12082016Thu
Last update: Thu, 08 Dec 2016 04pm

Middle East & Africa

Markets - Equity - Middle East & Africa

NCB Q3 profit miss weighs on Saudi, rest of Gulf weak DUBAI: Banking shares weighed on Saudi Arabia's stock index in morning trade on Sunday after the largest listed lender reported third-quarter profit below expectations, while neighbouring Gulf bourses were also soft.Riyadh's index pulled back 0.9 percent in the first 40 minutes of trade as National Commercial Bank (NCB) dropped 3.9 percent after reporting third-quarter net profit of 1.96 billion riyals ($522.7 million), down 1.6 percent from the same period of 2015. Three analysts had forecast on average that NCB would make a quarterly profit of 2.31 billion riyals.NCB, like most other Saudi banks that have already reported quarterly results, cited higher operating expenses, caused by higher impairments on financings and investments. The bank is a key lender to Saudi Arabia's troubled construction sector.A little over half of listed banks have now posted third-quarter earnings, and they have generally been flat or weak; the sector's sub-index fell 1.4 percent early on ...

Markets - Equity - Middle East & Africa

Egypt rallies on $2bn Saudi deposit; Gulf mixed DUBAI: Egypt's stock market surged on Thursday as local investors welcomed news that Saudi Arabia had deposited $2 billion in the Egyptian central bank. Gulf markets were mixed. Cairo's index of the 30 most valuable companies rallied 3.9 percent to 8,505 points in its heaviest trade since early August. Global Telecom soared 11.6 percent to 5.20 Egyptian pounds. Investment bank EFG Hermes jumped 4.4 percent.Egyptian state news agency MENA reported the Saudi deposit on Wednesday ...

Markets - Equity - Middle East & Africa

Petchems support Saudi, other Gulf bourses slip DUBAI: Positive third-quarter earnings from affiliates of Saudi Basic Industries supported Saudi Arabia's stock index in early trade on Thursday but the rest of the Gulf was weak, following global shares lower.Yanbu National Petrochemical (Yansab) climbed 2.0 percent after it reported a third-quarter net profit of 607.6 million riyals ($162.1 million), more than double the year-earlier figure. The result was broadly in line with the 624.7 million riyal average forecast of analysts.Saudi Kayan Petrochemical jumped ...

Markets - Equity - Middle East & Africa

QNB leads Qatar higher, oil supports Saudi petrochemical sector DUBAI: Positive third-quarter earnings from Qatar's largest listed stock helped boost Doha's index in early trade on Tuesday, while crude oil prices near one-year highs boosted sentiment in Saudi Arabia's petrochemical sector.Qatar National Bank gained 0.7 percent after it reported a 10.2 percent increase in third-quarter net profit. The main market index was up 0.4 percent.The bank posted a profit of 3.45 billion riyals ($947.5 million) compared with 3.13 billion riyals in the corresponding period ...

Markets - Equity - Middle East & Africa

Saudi stabilises, Gulf moves sideways in early trade DUBAI: Saudi Arabia's stock market stabilised early on Monday after a sharp fall on the previous day, while other Gulf stock markets largely moved sideways in quiet trade.The Saudi stock index, which had tumbled 2.2 percent on Sunday as banking shares dropped because of concern about the impact of government austerity policies on their balance sheets, was flat after 45 minutes of trade on Monday. The banking sector index edged up marginally.Qassim Cement dropped 3.2 ...

Markets - Equity - Middle East & Africa

Banks drag Saudi down, rest of region sluggish DUBAI: Banking shares dragged Saudi Arabian stocks lower in early trade on Sunday while markets in the rest of the region moved little as investors readied for third-quarter corporate earnings announcements.The Saudi stock index fell 0.5 percent in the first 75 minutes as the banking index dropped 0.9 percent.The central bank has told commercial banks to postpone for a month receiving payments on consumer loans to customers whose incomes have been hit by cuts to ...

Markets - Equity - Middle East & Africa

Banks, petchems boost Saudi shares, rest of Gulf weak DUBAI: Saudi Arabia's stock market continued rebounding on Thursday, led by bank and petrochemical shares, but most markets in the region weakened. The Saudi index rose 0.8 percent, although trading volume shrank to a modest level, suggesting many investors were staying out of the market.The banking index, beaten down in past days by news that banks would have to reschedule consumer loans and housing mortgages as government austerity steps cut their customers' incomes, rose 1.1 ...