06252016Sat
Last update: Sat, 25 Jun 2016 07pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi edges up after economic reform announcement DUBAI: Saudi Arabia's stock market edged up in early trade on Tuesday after the government announced details of its economic reform plans.Monday night's 110-page reform document contained hundreds of projects and targets, including substantial austerity measures. The government aims to reduce the value of public salaries and wages as a proportion of the state budget to 40 percent from 45 percent by 2020, and cut water and electricity subsidies by 200 billion riyals ($53 billion).But the austerity steps were largely expected - the market had been falling in previous weeks because of those expectations - and the main stock index was 0.4 percent higher after 30 minutes of trade."The absence of a direct corporate tax and a tax on dividends are both positive catalysts for the Saudi equity market in the short term," said Mohamed el-Jamal, managing director of capital markets at Abu Dhabi's Waha Capital."Sectors that are expected to ...

Markets - Equity - Middle East & Africa

Saudi bourse moves little before reform announcement DUBAI: Saudi Arabia's stock market moved little in early trade on Monday before the announcement of details of the kingdom's economic reform plan, while most other Gulf bourses edged down.The National Transformation Plan (NTP), a key part of efforts to make the Saudi economy less dependent on oil revenue, will be put before the cabinet for approval on Monday, a senior Saudi source told Reuters.Details of the NTP will be disclosed in daily news conferences ...

Markets - Equity - Middle East & Africa

Saudi shares fall before reform news; Zain up on refinancing DUBAI: Saudi Arabia's stock market fell on Sunday the details of the kingdom's economic reforms are announced, but telecommunications operator Zain Saudi soared in response to a loan refinancing. Other regional markets were mixed. The Saudi index dropped sharply late in the session and closed 1.2 percent lower. The Saudi government is expected to announced on Monday details of economic reforms that it originally outlined in April. That may include targets in a drive to ...

Markets - Equity - Middle East & Africa

Zain Saudi jumps on securing loan refinancing; Gulf bourses traded near flat DUBAI: Bourses in the Gulf traded near flat in early trade on Sunday with shares Saudi Arabia's third largest telecom operator surging after securing a refinancing loan.Zain Saudi Arabia jumped 6.7 percent after the telecom operator said in a bourse statement on Sunday it has signed a 2.25 billion riyal ($600 million) loan refinancing with a group of four local banks.The company is currently trading below its mean target price of 9.64 riyals, according to ...

Markets - Equity - Middle East & Africa

Gulf markets mixed ahead of OPEC meeting DUBAI: Stock markets in the Gulf were mixed in early trade on Thursday ahead of an OPEC meeting later in the day that will discuss the possibility of coordinated action among oil producers to support prices.Riyadh's stock index added 0.4 percent after 45 minutes of trade, with support from some petrochemical shares after Brent oil hit $50 a barrel. Saudi Basic Industries climbed 0.9 percent.Low-cost supermarket operator Abdullah Al Othaim jumped 7.0 percent to 103.75 ...

Markets - Equity - Middle East & Africa

Gulf bourses poised to end the month with losses DUBAI: Stock markets in the Middle East looked set to end the month down on Tuesday as investors sell off ahead of the holy month of Ramadan and find little incentive to buy shares.A Reuters poll of 14 leading fund managers held over the last 10 days found they had grown more cautious about building positions in equities.Twenty-one percent anticipate cutting back allocations to Middle Eastern stock markets in the next three months, while 14 ...

Markets - Equity - Middle East & Africa

Bourses fall in broad sell-off after oil dips below $50 DUBAI: Shares in the Gulf fell in a broad sell-off on Monday as investors booked profits after a dip in oil prices.Egypt was lower as foreign funds exited positions. Saudi Arabia's index lost 1.1 percent, its lowest close since April 11, before the kingdom announced plans to diversify away from hydrocarbon dollars. Eighty-eight percent of the shares closed down. Petrochemical shares were the main drag with Saudi Basic Industries, the largest listed producer, dropping 1.8 ...