, while Saudi Steel Pipes 6.1 percent after reporting a similar order from Aramco.Arab National Bank edged down 0.2 percent after saying it proposed paying a cash dividend of 0.45 riyal per share for the second half of 2016, lower than 0.55 riyal paid in the corresponding period last year. Alinma Bank edged up 0.3 percent after keeping its 2016 dividend unchanged.Dubai's index edged up 0.1 percent while Qatar gained 0.5 percent.Qatar's Masraf Al Rayan, which jumped 6.1 percent on Tuesday after ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Egypt surges to fresh eight-year high, Gulf markets diverge DUBAI: Egypt's stock index surged 3.1 percent in heavy trade on Monday as the Egyptian pound depreciated against the US dollar, prompting more buying by foreign funds, while Gulf bourses diverged. Twenty-seven of the 30 most liquid Egyptian shares rose, taking the index to a fresh eight-year high, with Telecom Egypt and Global Telecom Holding each jumping to their 10 percent daily limits. The Egyptian pound was being bought for 19 pounds per dollar against ...

Markets - Equity - Middle East & Africa

Qatar rises after budget, SABIC drags down Saudi index DUBAI: Qatar's stock market climbed in early trade on Monday after the finance ministry published the 2017 state budget, while large-cap shares weighed on other regional markets.The index in Qatar, which was closed for a public holiday on Sunday, rose 1.1 percent with 85 percent of shares advancing. Petrochemical and metals producer Industries Qatar was the top performer, adding 2.1 percent.On Thursday Qatar published a 2017 budget which projected a deficit of 28.3 billion riyals ...

Markets - Equity - Middle East & Africa

Firmer oil prices push up Gulf slightly DUBAI: Stock markets in the Gulf made small gains on Sunday morning after crude oil prices climbed back towards 17-month highs at the end of last week.Brent futures rose 2.2 percent to settle at $55.21 a barrel on Friday after Goldman Sachs boosted its price forecast for 2017 and producers showed signs of adhering to a global deal to reduce output.Saudi Arabian petrochemical shares were bid up in the first hour of trade with all ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Gulf pulls back on caution before expected US rate hike DUBAI: Stock markets in the Gulf retreated on Wednesday in shrinking trading volumes as investors turned cautious ahead of the US interest rate hike and guidance from the US central bank expected late in the day. Petrochemical shares, which have been dragging Saudi Arabia's main index lower over the last two sessions, fell further. The main index lost 0.6 percent and all but one of the 14 listed petrochemical producers fell. PetroRabigh dropped 3.3 percent. ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Saudi, UAE retreat ahead of likely US rate hike, Saudi budget; Egypt slips DUBAI: Stock markets in the Gulf pulled back on Tuesday as investors turned their attention to an expected US interest rate hike on Wednesday and the upcoming Saudi Arabian state budget for 2017. In Riyadh, the index declined for a second straight session, falling 0.8 percent. Trading volume shrank by roughly half from Monday's very large amount. Investors have been readjusting their portfolios in anticipation of the 2017 budget announcement, which is expected late this ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Saudi, Qatar gain after OPEC agrees with non-OPEC oil producers DUBAI: Stock markets in Saudi Arabia and Qatar posted broad-based gains on Sunday after OPEC and non-OPEC oil producers a day earlier reached their first deal since 2001 to curtail oil output jointly in a drive to prop up prices.It is not clear whether oil prices can rise much further in response to the deal, and many fund managers think Saudi petrochemical shares are to a large extent now fairly valued after their rebound in ...