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Middle East & Africa


Egypt drops further on FX worries, Saudi moves little DUBAI: Egypt's stock market continued dropping early on Monday because of concern about the possibility of a "Big Bang" devaluation of the currency, while Saudi Arabia's bourse traded near technical support. The Egyptian index sank 2.6 percent on Sunday after strong US economic data suggested US interest rates might be hiked next month, putting further pressure on the Egyptian pound. The index fell a further 0.7 percent in the opening minutes on Monday. After Egypt's two largest state banks launched savings certificates for Egyptian pounds with a high interest rate of 12.5 percent, there is speculation that this could be part of preparations to abandon a slow, managed depreciation of the currency and instead engineer a large, one-off devaluation. Such an approach might be positive for the stock market in the long run by dealing decisively with a hard currency shortage that has overshadowed the market for years. But it ...

Gulf markets edge up after tumble on rate worries DUBAI: Gulf stock markets edged up in quiet trade early on Monday after falling on Sunday because of expectations, fuelled by strong US economic data, that the US central bank will begin raising interest rates in December.The Dubai stock index, which sank 3 percent on Sunday, rose 0.8 percent in the opening minutes of Monday. Emaar Properties rebounded 1 percent.But healthcare and education investment company Amanat Holdings, which listed last November, fell 2.2 percent after ...
Markets sunk by US rate hike threat DUBAI: The threat of a US interest rate hike in December dragged down major Middle East stock markets on Sunday, illustrating how fragile investor sentiment in the region has become in the face of low oil prices.Short-term US bond yields rose to their highest in five years on Friday after very strong US jobs data for October boosted the likelihood that the Fed will raise rates before year's end.Money market rates have already been rising ...
Saudi slips, real estate firms boost Dubai and Egypt DUBAI: Saudi Arabia's stock market fell on Thursday after oil prices slipped again, as real estate developers boosted the Dubai and Egyptian bourses.Brent crude tumbled nearly 4 percent overnight, to back below $50 a barrel. This undermined petrochemical stocks including Saudi Basic Industries, which lost 1.5 percent.Saudi International Petrochemical Co (Sipchem) dropped 2.9 percent after saying it might not pay a dividend for the second half of 2015, despite seeing results from a restructuring intended ...
Saudi rises from chart support, data caps Egypt DUBAI: Saudi Arabia's stock market rose slightly from near technical support early on Wednesday, while poor economic data continued to weigh on Egypt. The Saudi stock index edged up 0.3 percent to 6,974 points after falling to 6,955 points on Tuesday following Standard & Poor's downgrade of the kingdom's debt. It has support at its August low of 6,921 points. Al-Rajhi Bank rose 1.5 percent. Late on Tuesday, Fitch Ratings lowered the outlooks for the ...
Saudi stocks fall after S&P downgrade DUBAI: Saudi Arabian stocks fell early on Sunday after Standard & Poor's cut its rating of the kingdom's sovereign debt, citing damage to state finances from low oil prices. Egypt's bourse edged down in sympathy.The downgrade will have little direct financial impact on Saudi Arabia because the government and Saudi companies have minimal foreign debt. The other two major rating agencies, Moody's and Fitch, have higher ratings for the kingdom than S&P.Nevertheless S&P's action, in ...
Gulf markets slip after S&P downgrade of Saudi debt DUBAI: Gulf stock markets fell in early trade on Sunday after Standard & Poor's downgraded Saudi Arabia's sovereign debt while keeping a negative outlook on it because of low oil prices.The other two major rating agencies, Moody's and Fitch, have higher ratings for the kingdom. The government and Saudi companies have minimal foreign debt, so the downgrade will not have any direct financial impact.Nevertheless, S&P's action feeds into investor concern about the long-term direction of ...


Index Closing Chg%
Arrow DJIA 17,719.92 0.44
Arrow Nasdaq 5,108.67 0.37
Arrow S&P 2,080.41 0.46
Arrow FTSE 6,356.09 0.30
Arrow DAX 11,382.23 0.78
Arrow CAC-40 4,957.60 0.56
Arrow Nikkei 19,747.47 0.69
Arrow H.Seng 21,996.42 0.33
Arrow Sensex 26,145.67 0.07

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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 30, 2015
Reserves $19.828 bln