06292016Wed
Last update: Wed, 29 Jun 2016 03pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi slumps over 3pc, other bourses mixed DUBAI: Saudi Arabia's stock index sank 3.1 percent on Monday as investors sold shares indiscriminately, while the United Arab Emirates and Qatar held onto small gains. Egypt fell as foreign funds exited the market.Saudi shares were dumped across the board in the largest single-day decline since the government announced sweeping economic reforms in late April."Investors are cashing out and keeping cash available on hand before the extended low-volume season of Ramadan and summer vacations," said Sebastien Henin, head of asset management at Abu Dhabi's The National Investor.Henin said there was now "no positive news" supporting Gulf equity markets since oil prices had stopped climbing in recent days and equity valuations in the Gulf had adjusted higher, in line with other emerging stock markets, during a strong rebound from their January lows.Saudi Basic Industries, the biggest petrochemical producer, dropped 3.0 percent. Retail industry shares, which have been advancing since late last ...

Markets - Equity - Middle East & Africa

Gulf bourses diverge in early trade DUBAI: Stock markets in the Gulf trod separate paths on Monday, with Saudi Arabia's market lagging while the two main markets in the United Arab Emirates held on to small gains.Riyadh's index was down 1.2 percent after an hour of trade amid a sell-off in petrochemical shares after oil prices weakened.Brent oil was down 0.9 percent at $48.25 a barrel; mid-sized petrochemical producers were hit hardest, with Saudi Kayan dropping 3.0 percent.Retail industry shares, which ...

Markets - Equity - Middle East & Africa

Gulf markets edge lower in early trade DUBAI: Stock markets in the Gulf edged down in early trade on Sunday as investors took profits, encouraged by a dip in Brent oil futures at the end of last week.Riyadh's stock index lost 0.2 percent, weighed down by the petrochemical sector. Saudi Basic Industries, the largest listed stock by market value, was down 0.6 percent.But some retail industry shares, which had largely been weak since reporting quarterly results last month, outperformed the market with ...

Markets - Equity - Middle East & Africa

Markets retreat on weak oil, US rate worries DUBAI: Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June.The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27.Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform ...

Markets - Equity - Middle East & Africa

Gulf pulls back on weaker oil, US rate outlook DUBAI: Gulf stock markets lost ground in early trade on Thursday after oil prices retreated and Asian stocks fell on speculation the United States would raise interest rates as early as June.The Saudi index dropped 0.4 percent in a broad-based decline during the first hour> Losers outnumbered gainers 119 to 28.Miner Ma'aden, which has been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's ...

Markets - Equity - Middle East & Africa

Most Gulf bourses slip in early trade, Saudi firm DUBAI: Most Gulf bourses were weak in early trade on Wednesday as investors booked profits, while Saudi Arabia's index edged up.Saudi Arabia's Advanced Petrochemical surged 3.5 percent after the company announced plans to increase its share capital by 20 percent to support future growth. The company also said it recommended distributing a cash dividend of 0.75 riyal per share for the first quarter."We expect the company will distribute 3.0 riyals per share for 2016. If ...

Markets - Equity - Middle East & Africa

Saudi, Dubai rise; Mobily up on waiver of loan breaches DUBAI: Saudi shares rose early on Tuesday, lifted by firmer oil prices and news that Saudi Arabia's second-largest telecommunications operator Mobily had secured waivers from all its lenders on breaches of loan agreements.Real estate stocks lifted the Dubai index.Etihad Etisalat (Mobily) jumped 6.7 percent after it said lenders who had not already agreed in December to waive breaches in loan terms had now done so.Rivals Saudi Telecom and Zain Saudi were up 0.8 and 1.1 ...