Middle East & Africa
Thursday, 18 October 2012 17:18
875
DUBAI: Kuwait's bourse dropped to a four-week low on Thursday because of rising political tensions, while other Gulf bourses were mixed in quiet trade ahead of the weekend.
Jittery investors have sold shares in Kuwait since protests on Monday which called for the emir to set a date for upcoming parliamentary elections. Worries about politics weighed on the market on Thursday ahead of a cabinet meeting later in the day.
In some of the strongest remarks by an opposition figure, former lawmaker Musallam al-Barrak appealed directly to Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah during the protests to avoid "autocratic rule". His speech contained extremely rare criticism of the emir, which analysts said might spark a strong reaction from the authorities.
The main stock index lost 0.5 percent on Thursday, closing at its lowest level since Sept. 23.
Volumes were focused in smaller caps, an indication the activity is mainly retail investor-driven. Gulf Investment House ...
DUBAI: Saudi Arabia's benchmark slumped to a fresh 10-week low on Tuesday as investors fretted that a gloomier outlook for the global economy would lead to lower oil receipts for the world's top crude exporter.
Other Middle East markets were mixed, with investors cautious as third-quarter earnings season got under way.
The International Monetary Fund cut its growth forecasts for the second time in six months on Tuesday, warning the global economic slowdown was worsening.
"This will obviously ...
JOHANNESBURG: South African stocks set a record high on Friday with mining shares among the top performers as investors chased bargains in the sector battered in recent days by a wave of wildcat strikes.
A weaker rand, higher metal prices and an upbeat tone in global markets after data showed a surprise drop in the US jobless rate added to the bullish sentiment. Mining companies benefit from a weaker rand because they sell commodities for dollars ...
JOHANNESBURG: South African stocks ended slightly lower on Wednesday, falling for a second day, with Kumba Iron Ore tumbling nearly 5 percent as wildcat strikes plaguing the mining industry spread to one of its mines.
Pick n Pay, South Africa's No.2 grocer, jumped 4.8 percent to 46.47 rand after it named the former UK head of Tesco as its new chief executive, ending a roughly seven-month hunt for the a new CEO.
A wave of illegal mine ...
NAIROBI: Kenya's main electricity producer KenGen posted an 11 percent rise in full year pretax profit to 4.045 billion shillings ($47.53 million), helped by increased output from new plants, it said on Wednesday.
The firm attributed the improved profits to a 14.5 percent increase in revenue to 17.4 billion shillings, buoyed by improved electricity sales due to increased production capacity from newly commissioned power plants.
On the other hand, operating costs rose at a slower pace, increasing ...
NAIROBI: The Kenyan shilling weakened early on Tuesday as end-month demand for dollars from importers gathered pace, though rising interest rates on the money market could cap losses, traders said.
At 0646 GMT, commercial banks quoted the shilling at 84.95/85.05, slightly weaker that Monday's close of 84.80/85.00.
"(Dollar) demands seems to be building up as the month draws to a close. With this in mind we still anticipate some shilling weakness," Bank of Africa said in a ...
More Articles...
| |||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||
