12082016Thu
Last update: Thu, 08 Dec 2016 05am

Middle East & Africa

Markets - Equity - Middle East & Africa

Emerging market weakness, lower oil may hit regional shares DUBAI: Stock markets in the Middle East may pull back on Sunday in line with other emerging market equities, while a retreat in oil prices may add downside pressure. The MSCI emerging markets index fell 2.9 percent on Friday while Brent crude oil settled down at $44.75 per barrel, off 2.4 percent.It had reached a low of $44.19, the lowest since August. Gulf bourses that are most exposed to foreign fund flows, including Dubai and Qatar, could pull back in response, while Saudi Arabian petrochemical may could see profit-taking because of weak oil. Egypt's main index has soared 25 percent since the central bank floated the currency on Nov. 3, with foreign investors buying relatively aggressively in the latter half of last week, sending the index to fresh eight-year highs in record trading volumes. However, Egyptian pound values of local blue chips have now largely caught up with their global ...

Markets - Equity - Middle East & Africa

Shares exposed to emerging market funds sag but Saudi index climbs DUBAI: Gulf shares which form part of MSCI's emerging market index fell in early trade on Sunday but Saudi Arabia's market bucked the trend as two of its biggest telecommunications operators rose after the settlement of a two-year arbitration process.In Abu Dhabi, the index was down 1.2 percent as First Gulf Bank dropped 2.1 percent and Etisalat fell 1.7 percent in line with a sharp drop in emerging markets globally on Friday.Qatar's main index fell ...

Markets - Equity - Middle East & Africa

Egyptian stocks rise further following IMF loan approval DUBAI: Egypt's stock market rose sharply early on Sunday in heavy volume, heading for a 12th straight session of gains following the International Monetary Fund's approval of a three-year, $12 billion loan for the country.The IMF has already disbursed an initial installment of $2.75 billion to Egypt's central bank. The IMF loan approval had been widely expected, but this plus Egypt's decision to float its currency on Nov. 3 has made investors optimistic that the ...

Markets - Equity - Middle East & Africa

Markets absorb shock Trump victory, region seen resilient DUBAI: Gulf stock markets dependent on foreign funds, such as Dubai and Qatar fell on Wednesday as the region absorbed the shock of Donald Trump's US election win and prepared for more volatile trading ahead. Trump, feared by markets because of his views on trade, immigration and taxation, may enact policies that could affect the oil price, the strength of the dollar and capital flows, said Monica Malik, chief economist of Abu Dhabi Commercial Bank."More ...

Markets - Equity - Middle East & Africa

Gulf markets sink in line with global shares on Trump win DUBAI: Stock markets in the Gulf fell sharply in line with global bourses in morning trade on Wednesday as investors faced up to a shock win by Donald Trump in the U.S. presidential election.Saudi Arabia's index pulled back 2.7 percent in the first 10 minutes of trade as a little over nine-tenth of the traded shares declined.Petrochemical shares, which have been robust over the last several weeks turned south as Brent futures were down 1.7 ...

Markets - Equity - Middle East & Africa

Saudi extends gains as govt payment plan spurs buying, Aldar up on earnings beat DUBAI: Stock markets in the Gulf edged higher on Tuesday with Saudi Arabian shares heading for a fourth day of uninterrupted gains on positive news from the government's payment plan to the private sector.Riyadh's general market index rose 0.5 percent with contractor Al Khodari, which works extensively on public financed projects, the top gainer after 15 minutes of trade, leaping 6.8 percent, after the government economic body said it was looking at making payments to ...

Markets - Equity - Middle East & Africa

Positive global mood lifts Gulf shares DUBAI: A bounce in crude oil prices and a positive mood in global equity markets helped lift Gulf stocks early on Monday, though the largest food producer in Saudi Arabia was hit by the devaluation of the Egyptian pound.Dubai's main index rebounded 1.0 percent with Emaar Malls Group climbing 1.3 percent after the unit of Emaar Properties reported a 16 percent rise in third-quarter net profit to 435 million dirhams ($118.4 million), against EFG Hermes' ...