01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Profit-taking hits Gulf equities after oil tumbles DUBAI: Profit-taking hit major equity markets across the Gulf in early trade on Sunday after crude oil suffered its biggest weekly percentage decline since January.Petrochemical shares were the main drag on Saudi Arabia's index, which was down 0.4 percent after 25 minutes. Heavyweight Saudi Basic Industries lost 0.3 percent after Brent oil closed at $45.58 a barrel on Friday, the lowest since Aug. 11.Banking shares were also weak after enjoying two weeks of strong gains, with the sub-index down 0.3 percent.Qatar's index extended losses, heading for its third straight session of declines and its lowest close in four months. All but one of the index's traded shares was down with commodity producer Industries Qatar off 1.3 percent.Mid-sized stocks dragged Dubai's index 0.7 percent lower with amusement park builder DXB Entertainments dropping 2.0 percent and Dubai Financial Market the only listed bourse in the Gulf, falling 1.7 percent.In Abu Dhabi, Dana ...

Markets - Equity - Middle East & Africa

South African stocks slip to eight-month low, rand weaker JOHANNESBURG: South African stocks ended the week at an eight month-low on Friday, after three days of losses driven by uncertainty about the outcome of the US presidential election. The rand currency also weakened, succumbing to a bout of renewed dollar strength after solid jobs data in the United States bolstered the case for an interest rate hike by the Federal Reserve next month. The All-Share index fell 1.1 percent to 49,686 points, a level ...

Markets - Equity - Middle East & Africa

Most of Gulf falls with global trend but Saudi firm DUBAI: Most Gulf stock markets rose early on Wednesday after drops in global bourses and oil prices, but banking shares continued to support Saudi Arabia.In the nine days through Monday, the Saudi index added 10.1 percent in response to the success of Riyadh's international bond issue, which eased concern about tight liquidity in the banking system.On Tuesday, the index pulled back slightly, but in the first half-hour of trade on Wednesday it edged up 0.2 ...

Markets - Equity - Middle East & Africa

Gulf consolidates in early trade, Saudi banks lose steam DUBAI: Gulf stock markets consolidated in early trade on Monday as Saudi banks, which had led the local bourse up for eight days after Riyadh's sovereign bond sale eased concern about tight liquidity in the economy, lost steam.The main Saudi stock index, which had gained 9.5 percent during the eight-day rally, edged down 0.03 percent in the first half-hour as the banking sector index fell 0.02 percent.The biggest lender, National Commercial Bank, continued climbing, however, ...

Markets - Equity - Middle East & Africa

Gulf markets consolidate but Saudi banks continue rebound DUBAI: Gulf stock markets consolidated in early trade on Sunday because of a lack of positive factors and sluggish global bourses, but Saudi Arabian banks continued to rally.Saudi Arabia's index edged up 0.3 percent in the first 30 minutes as banks, which have led the market up for seven straight days in response to Riyadh's mammoth international bond sale, gained 0.6 percent.The biggest lender, National Commercial Bank, surged 3.2 percent. Late on Thursday, the central ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Banks boost Gulf markets in weak global environment DUBAI: Banking shares that were beaten down earlier this month by fears of slowing economic growth in the region boosted several Gulf stock markets on Thursday, despite weakness in Asian bourses and oil prices. The Saudi bank sector has been strong since last week's big international bond sale by the government partly eased fears of a liquidity drought in the economy. On Thursday, the sector index climbed 1.5 percent in its seventh straight day of ...

Markets - Equity - Middle East & Africa

Saudi notches higher, rest of Gulf weighed down by bank shares RIYADH: Advances in several shares focused on domestic demand supported Saudi Arabia's stock market index in early trade on Tuesday, while other Gulf markets dipped, weighed down by the banking sector.The Saudi stock market index notched up 0.4 percent after half an hour of trade, heading for its fifth consecutive session of gains.Electronics and bookstore chain Jarir Marketing added 2.2 percent, building on Monday's 3.2-percent gain after Chairman Muhammad Alagil told Reuters that the retail ...