12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi shares bounce as investors hunt for bargains; Egypt dips DUBAI: Saudi Arabia's stock market closed higher for a fourth straight session on Monday after last week's mega international bond sale by the government boosted sentiment, but Egyptian shares dropped further as a chronic dollar shortage weighed on sentiment. Riyadh's stock index rose 1.0 percent, taking its gains over the last four sessions to 6.2 percent. It underperformed the region earlier this year as low oil prices and government austerity measures hit the economy hard, so it may now have more room to snap back."At current valuations, the positive mood in the market is not likely to fade, but investors are starting to hunt for bargain buys," said a Jeddah-based portfolio manager. Petrochemical and industrial company Alujain jumped 7.6 percent after it said it would distribute a dividend of 0.5 riyal per share for 2016 - its first dividend since 1998. Retail chain Jarir Marketing gained 3.2 percent after Chairman ...

Markets - Equity - Middle East & Africa

Gulf firms with Saudi outperforming on continued optimism DUBAI: Stock markets in the Gulf firmed in early trade on Sunday with one of the main property developers in Saudi Arabia jumping on strong quarterly results and banking shares continuing their climb.Riyadh's index added a further 0.7 percent in the first half an hour as Dar Al Arkan jumped 6.5 percent in the first 15 minutes of trade after it reported a 21.4 percent rise in third-quarter net profit to 112.5 million riyals ($30.0 ...

Markets - Equity - Middle East & Africa

Mammoth bond issue boosts Saudi, Egypt rebounds DUBAI: Saudi Arabia's stock market rose sharply on Thursday as banks rallied after the kingdom's mammoth international bond sale, which could help to unclog liquidity bottlenecks in the economy. Egypt bounced as investors bought into recent dips.The Saudi index gained 2.3 percent in sharply higher turnover as all but one of the banks advanced, with Samba Financial, which earlier this week had reported a drop in third-quarter net income, jumping 5.2 percent. The kingdom conducted ...

Markets - Equity - Middle East & Africa

Saudi equity investors cheer mega bond debut, SEC jumps on Q3 profit DUBAI: Saudi Arabia's stock market rose in early trade on Thursday as the banking sector rallied following the kingdom's mammoth international bond sale, which could help to unclog liquidity bottlenecks in the economy. Other Gulf bourses were mixed.Riyadh's stock index added 1.2 percent as all but three listed Saudi banks advanced, with Samba Financial Group , which earlier this week had reported a drop in third-quarter net income, adding 4.0 percent.The kingdom conducted the largest ...

Markets - Equity - Middle East & Africa

Saudi weighed down by weak Q3 earnings DUBAI: Several disappointing third-quarter results from large Saudi companies dragged on the kingdom's stock index in morning trade on Tuesday, while other Gulf markets edged up in modest trade.Riyadh's index was down 0.8 percent after 70 minutes. Saudi Arabian Mining Co (Ma'aden) fell 2.7 percent after it posted a 4.6 percent rise in third-quarter net profit to 83.6 million riyals ($22.3 million) but missed analysts' average forecast of 122.7 million riyals.National Industrialization Co (Tasnee) swung ...

Markets - Equity - Middle East & Africa

Saudi shares hit by Q3 earnings, most of region weak DUBAI: Saudi Arabia's stock market fell on Monday after another set of disappointing third-quarter earnings, while other markets in the region were also weak, in line with the global trend. The Saudi index slipped 1.2 percent as Alinma Bank , the most heavily traded stock, dropped 2.9 percent. Alinma was the latest in a string of Saudi banks to report weak quarterly earnings as the slow economy increases impairment charges on loans; it posted a ...

Markets - Equity - Middle East & Africa

Saudi shares fall on Q3 earnings, rest of region soft DUBAI: Saudi Arabia's stock market fell in early trade on Monday after another set of disappointing third-quarter earnings. Other markets in the region were also weak in line, with the trend in Asia.The Saudi index slipped 0.7 percent in the first hour as Alinma Bank, the most heavily traded stock, dropped 2.2 percent.Alinma, the latest in a string of Saudi banks to report weak quarterly earnings as the slow economy increases impairment charges on loans, ...