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Last update: Mon, 08 Feb 2016 09am

Middle East & Africa

Markets - Equity - Middle East & Africa

Bearish sentiment thwarts market rally; Saudi near-flat DUBAI: Major Gulf bourses retreated on Monday, erasing some of the previous day's gains with investors unconvinced markets can mount a sustainable rebound.Riyadh's index was near-flat, slipping 0.02 percent to 5,610 points as day traders booked quick profits to take its 2016 losses to 18.8 percent. It had gained 2.7 percent on Sunday after oil prices rallied late last week, but crude's renewed weakness has again sapped Saudi market confidence.The petrochemical sector, the main influence on market direction of late, dropped 0.2 percent.Al Rajhi Bank fell 0.8 percent after surging 5.9 percent on Sunday.The Islamic lender, which was one of the last banks to report earnings, made a fourth-quarter net profit of 1.95 billion riyals ($519.6 million) that forecasts.Samba Financial Group, another lender to post better-than-expected results, slid 1.3 percent.Saudi Arabia's fourth-quarter earnings season has ended. The combined profits of the kingdom's listed companies shrunk 16.1 percent from the same ...

Markets - Equity - Middle East & Africa

Gulf trades narrowly as investors remain uneasy DUBAI: Most Gulf bourses traded narrowly on Monday, with investors torn between betting on further gains following a sharp rebound a day earlier or booking some quick profits and this lack of conviction indicates the bear trend could persist.Markets have tumbled to such an extent this year that many stocks are considered cheap by traders and fund managers, even after Sunday's rally."Sunday's sugar rush is winding down," said a Dubai-based trader. "Daily traders turned a ...

Markets - Equity - Middle East & Africa

Gulf stocks rebound on oil price, global shares rally KUWAIT CITY: Stock markets in the energy-rich Gulf states rebounded on Sunday, the first trading day of the Islamic week, after a rally in oil and global share prices.The bourses of Saudi Arabia, Dubai, Abu Dhabi and Qatar each gained more than 5.0 percent at the start of trading before cooling off. Dubai Financial Market Index shot up 6.6 percent at opening before closing the day up 5.15 percent, above the 2,700-point mark.Market leaders Emaar ...

Markets - Equity - Middle East & Africa

Saudi, Egypt surge more than 3pc in early trade DUBAI: Saudi Arabia and Egypt's stock markets rebounded more than 3.0 percent in early trade on Sunday, as investors took solace in the end of week rebound in oil prices and global bourses.Saudi's index surged more than 6.0 percent in the opening minutes of trade and touched 5,834 points, before falling back to 5,680 points, but was still up 4.0 percent.Petrochemical stocks, which have been battered by weakness in oil prices, carried the bourse higher. ...

Markets - Equity - Middle East & Africa

Gulf trades narrowly as investors remain nervous DUBAI: Most Gulf bourses traded narrowly early on Thursday as investors lacked the optimism to buy back beaten-down stocks aggressively, despite attractive valuations after the bear trend of the past several weeks.Dubai's index retreated in the opening minutes to test fresh multi-year lows, as Emirates NBD, the largest bank in the emirate, fell more than 2.0 percent in unusually heavy trade.The index then briefly traded in positive territory and was down 0.1 percent after an ...

Markets - Equity - Middle East & Africa

Region hit by fresh sell-off, Saudi down 5pc as oil sags DUBAI: Middle East stock markets plunged to multi-year lows again on Wednesday, with the Saudi market losing 5 percent of its value, in response to a fresh drop in oil prices and global equities.With valuations and dividend yields now looking attractive by global standards, major Middle Eastern markets had rebounded on Tuesday. Wednesday's losses erased those gains and underlined the fragility of investor sentiment, amid uncertainty over how Gulf oil exporting economies can cope with ...

Markets - Equity - Middle East & Africa

Gulf stocks battered on oil, global economy woes KUWAIT CITY: Stock markets in the energy-rich Gulf states plunged Wednesday, following the massive rout in global shares as oil resumed its decline.The fresh fall came a day after most Gulf bourses made a strong rebound as oil and world stocks saw important gains.But all seven bourses in Gulf countries, which pump around 18 million barrels of oil a day, dropped on Wednesday, led by Saudi Arabia and Dubai.The Saudi Tadawul All-Shares Index, the largest ...