06262016Sun
Last update: Sun, 26 Jun 2016 02pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Markets fall but Saudi developers make gains; Orascom down 6pc DUBAI: Middle East stock markets fell on Sunday as investors booked profits following a pull-back in oil prices and international stock markets, but some Saudi Arabian real estate shares bucked the downtrend because of the kingdom's economic reform plan. Dar Al Arkan Real Estate Development added 7.5 percent after a 20 percent jump last week. It has been strong since the developer said last week that it was in talks with the government to provide housing under the reform policies. Emaar Economic City, another company which announced last week that it plans to build homes with the Ministry of Housing, advanced 1.7 percent. The petrochemical sector was the main drag on Riyadh's stock index, which sank 0.6 percent. Saudi Basic Industries lost 1.2 percent. Dubai's index, the top performer in the region last week, lost 1.0 percent to 3,336 points, failing a test of technical resistance on the mid-May peak ...

Markets - Equity - Middle East & Africa

Gulf retreats in early trade on oil, global stocks DUBAI: Stock markets in the Gulf retreated in early trade on Sunday as investors booked profits in response to lower oil prices and a pull-back by international stock markets.Saudi petrochemical shares were the main drag on Riyadh's stock index, which was down 0.8 percent after 30 minutes of trade. Saudi Basic Industries lost 1.5 percent.But Dar Al Arkan Real Estate Development remained resilient, adding 2.5 percent after a 20 percent jump last week. The stock ...

Markets - Equity - Middle East & Africa

Saudi makes more gains on economic reform, other markets lose steam DUBAI: Saudi Arabia's stock index notched its fourth session of gains on Thursday following the announcements of various economic reform plans, while most other bourses lost steam on profit taking.Riyadh's index nudged up 2 points to 6,607 points. The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030"."Investors are absorbing the impact on various sectors and how to position their ...

Markets - Equity - Middle East & Africa

Saudi higher on housing plan, oil supports petchems DUBAI: Saudi Arabia's stock index was headed for its fourth session of gains early Thursday after the housing ministry announced plans to build over one million homes, while oil's recent rally helped petrochemical shares.Dar Al Arkan was on course for its third session of strong gains, with its shares climbing 4.2 percent. The stock had jumped its daily limit for two consecutive days, after the developer said late on Tuesday it was in talks with ...

Markets - Equity - Middle East & Africa

Saudi's real-estate sector set for gains on housing ministry plans DUBAI: Saudi Arabian real-estate related shares are poised for gains on Thursday after the housing minister announced plans to build over one million homes as part of economic reform plans, while the rally in oil is set to support other Gulf markets.The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030".One facet of the plan, which sets targets for government ...

Markets - Equity - Middle East & Africa

Property developers support Saudi bourse DUBAI: Property shares helped lift the Saudi bourse in early trade on Wednesday as two developers said they were in talks with the housing ministry to build more homes.Shares in Dar Al Arkan Real Estate Development Co jumped 9.2 percent to 5.95 riyals, after surging by its daily 10 percent limit on Tuesday.After the market close on Tuesday, the developer said it was in talks with the government to provide housing units under the kingdom's ...

Markets - Equity - Middle East & Africa

Saudi up after reform announcement; rest of region strong DUBAI: Saudi Arabia's stock market rose on Tuesday after the government announced details of its economic reform plans, while an improved mood in global markets lifted bourses elsewhere in the Middle East. A 110-page Saudi reform document released on Monday night contained hundreds of policies and targets, including major austerity measures.The government aims to reduce public salaries and wages as a proportion of the state budget to 40 percent from 45 percent by 2020, and ...