09292016Thu
Last update: Thu, 29 Sep 2016 03pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf sinks, Drake & Scull hit in Dubai DUBAI: Gulf stock markets fell early on Monday after oil and Asian equities dropped because of the threat of a U.S. interest rate hike, while Dubai builder Drake & Scull declined sharply because of concern about its financial situation.Brent crude dropped back to just above $50 a barrel in Asian trade amid talk that a U.S. Federal Reserve gathering this week in Jackson Hole, Wyoming might signal the U.S. central bank is gearing up to raise interest rates.The Saudi stock index sank 1.6 percent to 6,115 points, confirming a break of technical support on its early August low of 6,226 points. That triggered a bearish right triangle formed by the highs and lows since April and pointing down to the 5,600-point area in the medium term.The market's drop was broad-based, with losers outnumbering gainers 158 to five. Saudi Industrial Investment Group plunged 7.4 percent to 12.60 riyals in heavy trade.However, ...

Markets - Equity - Middle East & Africa

Gulf edges down despite petchems; Telecom Egypt climbs DUBAI: Most Gulf stock markets edged down on Sunday despite strength in some Saudi Arabian petrochemical shares, while Telecom Egypt boosted Egypt's bourse slightly. Brent crude oil closed above $50 a barrel on Thursday and Friday for the first time since July 4. This encouraged buying of petrochemical stocks on Sunday, with Saudi Basic Industries adding 0.9 percent to 84.25 riyals, nearing technical resistance at 86-87 riyals, the top of the range in which it ...

Markets - Equity - Middle East & Africa

Petchems support Saudi, Qatar retreats after surge on FTSE DUBAI: Gulf stock markets were narrowly mixed in quiet trade on Thursday as petrochemical shares supported Saudi Arabia's index but Qatar pulled back after a surge this week due to hopes for inflows of foreign funds.The Saudi stock index closed 0.1 percent higher as the petrochemical sector's sub-index gained 1.1 percent after Brent crude oil futures hit a five-week high of $49.93 a barrel overnight. Saudi Arabia Fertilizers closed 4.8 percent higher in volatile trade.But ...

Markets - Equity - Middle East & Africa

Saudi falls to four-month low, FTSE hopes support Qatar DUBAI: Most Middle Eastern stock markets fell on Wednesday with Saudi Arabia hit by a broad sell-off, but support for Qatar persisted on expectations of fund inflows when index compiler FTSE includes it in its emerging market index next month.Doha's index rose 0.3 percent to a new nine-month closing high of 11,409 points, extending Tuesday's 2.2 percent rise.Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes the ...

Markets - Equity - Middle East & Africa

FTSE expectations boost Qatar, most markets retreat DUBAI: Qatari stocks rose on Tuesday amid expectations money will flow into the market when the index compiler FTSE promotes it to emerging-market status from frontier market. Most other Gulf markets gave up early gains to close lower and Dubai pulled back from technical resistance.FTSE, which will promote Qatar on Sept. 19, announced on Monday some of the criteria which it will use to choose individual Qatari stocks for its index, including liquidity requirements.Investment bank ...

Markets - Equity - Middle East & Africa

Gulf markets diverge, Egypt settles at 14-month high DUBAI: Stock markets in Dubai, Qatar and Egypt climbed to multi-month highs on Monday but Saudi Arabia was dragged lower by banking shares vulnerable to economic pressures due to low oil prices. Dubai's index rose 1.0 percent to end at 3,602 points, just below technical resistance at its April peak of 3,605 points, as trading volume more than doubled from Sunday, a positive technical signal.Any break of resistance would point up to the October peak ...

Markets - Equity - Middle East & Africa

IMF deal boosts Egypt, Saudi falls despite reform news DUBAI: Egyptian stocks rose on Thursday after Cairo and the IMF said they had agreed on a $12 billion loan, while major Gulf bourses pulled back and Saudi Arabia fell despite news that foreign investment curbs would be eased sooner than expected. Egypt's index climbed 1.0 percent to a 13-month closing high after Cairo reached a preliminary three-year, $12 billion funding deal with the International Monetary Fund. But although the loan may ease pressure on ...