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Last update: Thu, 11 Feb 2016 10pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Small-caps pull down Saudi, Egypt slides DUBAI: A sell-off of small-cap speculative stocks pulled Saudi Arabia's stock market down on Sunday, while Egypt dropped in response to weak global equities and concern about risks to the Chinese economy. Most Gulf markets were subdued.The Saudi index, which had plunged 9.9 percent last week as oil prices slid, fell a further 2.2 percent to 6,091 points, its lowest level since November 2011.In contrast to last week, Saudi petrochemical shares help up well, showing some resilience after a slide triggered by rises in the price of natural gas feedstock in the 2016 Saudi state budget. Saudi Basic Industries rebounded 1.1 percent.But margin calls triggered by recent losses hit smaller, speculative stocks hard. National Agricultural Development , for example, plunged 10.7 percent."It was an automatic response...People were not able to cover margin calls because of the prior losses," said one Riyadh fund manager.Major lender Al Rajhi Bank sank 2.7 percent ...

Markets - Equity - Middle East & Africa

Petrochemicals regain some strength in Saudi; Egypt tumbles DUBAI: A return of some strength to beaten-down petrochemical stocks helped support Saudi Arabia's stock market early on Sunday, while Egypt fell sharply because of a shaky outlook for the Chinese economy and global markets. The Saudi index, which had plunged 4.5 percent on Thursday, was down only 0.2 percent in the opening minutes of trade.Top petrochemical producer Saudi Basic Industries was flat while Saudi Kayan rose 0.8 percent. However, underlining expectations for an economic ...

Markets - Equity - Middle East & Africa

Gulf markets plunge as oil, global stocks tumble KUWAIT CITY: Share prices in the energy-rich Gulf states fell sharply on Thursday as oil dived to an 11-year low and China triggered a global markets rout.The gloomy economic indicators combined with tensions between regional heavyweights Saudi Arabia and Iran to dent investor confidence, leading to a massive sell-off that sent prices crashing.Markets in Riyadh and Dubai led the slide as both lost more than three percent in early trading. The remaining five Gulf bourses ...

Markets - Equity - Middle East & Africa

Gulf hit by oil, global equities slide, regional fears DUBAI: Gulf stock markets fell in early trade on Thursday, hit by oil prices' slide to fresh 11-year lows, a global equities sell-off in response to market turmoil in China, and the prospect of a slowdown in Gulf economies. Qatar's index sank 2.2 percent to 9,852 points in the opening minutes of trade, approaching technical support on its December low of 9,614 points. Selling was broad-based, but the biggest losers included oil-related stocks such as ...

Markets - Equity - Middle East & Africa

Gulf markets mixed in early trade DUBAI: Gulf stock markets were mixed in quiet, early trade on Wednesday, with worries about low oil prices and instability in the global economy deterring any aggressive buying. The Dubai index was up 0.3 percent on the back of low-priced, speculative stocks, with healthcare and education investment firm Amanat rising 2.6 percent in the market's heaviest trade. Blue-chip Emaar Properties fell 0.7 percent. Abu Dhabi lost 0.6 percent as First Gulf Bank , which jumped ...

Markets - Equity - Middle East & Africa

South African stocks recover, rand nears three-and-a-half-week low JOHANNESBURG: South African stocks snapped a five-session losing streak on Tuesday, buoyed by gold as a wave of risk aversion due to growth worries in China and rising tensions in the Middle East triggered a safe-haven rush.The rand fell to a near 3-1/2 week low on a resurgent dollar sparked by Chinese turbulence and political tussles between Saudi Arabia and Iran as well as their allies.On the bourse, the gold index, which jumped more than ...

Markets - Equity - Middle East & Africa

Most of Gulf weak, Saudi's Savola plunges on Iran tensions DUBAI: Most Gulf stock markets remained weak on Tuesday because of concern about volatile oil prices and the outlook for the global economy, while Egypt rallied on the back of buying by foreign investors.The Saudi index climbed in the opening minutes but soon turned lower and closed down 0.7 percent. Major food producer Savola plunged 9.7 percent after Saudi Arabia said it would cut off all commercial relations with Iran in its dispute with Tehran ...