02122016Fri
Last update: Fri, 12 Feb 2016 09pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf stocks battered on oil, global economy woes KUWAIT CITY: Stock markets in the energy-rich Gulf states plunged Wednesday, following the massive rout in global shares as oil resumed its decline.The fresh fall came a day after most Gulf bourses made a strong rebound as oil and world stocks saw important gains.But all seven bourses in Gulf countries, which pump around 18 million barrels of oil a day, dropped on Wednesday, led by Saudi Arabia and Dubai.The Saudi Tadawul All-Shares Index, the largest Arab bourse, dipped more than 4.0 percent to fall below the key 5,500-point mark at mid-session.The leading petrochemicals and banking sectors fell 5.6 percent and 3.7 percent, respectively.The Dubai Financial Market Index finished the day down 4.6 percent to drop to 2,638.76 points, its lowest level for 30 months.Leading shares Emaar properties and Arabtec construction plunged 5.2 percent and 7.7 percent. The Abu Dhabi Securities Exchange shed 3.1 percent to drop below the 3,800-point level, ...

Markets - Equity - Middle East & Africa

Dubai, Abu Dhabi bourses plunge to 28-month closing lows DUBAI: Dubai and Abu Dhabi's bourses both tumbled more than 3 percent to 28-month lows on Wednesday, wiping out the previous day's rebound as investors cashed out on renewed worries over low oil prices and a global equity market rout.Dubai's index plunged 4.6 percent, closing at 2,639 points.The two most traded stocks on the bourse were contractors Arabtec and Drake & Scull, declining 7.7 and 9.5 percent respectively.Abu Dhabi's bourse slumped 3.1 percent to 3,768 ...

Markets - Equity - Middle East & Africa

Nigeria's stocks rise 3pc in early trade, bucking global trend LAGOS: Nigeria's share index gained 3.31 percent in early trade on Wednesday, a dramatic recovery after a consistent 2-week decline amid bargain hunters taking positions in the market, traders said.The share index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, had fallen below the psychologically important 23,000-point line to a level last seen on July 2012 on Monday due to worries over falling oil price and the naira exchange rate.The ...

Markets - Equity - Middle East & Africa

Bourses rebound from near multi-year lows as oil edges up DUBAI: Major Middle East bourses climbed more than 2 percent on Tuesday after global oil and equity markets stabilised, encouraging investors to buy stocks with beaten-down valuations.The Saudi index, which had tumbled 20 percent since the end of last year, jumped 4.0 percent to 5,746 points. One of the top performers was Southern Province Cement, a mid-cap materials company, which rocketed 9.8 percent after it reported a 21.6 percent increase in fourth-quarter net profit.Other mid-caps ...

Markets - Equity - Middle East & Africa

Gulf stocks follow world shares rally KUWAIT CITY: Stock markets of the energy-rich Gulf states made a strong comeback on Tuesday following a global shares rally and a small rise in oil prices.The rebound, led by the Qatar Exchange, came after days of contraction by all seven Gulf bourses due to a sharp drop in crude prices and gloomy forecasts about global economy.Qatar Exchange rose 5.5 percent but remained below the 8,900-point level, making up some of its heavy losses since ...

Markets - Equity - Middle East & Africa

Gulf rebounds after global markets stabilise DUBAI: Gulf bourses rebounded early on Tuesday after global oil and equity markets stabilised for the time being at least, encouraging local investors to buy blue-chip stocks with attractive valuations.In Qatar, the index jumped 3.9 percent in the first 20 minutes, pulling away from multi-year lows.Masraf Al Rayan surged 9.9 percent and was the best-performing stock. Qatar's second-largest bank by market value reported a 3 percent fall in fourth-quarter net profit to 559 million riyals ...

Markets - Equity - Middle East & Africa

Kenyan shilling steady, shares fall NAIROBI: The Kenyan shilling was unchanged against the dollar on Monday, with traders saying activity was likely to remain subdued until the central bank sets its key lending rate on Wednesday. Shares fell.At 1330 GMT, commercial banks posted the shilling at 102.35/45, the same level it closed on Friday."There was not much movement today, no big tickets," said a trader at a commercial bank. A second trader said the focus has shifted to the central ...