05252016Wed
Last update: Wed, 25 May 2016 06pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Most Gulf bourses retreat; Egypt's Palm Hills slides DUBAI: Most bourses in the Gulf edged lower on Tuesday after oil prices pulled back overnight, while Egypt's Palm Hills Development tumbled in response to a drop in its profits.Brent oil futures were trading at $44.11 a barrel, near two-week lows, while MSCI's broadest index of Asia-Pacific shares outside Japan was near one-month lows. Petrochemical shares were the main drag on Saudi Arabia's stock index, with bellwether Saudi Basic Industries dropping 0.9 percent. The index fell 0.7 percent. Saudi Airlines Catering climbed 2.3 percent after saying it had renewed a contract with Oman Air. The three-year contract has a total value of 35 million riyals ($9.33 million) and will be reflected in third-quarter results, the firm said. First-quarter 2016 revenue was 559.2 million riyals. Earnings at real estate firms have been mixed in the United Arab Emirates but the latest to report, Abu Dhabi's Aldar Properties, posted results above analysts' ...

Markets - Equity - Middle East & Africa

Gulf mixed; Air Arabia rises after earnings beat DUBAI: Shares in the Gulf were mixed in early trade on Monday as some investors cashed out of stocks that had recently risen, while Dubai-listed Air Arabia rose after a quarterly earnings beat. Riyadh's index was flat in the first 40 minutes of trade. The food and agriculture index lagged other sectors, with heavyweight Savola Group dropping 1.0 percent.But petrochemical shares were firm as Brent oil prices stabilised over $45 a barrel in early Asian ...

Markets - Equity - Middle East & Africa

Saudi rises after government reshuffle DUBAI: Saudi Arabia's stock market rose in early trade on Sunday after the king announced a sweeping reorganisation of the economic policy-making apparatus, while most other Gulf bourses were firm. The Saudi stock index climbed 1.0 percent in the first 15 minutes. Petrochemical shares were particularly strong with Saudi Basic Industries up 1.2 percent. The Saudi reorganisation replaced the oil minister and central bank governor and restructured some major ministries. Many fund managers think key ...

Markets - Equity - Middle East & Africa

Banks and petrochemicals companies lift Saudi market DUBAI: Bank and petrochemical stocks helped Saudi Arabia's index rebound from a two-week low on Thursday, buoyed by firmer oil prices and a newspaper report that building company Saudi Binladin Group could again bid for state contracts. The news on Binladin, which is heavily in debt to local lenders, bolstered bank share prices, lifting the sector index by 1.9 percent. National Commercial Bank and Al Rajhi Bank were the biggest gainers, rising by 2.3 percent ...

Markets - Equity - Middle East & Africa

Bourses falls but blue chips rebound lifts Abu Dhabi DUBAI: Most stock markets in the Middle East followed global bourses lower on Wednesday because of weak oil prices and concern about lacklustre global growth, but rebounding blue chips lifted Abu Dhabi. In Saudi Arabia, the main index fell 0.8 percent in a broad-based decline. Many stocks exposed to consumer demand were weak, with retailer Fawaz Alhokair sliding 1.3 percent, but low-cost supermarket chain Alothaim - which could attract more customers during an economic slowdown ...

Markets - Equity - Middle East & Africa

Nigerian stocks rise to 5-week high as MSCI keeps Nigeria on its frontier index LAGOS: Nigerian stocks climbed 3.3 percent to a five-week high on Tuesday after index provider MSCI said will not implement changes for any Nigerian securities in its frontier market index following feedback from investors. MSCI said last month it would seek feedback from investors on the ease of access to the Nigerian stock market in the wake of currency controls introduced last year which could lead to it removing Nigeria from its frontier market index. ...

Markets - Equity - Middle East & Africa

Gulf markets fall; Emaar Properties drops after earnings DUBAI: Stock markets in the Gulf fell on Monday after oil prices pulled back and Dubai blue chip Emaar Properties dropped following the release of its first-quarter earnings. Saudi Arabia's index slipped 0.6 percent as petrochemical shares in particular were weak, with Saudi Basic Industries losing 1.2 percent. Saudi Arabian Mining Co retreated 3 percent after jumping by its 10 percent daily limit on Sunday on news that the miner had reshuffled its board and ...