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Middle East & Africa


Saudi's Mobily tumbles for a second day since earnings shock DUBAI: Shares in Saudi Arabia's Mobily tumbled for a second day on Wednesday as investors dumped the stock after the telecommunications firm revised 18 months of prior profits and announced a shock third-quarter profit drop. Mobily's shares fell 9.7 percent to 65 riyals ($17.32), taking its losses to 18.5 percent in two days since resuming trading. As of 0805 GMT, about 125,000 Mobily shares had been sold while sell orders totalling more than 23 million shares remained unfulfilled, according to Reuters data.On Monday, Mobily cut its profits for 2013 and the first half of 2014 by a combined 1.43 billion riyals ($381.2 million), citing accounting errors, and also reported a 71 percent drop in third-quarter profit. Mobily's actions prompted the bourse regulator to launch a probe."Mobily was well traded by both institutions and retail investors," said Sanyalaksna Manibhandu, manager of research at NBAD Securities. "At some point everything will be ...

Saudi may stay under pressure as oil, Mobily worries persist DUBAI: Saudi Arabia's bourse may stay under pressure on Wednesday as oil prices remain near multi-year lows and investors queue to offload shares in Mobily after the telecommunications operator's earnings shock.The Saudi index tumbled 3.5 percent to 9,785 points on Tuesday, its biggest drop since Oct. 16 and a two-week low. Its next technical support is at the October low of 9,341 points. Third-quarter earnings season is over so there appears little motivation for traders ...
Gulf markets rise sharply in response to global cues DUBAI: Gulf stock prices rose sharply in early trade on Sunday as a positive global environment drew local retail investors into the markets.Major foreign bourses surged more than 1 percent on Friday, partly because the Bank of Japan surprised markets by ramping up its economic stimulus programme. Although the long-term outlook for oil prices remains uncertain, Brent crude has stabilised around $85 a barrel in recent days.The main Qatari stock index was up 1.1 percent ...
Mideast markets slip as profit-taking continues DUBAI: Stock markets in the United Arab Emirates and Qatar edged down in early trade on Thursday as investors continued to book profits and global markets fell following the shutdown of the U.S. Federal Reserve's bond buying programme.Dubai's index fell 0.9 percent with most shares in the red and Abu Dhabi edged down 0.7 percent."We are still in a profit-taking mood," said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. ...
Emaar, CBQ may support markets but global backdrop weak DUBAI: Solid earnings posted by Dubai's Emaar Properties and Commercial Bank of Qatar may support their respective stock markets on Thursday, but the end of the U.S. Federal Reserve's stimulus program has weakened the global backdrop.Emaar Properties, Dubai's largest listed developer, reported a 21 percent rise in third-quarter net profit on Wednesday. At 701 million dirhams ($191 million), its earnings missed an estimate by brokerage SICO Bahrain, which had forecast Emaar's quarterly profit would be ...
Mideast markets diverge on mixed results; Qatar, Egypt outperform DUBAI: Strong performances by property developers lifted Qatar's bourse on Tuesday, while Egypt rebounded after a pull-back prompted by violence in Sinai. Other markets in the region consolidated after mixed third-quarter earnings.Dubai's index was nearly flat. Shares in logistics firm Aramex rose 0.3 percent after it reported a 16 percent rise in third-quarter net profit to 69.5 million dirhams ($18.95 million) on Monday.Although the figure was lower than the average estimate of analysts polled by ...
Markets remain vulnerable after mixed earnings DUBAI: Stock markets in the Middle East look likely to remain vulnerable to further selling pressure on Tuesday after mixed corporate results and lacklustre performance by global equities. European stocks fell on Monday, hit by weak German business sentiment and another decline in oil prices, while US benchmarks were mixed overnight.Europe's weakness had already weighed on investor sentiment in the region on Monday and most Middle Eastern markets closed in the red, with Dubai and ...


Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,729.17 0.03
Arrow DAX 9,915.56 0.55
Arrow CAC-40 4,373.42 0.20
Arrow Nikkei 17,383.58 0.14
Arrow H.Seng 24,111.98 1.12
Arrow Sensex 28,386.19 0.17

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln