08262016Fri
Last update: Fri, 26 Aug 2016 11am

Middle East & Africa

Markets - Equity - Middle East & Africa

Bourses to start week on strong footing DUBAI: Stock markets in the Middle East look set for gains on Sunday after Wall Street jumped to a record high and emerging markets were boosted by a fresh round of stimulus from the Bank of England. On Friday the Dow Jones industrial average rose 1.04 percent as a strong jobs report spurred optimisim and emerging market stocks were on track for a fourth week of gains with MSCI's emerging market index rising 1 percent. Cairo's main equities index, which is traded by foreign investors, closed at a 13-month high on Thursday amid optimism over Egypt's talks with the International Monetary Fund. On Thursday, the fourth day of talks that are expected to last for another week to 10 days, Egypt said it was making good progress in the negotiations and expected parliament to pass a long-awaited value-added tax by early September. "As Cairo inches closer to inking a deal ...

Markets - Equity - Middle East & Africa

Gulf starts week on strong footing, Egypt slips back DUBAI: Strength in international equities markets at the end of last week helped lift share prices in the Gulf on Sunday with markets most exposed to foreign capital inflows outperforming, while Egypt slipped on profit-taking. Dubai's index climbed 1.1 percent.Four-fifths of the traded shares advanced, with companies which have not yet reported quarterly earnings attracting the most volume. Builder Arabtec climbed 3.4 percent and amusement park developer Dubai Parks and Resorts added 1.7 percent.Blue chips ...

Markets - Equity - Middle East & Africa

Gulf prices edge up with rise in overseas markets DUBAI: Strength in international equities markets at the end of last week helped lift share prices in the Gulf in early trade on Sunday.Dubai's index added 0.6 percent as mid-cap shares outperformed. Construction firm Arabtec, which has yet to publish its quarterly financial report, added 3.4 percent.Similarly, mid-cap shares helped push Abu Dhabi's index up 0.1 percent. RAK Properties was 1.7 percent higher.Qatar's main index climbed 0.2 percent in very thin volume with 10 of ...

Markets - Equity - Middle East & Africa

Egypt closes at one-year high on IMF hopes, Gulf sags DUBAI: Egypt's stock market closed at a one-year high on Wednesday on optimism among local investors that a loan deal with the International Monetary Fund would boost the economy, while weak oil prices and global bourses pushed Gulf bourses down further. Cairo's main index jumped 1.6 percent to a one-year high of 8,105 points in rising turnover, confirming a break above major technical resistance on the April peak of 7,994 points. Egypt said last week ...

Markets - Equity - Middle East & Africa

Weak oil and global bourses pull down Gulf; Egypt rises DUBAI: Weak oil prices and global equity markets pulled down stocks in the Gulf on Tuesday, with some Saudi Arabian petrochemical shares and banks falling sharply, but Egypt edged up on the back of its currency's firmness in the unofficial market.The Saudi index sank 1.2 percent as petrochemical giant Saudi Basic Industries fell 1.5 percent and Saudi British Bank lost 2.7 percent. But major retailer Jarir Marketing, which had dropped 18 percent from its June ...

Markets - Equity - Middle East & Africa

Gulf firms on positive Q2 results, Egypt weakens DUBAI: Gulf stock markets rose on Monday, supported by positive quarterly earnings from several major companies, while Egypt cooled for a second day as foreign traders exited positions. Dubai's index added 0.9 percent as Emaar Properties climbed 1.9 percent to 6.95 dirhams after reporting an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million). That was ahead of the 1.06 billion dirhams forecast by SICO Bahrain and Thomson Reuters data shows ...

Markets - Equity - Middle East & Africa

Gulf bourses slip on weak oil, Egypt ends five-day rise DUBAI: Stock markets in the Gulf fell on Sunday, weighed down by weak oil prices and lacklustre second-quarter corporate results over the last few weeks, while Egypt's main index pulled back on profit-taking after a strong run.Riyadh's stock index declined 0.5 percent to a fresh 16-week closing low of 6,302 points as the petrochemical sector dropped 0.9 percent.The September Brent oil contract settled at $42.46 a barrel on Friday, down 0.6 percent on the day ...