05282016Sat
Last update: Sat, 28 May 2016 07am

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi falls as reform euphoria fades, rest of region mixed DUBAI: Shares in Saudi Arabia pulled back on Tuesday as local short-term investors booked profits in stocks that had jumped when Deputy Crown Prince Mohammed bin Salman announced economic reforms on Monday.Riyadh's stock index, which had gained 2.5 percent on Monday mainly from banks that could win business handling the government's privatisation plans, dropped 1.6 percent. Trading volume shrank by almost one-third.Samba Financial Group, lead underwriter of the recent initial public offer of Middle East Healthcare, dropped 5.3 percent after rocketing 9.3 percent on Monday.Because the reforms will take years, most fund managers do not expect any immediate, extended rally of the overall stock market."The implications for Saudi non-oil growth would provide a meaningful uplift to Saudi earnings in the medium to long term," said Mohamed Eljamal, head of asset management at Abu Dhabi-based Waha Capital.Khaled Abdel Majeed, managing partner at London-based asset manager MENA Capital, said his fund might ...

Markets - Equity - Middle East & Africa

Saudi pulls back in early trade, Dubai's Emaar Malls surges DUBAI: Shares in Saudi Arabia pulled back early on Tuesday as short-term investors booked profits in stocks which had jumped when Deputy Crown Prince Mohammed bin Salman announced economic reforms on Monday. The rest of the Gulf was mixed.Riyadh's stock index, which had gained 2.5 percent on Monday, mainly on the back of banks which could win business handling the government's privatisation plans, was down 0.9 percent after an hour of trade on Tuesday.Samba Financial ...

Markets - Equity - Middle East & Africa

Saudi surges as reforms announced, rest of Gulf weak DUBAI: Saudi Arabia's stock market recovered from early losses and jumped 2.5 percent on Monday as Deputy Crown Prince Mohammed bin Salman announced an economic overhaul for the oil-dependent kingdom.He outlined a restructuring of the government's Public Investment Fund to make it an international investment power, a planned sale of a stake of less than 5 percent in national oil giant Saudi Aramco, a restructuring of the housing ministry to increase supply of affordable housing, ...

Markets - Equity - Middle East & Africa

Saudi stock market rises as prince outlines reform plan DUBAI: Saudi Arabia's stock market recovered from early losses and rose in late trade on Monday as Deputy Crown Prince Mohammed bin Salman outlined a sweeping economic reform plan.Measures include building up the government's Public Investment Fund to become a major player in global markets, restructuring the housing ministry to increase supply of affordable housing, and creating a "green card" system within five years to give resident expatriates long-term residence.The stock index was up 2.2 ...

Markets - Equity - Middle East & Africa

Gulf's cyclical stocks may be weak while bank shares fare better DUBAI: Stock markets in the Gulf may trade narrowly on Sunday as investors take comfort in firmer oil pries and instead look to quarterly earnings as a litmus test for the health of the regional economy.Oil prices rose on Friday and notched their third straight week of gains as market sentiment turned more upbeat amid signs a persistent global supply glut may be easing. Brent futures ended the session up 1.3 percent at $45.11 per ...

Markets - Equity - Middle East & Africa

Saudi rises in early trade, rest of Gulf mixed DUBAI: Saudi Arabia's bourse rose in early trade on Sunday as firm oil prices encouraged investors, but the retail sector continued to reflect weakness of the domestic economy. Other Gulf bourses traded narrowly.Riyadh's main index was up 0.9 percent in the first hour of trade, extending Thursday's 1.2 percent gain. It was supported mainly by petrochemical shares, with Saudi Basic Industries up 1.9 percent.Oil prices rose on Friday, notching their third straight week of gains, ...

Markets - Equity - Middle East & Africa

Petchems lift Saudi but domestic-focused shares slump; Dubai up DUBAI: Shares in the petrochemical sector helped buoy Riyadh's stock index early on Thursday after oil prices firmed overnight, but some companies dropped after earnings misses that reflected weakness in the domestic economy.Dubai's bourse was lifted by the real estate sector.The Saudi petrochemical sub-index was up 1.0 percent after Brent crude prices rallied overnight to hit a high of $46 a barrel. The overall Saudi stock index was up 0.5 percent.Generally results from Saudi petrochemical ...