01232017Mon
Last update: Mon, 23 Jan 2017 05pm

Middle East & Africa

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Saudi, UAE retreat ahead of likely US rate hike, Saudi budget; Egypt slips DUBAI: Stock markets in the Gulf pulled back on Tuesday as investors turned their attention to an expected US interest rate hike on Wednesday and the upcoming Saudi Arabian state budget for 2017. In Riyadh, the index declined for a second straight session, falling 0.8 percent. Trading volume shrank by roughly half from Monday's very large amount. Investors have been readjusting their portfolios in anticipation of the 2017 budget announcement, which is expected late this month. Bankers and analysts in touch with Saudi economic officials say the 2016 deficit is likely to have shrunk much more than originally projected, and this plus higher oil prices should give the government room to spend a little more on economic development projects next year. But more domestic fuel subsidy cuts still look likely in the 2017 budget. Mohammad al Shammasi, chief executive of Riyadh-based Derayah Financial, said the market's uptrend was pausing temporarily, ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Saudi, Qatar gain after OPEC agrees with non-OPEC oil producers DUBAI: Stock markets in Saudi Arabia and Qatar posted broad-based gains on Sunday after OPEC and non-OPEC oil producers a day earlier reached their first deal since 2001 to curtail oil output jointly in a drive to prop up prices.It is not clear whether oil prices can rise much further in response to the deal, and many fund managers think Saudi petrochemical shares are to a large extent now fairly valued after their rebound in ...

Markets - Equity - Middle East & Africa

Saudi closes at one-year high; Egypt up but OTMT slides         DUBAI: The petrochemical sector helped carry Saudi Arabia's stock market to a fresh one-year closing high on Tuesday after crude oil prices hit a 17-month peak, while Egypt's market followed global shares upwards.  The main Saudi index added 0.7 percent to 7,155 points in extremely heavy turnover with gainers outnumbering losers 139 to 18. The index is now up 3.5 percent year-to-date.  The petrochemical sector stayed strong; it has been contributing to the market's positive performance since Nov. 30, when crude ...

Markets - Equity - Middle East & Africa

Second-tier stocks boost Saudi, foreign money supports Egypt DUBAI: Strength in second-tier stocks favoured by local retail investors boosted Saudi Arabia's stock market on Monday, while foreign buying helped Egypt partially rebound from a drop on Sunday and most other Middle East bourses fell. Saudi Arabia's index climbed 0.9 percent to 6,904 points, rising above major technical resistance on its April peak of 6,876 points. A second consecutive close above that level would be very bullish technically and point to the index reaching ...

Markets - Equity - Middle East & Africa

Gulf markets move sideways in early trade DUBAI: Gulf stock markets moved sideways in early trade on Monday with little fresh corporate news to spur buying, while uncertainty over oil prices also deterred some investors.Saudi Arabia's index was flat after 70 minutes of trade with most petrochemical companies little changed and the banking sector index edging down.Real estate developer Jabal Omar gained 1.4 percent after saying it had ended a contract with builder Saudi Binladin Group, settling an outstanding 196 million riyal ...

Markets - Equity - Middle East & Africa

Gulf consolidates in quiet trade DUBAI: Gulf stocks consolidated in a quiet market on Sunday with little corporate news to prompt trading, and with Friday's sharp pull-back in oil prices offsetting strength in bourses worldwide.The Saudi stocks edged up 0.1 percent to 6,806 points in the first half hour. The index tested and failed to break technical resistance on its April peak of 6,876 points on Thursday.The petrochemical index underperformed, dropping 0.4 percent, while the cement sector was also weak.Alawwal ...

Markets - Equity - Middle East & Africa

Saudi lifts mood in regional markets; Egypt holds near 8 year peak DUBAI: Saudi Arabia's index firmed on Wednesday as blue chips resumed their climb and the positive mood flowed into other Gulf bourses, carrying them higher. Egypt's market edged up, holding near an 8-year peak as foreign funds remained aggressive buyers. Riyadh's index bounced 3.0 percent to 6,796 points, closing 93 points over technical resistance at the July peak of 6,703 points. Turnover was almost double that of Tuesday.Some blue chips continued to attract funds, with ...