06262016Sun
Last update: Sun, 26 Jun 2016 02pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Dubai weakens in early trade, Saudi choppy DUBAI: Shares in Dubai dropped in early trade on Monday as investors cashed out of stocks which have made recent gains, while Saudi Arabia's stock market was choppy.In Dubai losers outnumbered gainers 14 to six and the index was down 1.0 percent.Blue-chips Emaar Properties, which has been rising for three session, lost 1.7 percent, while Dubai Islamic Bank, which was a top gainer on Sunday, dropped 2.2 percent.But the 0.6 percent gain in Etisalat, the largest listed stock and a constituent of the MSCI emerging market index, lent support to Abu Dhabi's index which was up 0.04 percent.Aldar Properties, the largest listed real estate stock by market value in Abu Dhabi, added 0.4 percent.In Saudi Arabia the index was being tugged in opposing direction by the two largest sectors by market value.The banking sector, which was the main laggard on Sunday, added 0.2 percent with the largest Islamic lender Al ...

Markets - Equity - Middle East & Africa

Scrapped Americana sale weighs on Kuwait; other bourses mixed DUBAI: Shares in Kuwaiti companies linked with the al-Kharafi family tumbled on Sunday after the multi-billion-dollar sale of another Kharafi-controlled business was scrapped, while other markets were mixed in thin trade.Investment company Adeptio had agreed in February to buy 69 percent of Kuwait Food Co (Americana) from Al Khair for Stocks and Real Estate, which is run by the wealthy Kharafi merchant family. But Al Khair announced on Sunday that the sale had been scrapped.Americana's ...

Markets - Equity - Middle East & Africa

Saudi shares drop despite oil over $50 but Dubai lifted DUBAI: A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed.The Riyadh index failed to hold on to earlier gains as investors booked profits, snapping two days of gains.Although petrochemical shares remained resilient, with the sub-index advancing 0.3 percent, it closed 49 points below its intra-day high, a sign that investors lack belief ...

Markets - Equity - Middle East & Africa

Gulf bourses rise in early trade as oil breaks $50 DUBAI: Gulf shares rose in early trade on Thursday as oil prices climbed to hit their highest levels in six months and global equity markets edged higher.Petrochemical shares lifted Riyadh's index 0.6 percent with Saudi Basic Industries, the largest listed producer, adding 1.2 percent as Brent oil prices broke over $50 a barrel in Asian trade.Makkah Construction added 0.6 percent after it reported a 6 percent rise in its quarterly income. The company attributed the ...

Markets - Equity - Middle East & Africa

Gulf bourses rise in early trade, Saudi petchems lead DUBAI: Gains for global equity and oil markets supported Gulf bourses in early trade on Wednesday, with Riyadh's index gaining one percent in the first hour as investors bought back shares which were sold off at the start of the week.Saudi petrochemical shares were particularly strong, lifted by firm oil prices. Saudi Basic Industries was up 1.6 percent.Saudi Cement rose 1.6 percent after the company said it had sold its 40-percent stake in a Kuwaiti ...

Markets - Equity - Middle East & Africa

Global bourses, oil to support Gulf DUBAI: Rises in global equity and oil markets look set to support bourses in the Gulf on Wednesday, although trading volumes are likely to stay thin.Brent oil futures have risen 1.1 percent to $49.19 a barrel in early Asian trade, while MSCI's broadest index of Asia-Pacific shares outside Japan is up 1.6 percent.Most stock markets in the Gulf have witnessed dwindling volumes over the last ten days with the approach of the holy month of ...

Markets - Equity - Middle East & Africa

Gulf mostly rises, quieter as Ramadan nears DUBAI: Most Gulf stock markets rose on Tuesday but trading volumes were small as some investors stayed away because of the approach of the holy month of Ramadan and summer holidays, when activity tends to decrease in some bourses.Dubai's index spent most of the day little changed but closed 1.0 percent higher after a surge in the final half-hour.Investment bank Shuaa Capital jumped 3.7 percent in unusually heavy trade after sources told Reuters that it ...