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Middle East & Africa


Gulf falls, Qatar hit by austerity worries DUBAI: Gulf stock markets fell in line with weak global bourses early on Tuesday, with Qatar lagging after a senior official said the government needed to consider tax and spending reforms.The Qatar index was down 1.3 percent after 50 minutes of trade with all of the 10 most heavily traded stocks lower. Petrochemicals and metals producer Industries Qatar sank 1.8 percent. Saleh Mohammed al-Nabit, Qatar's Minister of Development Planning and Statistics, said in a speech on Monday that the government must urgently consider reforms to its subsidy and tax systems in light of low oil and gas prices.He also said the government had to be more disciplined in spending.Wealthy Qatar is in no danger of running out of money, but top officials' comments since last week have pointed to a new mood of austerity.Dubai's stock index dropped 1.1 percent as Emaar Properties fell by the same amount. Abu Dhabi edged ...

Egyptian market keeps sliding on FX fears; Gulf rebounds DUBAI: Egypt's stock market went on sliding on Monday because of fears of a currency devaluation and higher interest rates, while most major Gulf markets rebounded.The Egyptian equities index, which sank 2.6 percent on Sunday, lost a further 2.8 percent on Monday. Strong US economic data at the end of last week suggested a rate hike there next month, pressuring the Egyptian pound.Meanwhile, Egypt's two largest state banks launched Egyptian pound savings certificates with a ...
Egypt drops further on FX worries, Saudi moves little DUBAI: Egypt's stock market continued dropping early on Monday because of concern about the possibility of a "Big Bang" devaluation of the currency, while Saudi Arabia's bourse traded near technical support. The Egyptian index sank 2.6 percent on Sunday after strong US economic data suggested US interest rates might be hiked next month, putting further pressure on the Egyptian pound. The index fell a further 0.7 percent in the opening minutes on Monday. After Egypt's ...
Gulf markets edge up after tumble on rate worries DUBAI: Gulf stock markets edged up in quiet trade early on Monday after falling on Sunday because of expectations, fuelled by strong US economic data, that the US central bank will begin raising interest rates in December.The Dubai stock index, which sank 3 percent on Sunday, rose 0.8 percent in the opening minutes of Monday. Emaar Properties rebounded 1 percent.But healthcare and education investment company Amanat Holdings, which listed last November, fell 2.2 percent after ...
Markets sunk by US rate hike threat DUBAI: The threat of a US interest rate hike in December dragged down major Middle East stock markets on Sunday, illustrating how fragile investor sentiment in the region has become in the face of low oil prices.Short-term US bond yields rose to their highest in five years on Friday after very strong US jobs data for October boosted the likelihood that the Fed will raise rates before year's end.Money market rates have already been rising ...
Saudi slips, real estate firms boost Dubai and Egypt DUBAI: Saudi Arabia's stock market fell on Thursday after oil prices slipped again, as real estate developers boosted the Dubai and Egyptian bourses.Brent crude tumbled nearly 4 percent overnight, to back below $50 a barrel. This undermined petrochemical stocks including Saudi Basic Industries, which lost 1.5 percent.Saudi International Petrochemical Co (Sipchem) dropped 2.9 percent after saying it might not pay a dividend for the second half of 2015, despite seeing results from a restructuring intended ...
Saudi rises from chart support, data caps Egypt DUBAI: Saudi Arabia's stock market rose slightly from near technical support early on Wednesday, while poor economic data continued to weigh on Egypt. The Saudi stock index edged up 0.3 percent to 6,974 points after falling to 6,955 points on Tuesday following Standard & Poor's downgrade of the kingdom's debt. It has support at its August low of 6,921 points. Al-Rajhi Bank rose 1.5 percent. Late on Tuesday, Fitch Ratings lowered the outlooks for the ...


Index Closing Chg%
Arrow DJIA 17,798.49 0.08
Arrow Nasdaq 5,127.52 0.22
Arrow S&P 2,090.11 0.06
Arrow FTSE 6,375.15 0.28
Arrow DAX 11,293.76 0.24
Arrow CAC-40 4,930.14 0.32
Arrow Nikkei 19,883.94 0.30
Arrow H.Seng 22,068.32 1.87
Arrow Sensex 26,128.20 0.65

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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln