05052016Thu
Last update: Thu, 05 May 2016 02am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf markets mixed, Dubai's Shuaa loses steam DUBAI: Stock markets in the Gulf were mixed in early trade on Sunday with most shares moving little, as Dubai's Shuaa Capital lost steam after soaring last week.Shuaa rose more than 7 percent in the opening minutes of trade on Sunday but after 75 minutes was flat. On Thursday the stock, which has rebounded from a record low hit earlier this year, soared the 15 percent daily limit in its heaviest trading volume since at least 2002.In a statement to the exchange on Sunday, Shuaa said it had held a routine board meeting on Thursday but "did not resolve any material matter" at the meeting. It did not elaborate.Dubai's stock index fell 0.9 percent to 3,288 points, approaching technical support on its mid-March low of 3,253 points. Dubai Parks & Resorts pulled back 2.9 percent.Abu Dhabi's index edged down 0.1 percent with most of the 10 most active stocks barely ...

Markets - Equity - Middle East & Africa

Egypt edges up after central bank dollar injection; Saudi slips DUBAI: Egypt's stock market edged up in early trade on Sunday after central bank Governor Tarek Amer said he had pumped $22 billion into the banking system to clear goods piled at ports, while Saudi Arabia's bourse fell on weak cement and telecommunications shares.Amer's remarks on Saturday were taken as a positive sign that authorities were taking aggressive action to ease Egypt's hard currency shortage, though he did not give details of where he was ...

Markets - Equity - Middle East & Africa

Egypt continues rises after cabinet reshuffle, Gulf slips DUBAI: Egypt's stock market rose again on Thursday on hopes a new cabinet could give the economy a boost, while a pull-back by Brent oil below $40 a barrel and a cut in telecoms roaming fees pushed down Gulf bourses. The Egyptian index gained 0.7 percent in active trade, adding to its 0.9 percent rise on Wednesday in response to a cabinet reshuffle that appeared to focus on improving economic performance. Banking veteran Amr el-Garhy ...

Markets - Equity - Middle East & Africa

Saudi stock edges up, Egypt soft in early trade DUBAI: Saudi Arabia's stock market edged up in early trade on Wednesday on the back of second-tier stocks favoured by local retail speculators, while Egypt's market was soft in narrow trade.The Saudi index climbed 0.4 percent to 6,508 points in the first 45 minutes. Earlier this week it broke above its 100-day average, now at 6,460 points, a positive medium-term technical sign.Among major gainers, Wafa Insurance jumped 7.6 percent in unusually heavy trade.Egypt's index edged ...

Markets - Equity - Middle East & Africa

Gulf edges down in narrow trade DUBAI: Gulf stock markets edged down in narrow trade early on Wednesday with few new incentives to buy shares, although buying interest on dips suggested an extended pull-back was not beginning.Dubai's benchmark index fell 1.0 percent in the first 75 minutes amid profit-taking in real estate stocks, with Emaar Properties down 1.5 percent.But Drake & Swull was flat after saying it had won a 340 million Qatari rial ($93.4 million) contract for work on the ...

Markets - Equity - Middle East & Africa

Markets mixed as Saudi, Egypt make late dip DUBAI: Middle East markets were mixed on Tuesday as the later-closing Saudi Arabia and Egypt bourses gave back initial gains following a renewed drop in oil prices.Brent crude, which had risen more than 50 percent from 12-year lows in January, was down 0.8 percent at $41.23 a barrel at 1240 GMT.The prolonged oil slump sparked panic selling on Gulf markets in January, but confidence has steadily returned as traders' worst fears of a repeat of ...

Markets - Equity - Middle East & Africa

Egypt resumes post-devaluation uptrend, Gulf moves little DUBAI: Egypt's stock market resumed rising on Monday after soaring last week in response to a currency devaluation, while most Gulf markets moved little as oil prices pulled back slightly.The Cairo index jumped 14 percent last week on hopes that the devaluation would attract foreign fund inflows, helping to resolve the country's longstanding foreign exchange shortage.On Sunday, the index fell back 0.3 percent, and it dropped further early on Monday. But it rallied in late ...