07262016Tue
Last update: Tue, 26 Jul 2016 05am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf pushes higher but volumes subdued DUBAI: Most stock markets in the Gulf nudged up on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week, but turnover was small before summer and Eid al Fitr holidays. Riyadh's index added 0.3 percent, buoyed by the banking and telecommunications sectors, with phone operator Zain KSA climbing 1.3 percent to 7.95 riyals.NCB Capital said in a note that strong revenue growth, improving market share and margin expansion were Zain KSA's main strengths. "The company is also expected to benefit from the reduction in interconnection charges, while capital expenditure is expected to continue with the support of the recent 2.25 billion riyal ($600 million) loan renewal," the note added. NCB is neutral on Zain shares with a price target of 9.0 riyals. Shares in retailer L'azurde Company for Jewellery closed 7.6 percent higher at 39.80 riyals ...

Markets - Equity - Middle East & Africa

Gulf firms in early trade; Saudi's L'azurde surges on listing DUBAI: Major stock markets in the Gulf firmed in early trade on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week.Riyadh's index added 0.7 percent in the first 45 minutes of trade, buoyed by the petrochemcial sector as oil prices rose back towards $50 a barrel. Brent futures were up 1.0 percent in Asian trade.Shares in retailer L'azurde Company for Jewellery ...

Markets - Equity - Middle East & Africa

Nigerian stocks extend losses as Brexit's impact continues LAGOS: Nigerian stocks extended losses on Tuesday, amid fears that demand for riskier assets will evaporate and the flow of foreign funds into Nigeria will dry up as a consequence of Britain's vote to leave the European Union last week. As a former British colony, Nigeria enjoys investment ties to the financial centre of London - Britain accounts for the second-largest trade and investment flows into Nigeria. When markets fall in Britain, those funds are ...

Markets - Equity - Middle East & Africa

Gulf bounces back as investors buy on dips DUBAI: Major stock markets in the Gulf rebounded in early trade on Monday, recovering from the immediate aftermath of Britain's vote to leave the European Union, as local retail investors and some institutions scooped up shares on dips.Dubai's index, which had sunk 3.3 percent on Sunday in its initial reaction to the vote, rose 1.0 percent in the first hour on Monday with over nine-tenths of shares advancing.Small and mid-sized shares favoured by local retail ...

Markets - Equity - Middle East & Africa

Region to take hit from Brexit, FX doesn't show panic DUBAI: Middle East stock markets look set to fall sharply on Sunday in response to global market turmoil after Britain's decision to leave the European Union, but Gulf foreign exchange forwards and credit default swap prices suggest a panic may be avoided. The Dow Jones industrial average plunged 3.4 percent and MSCI's all-country world stock index fell 4.8 percent on Friday; Middle East markets may drop by similar margins. Beyond the global market unease, Brexit ...

Markets - Equity - Middle East & Africa

Saudi falls sharply on Brexit, Arabian Pipes stays strong DUBAI: Saudi Arabia's stock market fell sharply at the opening on Sunday in response to Britain's decision to leave the European Union, but blue chips held up relatively well and the biggest losses were in smaller speculative stocks favoured by local retail investors. The main index was down 3.7 percent after five minutes of trade. Among speculative stocks, Saudi Fisheries tumbled 6.2 percent. But petrochemical blue chip Saudi Basic Industries fell only 2.4 percent and ...

Markets - Equity - Middle East & Africa

Egypt underperforms region in a reaction to Brexit DUBAI: Egypt's stock market plunged on Sunday in response to Britain's decision to leave the European Union, underperforming other major Middle East markets as investors worried that global instability could further cut capital inflows into Egypt. The Egyptian stock index was down 5.8 percent in early afternoon. Falling stocks outnumbered gainers by 139 to four. Naeem brokerage said in a note that the economic impact on Egypt of Brexit would not be very serious, because ...