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Middle East & Africa

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Iraq prompts more profit-taking; Arabtec plunges again DUBAI: Most markets in the Gulf continued to decline on Monday because of the conflict in Iraq, while volatile Dubai led losses as construction firm Arabtec remained in freefall.Another city in northern Iraq, Tal Afar, fell on Sunday to insurgents from the Islamic State of Iraq and the Levant, whose offensive threatens to dismember the country.Apart from a handful of firms with major exposure to Iraq, it is not clear that the conflict will have any direct impact on Gulf economies. But coupled with the deepening conflict in Ukraine, it has hurt global equity markets as some investors start shifting into other asset classes such as precious metals and bonds. Sitting on sizeable year-to-date gains, Gulf markets are vulnerable to profit-taking.The negative sentiment stifled a tentative rally by Arabtec, Dubai's most heavily traded stock, which has plunged in recent days on worries that major shareholder Aabar may be downgrading its ...

UAE markets slide in volatile trade; Arabtec tumbles again DUBAI: Stock markets in the United Arab Emirates extended losses on Tuesday, led by Dubai builder Arabtec which dominated trading volume, while Egypt pulled back slightly after leaping in the previous two sessions.Shares in Arabtec dropped their daily limit of 10.0 percent to 4.88 dirhams, dragging down Dubai's benchmark, which closed 1.6 percent lower after diving as much as 3.6 percent during the session.Arabtec had more than tripled in value this year after winning a ...
South African stocks hit records but platinum shares hit JOHANNESBURG: South African stocks scaled to record highs on Tuesday for a second straight session but shares of platinum mining firms fell after talks to end a five-month wage strike in the sector deadlocked.Lomin was the biggest decliner among the top-three platinum producers affected by the walk out, falling 2.17 percent to 43.78 rand. Anglo American Platinum lost 1 percent to 467.74 rand."The platinum stocks are still struggling because of the impasse and continued uncertainty ...
Bahrain bourse sets margin trading, market maker rules DUBAI: The Bahrain Bourse has approved regulations allowing margin trading and set up a framework for market makers in an effort to boost liquidity, it said on Tuesday.Margin trading, which investors use to leverage their money, is to start in September. Market makers stand ready to fill buy and sell orders on a continuous basis; the bourse did not say when they might start operating or if any companies had been chosen for that role.With ...
Dubai tumbles, led by Arabtec; Egypt up after Sisi sworn in DUBAI: Dubai's bourse fell sharply on Monday as investors booked profits in the region's best-performing market this year, while Egypt was lifted by the inauguration of a new president and an offer to buy a large stake in investment bank EFG Hermes.The Dubai benchmark tumbled 4.1 percent to 4,771 points, its biggest decline since May 20. Builder Arabtec led losses, tumbling 9.7 percent to 5.42 dirhams.The stock has tripled in value this year, making it ...
South Africa stocks benefit from European stimulus JOHANNESBURG: South African share prices edged slightly higher on Thursday as a European Central Bank decision to cut rates buoyed local gold stocks such as AngloGold Ashanti.The ECB announced a raft of stimulus measures, such as cutting rates and imposing negative rates on its overnight depositors, to boost the eurozone economy.Spot gold jumped 1 percent after the ECB announcement, helping to push Johannesburg's bullion index 0.7 percent higher."We have seen a bit of turnaround in ...
Kenyan shilling strengthens, more gains seen NAIROBI: The Kenyan shilling strengthened on Thursday, with sentiment boosted by the launch of a roadshow to sell a debut Eurobond that could raise the country's foreign exchange reserves.At 0848 GMT, commercial banks quoted the shilling at 87.20/30, compared with Wednesday's close of 87.40/50.Kenya, rated B+ by Standard & Poor's and Fitch, is meeting fixed-income investors in the United States and Britain before selling its dollar Eurobond to raise up to $2 billion.The central bank ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln