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Middle East & Africa

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Gulf markets rebound on stronger oil DUBAI: Most Middle East stock markets, led by Dubai, rose in early trade on Monday after the price of oil recovered slightly. Brent crude climbed above $62 per barrel, after hitting 5-1/2-year lows of $60.28 earlier, as traders began pricing in expectations of improving global manufacturing data to be published later this week. Dubai's stock index jumped 4.2 percent as most shares in the emirate gained.Emaar Properties and Arabtec, which dominated trading, added 6.5 and 5.9 percent respectively. The market had tumbled 14.4 percent in the two previous sessions as oil's plunge triggered panic selling. Fund managers said that with the outlook for oil still uncertain, Monday's stock market rise was not necessarily the start of any extended recovery."It's just a normal technical rebound, there's nothing more at this stage," said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. "It is not a game changer." ...

Slightly stronger oil may calm markets DUBAI: A rebound in the oil price may help Middle East stock markets stabilise on Monday after sharp drops in the past two trading days, but equities investors are likely to remain cautious after their earlier attempts to catch the bottom failed.Brent crude climbed above $62 per barrel on Monday, after hitting 5-1/2-year lows of $60.28 earlier, as traders began pricing in expectations of improving global manufacturing data to be published later this week. Gulf ...
Gulf markets tumble as oil's plunge feeds panic DUBAI: Gulf stock markets extended their plunge on Sunday as oil's drop to a new five-year low sparked a fresh wave of panic selling. The bourses' losses left Qatar and Bahrain as the only Gulf markets with year-to-date gains.Brent crude dropped nearly 3 percent and settled below $62 a barrel on Friday after the International Energy Agency cut its outlook for demand growth in 2015.Investors' main concern is that governments in the region may slash ...
Dubai tumbles in panic sell-off over oil DUBAI: Dubai's stock index plunged on Sunday, recording its biggest daily percentage drop in six years, in a broad sell-off as investors dumped stocks in response to the collapse of the oil price.The Dubai benchmark tumbled 7.6 percent to 3,321 points, wiping out all its year-to-date gains. Developer Emaar Properties and builder Arabtec Holding, the two stocks which topped trading volumes, lost 8.0 and 9.7 percent respectively.Dubai Islamic Bank and Union Properties fell their daily ...
Most markets tumble after oil drops DUBAI: Stock markets across the Middle East fell sharply on Sunday after the price of oil hit a new low on Friday, triggering a fresh wave of panic selling of equities in the Gulf oil producers. The Dubai benchmark tumbled 6.1 percent to 3,374 points, erasing most of its remaining year-to-date gains. Developer Emaar Properties was down 7.2 percent and builder Arabtec Holding lost 6.6 percent. The main index in Abu Dhabi dropped 3.5 percent, ...
Gulf equities slide in perfect storm of oil, leverage, panic DUBAI: Sliding oil prices, leverage and sheer panic have exposed the fragility of Gulf equity markets just as they are becoming mainstream destinations for international investors.In May, MSCI upgraded Qatar and the United Arab Emirates to emerging-market status, drawing billions of dollars of new money to them. Saudi Arabia will open its bourse to direct foreign investment next year, which could draw tens of billions of dollars in coming years.But a plunge in the markets ...
South African stocks down as gold loses lustre JOHANNESBURG: South African stocks fell on Thursday, as investors booked profits ahead of an expected thinning out of activity during the holidays and as gold producers such as AngloGold Ashanti took a knock from falling spot prices.The gold producer fell 8 percent as bullion sank nearly 1 percent, after U.S. data pointed to a strengthening economy, reviving prospects for a rise in interest rates that could cut the appeal of non-interest bearing bullion.Harmony and Gold ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln