08302016Tue
Last update: Tue, 30 Aug 2016 09am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf firms on positive Q2 results, Egypt weakens DUBAI: Gulf stock markets rose on Monday, supported by positive quarterly earnings from several major companies, while Egypt cooled for a second day as foreign traders exited positions. Dubai's index added 0.9 percent as Emaar Properties climbed 1.9 percent to 6.95 dirhams after reporting an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million). That was ahead of the 1.06 billion dirhams forecast by SICO Bahrain and Thomson Reuters data shows the median target price of 11 analysts covering the stock is 9.64 dirhams. Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 2.8 percent. But Dubai Investments fell 1 percent after the company reported a 2.3 percent fall in second-quarter net profit.Abu Dhabi's index edged up 0.1 percent. Dana Gas , which has not yet reported quarterly earnings, gained 3.6 percent. But food producer Agthia dropped 2.7 percent ...

Markets - Equity - Middle East & Africa

Gulf bourses slip on weak oil, Egypt ends five-day rise DUBAI: Stock markets in the Gulf fell on Sunday, weighed down by weak oil prices and lacklustre second-quarter corporate results over the last few weeks, while Egypt's main index pulled back on profit-taking after a strong run.Riyadh's stock index declined 0.5 percent to a fresh 16-week closing low of 6,302 points as the petrochemical sector dropped 0.9 percent.The September Brent oil contract settled at $42.46 a barrel on Friday, down 0.6 percent on the day ...

Markets - Equity - Middle East & Africa

Gulf soft on oil, Q2 results DUBAI: Stock markets in the Gulf were soft in early trade on Sunday, weighed down by weak oil prices and a lacklustre set of second-quarter corporate results.Riyadh's stock index lost 0.2 percent after 40 minutes of trade as the petrochemical sector dropped 0.4 percent. The September Brent oil contract settled at $42.46 a barrel on Friday, down 0.6 percent on the day and 14.5 percent lower on the month.Emaar the Economic City, builder of the ...

Markets - Equity - Middle East & Africa

Gulf markets slip as Saudi hit by poor Q2 earnings DUBAI: Gulf stock markets mostly fell on Tuesday as soft oil prices dampened buying, while Saudi Arabia's index fell 0.7 percent on disappointing quarterly corporate results.Etihad Etisalat (Mobily) slumped 4.2 percent after the Saudi telecommunications operator swung to a net profit of 18.8 million riyals ($5 million) in the second quarter, from a loss of 901 million riyals in the prior-year period, but fell short of estimates by analysts polled by Reuters who forecast a ...

Markets - Equity - Middle East & Africa

UAE rebounds, banks weigh on Saudi DUBAI: Gulf stock markets diverged on Monday, with the two main bourses in the United Arab Emirates recovering from losses in the previous session, while banks weighed on Saudi Arabia's index.Riyadh's benchmark closed 0.1 percent lower, extending Sunday's 1.2 percent decline, as the banking sub-index sagged 0.7 percent. Samba Financial Group fell 0.7 percent.But the market's other major sector, petrochemicals, edged up after Sahara Petrochemical reported that second-quarter net profit soared 746 percent to 96.4 ...

Markets - Equity - Middle East & Africa

Gulf retreats as oil's fall outweighs Q2 earnings DUBAI: Gulf stock markets declined on Sunday as sharp falls in oil prices late last week outweighed a few positive corporate earnings in Saudi Arabia.In Egypt, investors bought shares that could benefit from any currency devaluation.Riyadh's stock index fell 1.2 percent as losses accelerated in the final hour of trade, with four-fifths of traded stocks declining.Rabigh Refining and Petrochemical Co declined 2.5 percent after it reported a 79.6 percent slide in net profit to 103.2 ...

Markets - Equity - Middle East & Africa

Gulf falls on oil and earnings, Egypt hit by FX worries DUBAI: Most Gulf stock markets fell on Thursday amid soft oil prices and mixed corporate earnings, while Egypt was hit once again by concern about instability in the country's currency.Dubai's index edged down 0.1 percent. Dubai Parks & Resorts surged 3.8 percent but real estate stocks were weak, with Deyaar Development dropping 1.1 percent after reporting a 17.8 percent fall in second-quarter net profit.Blue chip Emaar Properties, which had been rallying strongly for the past ...