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Middle East & Africa


Saudi Arabia stock tumbles as Arab states consider Yemen intervention DUBAI: Saudi Arabia's stock market tumbled in a broad sell-off on Wednesday as investors grew concerned about upcoming first-quarter earnings announcements, stretched valuations and the escalation of military conflict in neighbouring Yemen.Other Gulf bourses were also weak, even as oil prices climbed about 1 percent on the back of a weaker U.S. dollar, indicating that concern over Yemen may be shared across the region.The main Saudi index sank 5.0 percent, its biggest daily drop in three months, with most stocks deeply in the red on strong volume.The benchmark had vastly outperformed other Gulf markets and was up 12 percent year-to-date as of Tuesday's close. Most other markets in the region are sitting on year-to-date losses."We have been talking about expensive valuations for the last couple of weeks," said Abdullah Alawi, assistant general manager and head of research at Aljazira Capital. "But the drop was faster than expected."Expectations for first-quarter earnings ...

Kenya stocks snap three-day losing streak, shilling steady NAIROBI: Kenya's main share index broke a three-day losing streak to close higher on Wednesday, while the shilling was steady.Oil marketer KenolKobil was among the gainers on the bourse after reporting that its 2014 pretax profit more than doubled to 1.52 billion shillings ($17 million).The fuel retailer's share price ended the session 7.5 percent higher at 10.05 shillings, after surging 9 percent to near a three-week high of 10.20 shillings earlier."For Kenol, they announced the ...
Saudi Arabia stock drops, Egypt pulls back DUBAI: Saudi Arabia's stock market pulled back broadly in early trade on Wednesday as investors eyed upcoming first-quarter earnings announements, while Egypt's market also fell.The main Saudi index dropped 2.6 percent with most stocks in the red. Saudi Arabian Mining Co (Ma'aden) tumbled 8.5 percent and was one of the main drags.The firm said on Tuesday that one of its facilities, in which Saudi Basic Industries also has a stake, had been forced to shut ...
South African stocks end slightly higher, Capitec hits record high JOHANNESBURG: South African stocks ended slightly higher on Tuesday, following in the footsteps of major overseas markets, with Capitec Holdings surging to lifetime high after the lender reported higher annual profit.Capitec rallied 7.19 percent to close at a record closing high of 499.50 rand, after giving up some of its gains from an earlier peak of 505 rand during the session.The lender's new strategy of targeting wealthier clients in addition to its core low-income customers ...
Land tax plan shakes up Saudi market; ruler's return boosts Oman DUBAI: A sell-off in the property sector slowed Saudi Arabia's advance on Tuesday after the government approved a plan to tax undeveloped land, while Oman rallied because of the return of Sultan Qaboos after lengthy medical treatment abroad.The main Saudi index inched up 0.1 percent as food maker Savola Group extended its rebound, jumping 2.9 percent.Another major support was Saudi Cement Co, which rose 2.5 percent. Major builder Abdullah Abdul Mohsin al-Khodari and Sons jumped ...
Kenyan shilling firms on dollar inflows, stocks decline NAIROBI: Kenya's shilling strengthened on Tuesday, helped by dollar flows from offshore investors preparing to buy a government bond due to be auctioned on Wednesday.The main shares index fell for a third straight day.At close of trade, commercial banks quoted the shilling at 91.70/80 to the dollar, from Monday's close of 91.90/92.10.Traders said tight shilling liquidity and dollar inflows from offshore investors seeking to buy a 12-year infrastructure bond worth 25 billion shillings ($272 million) ...
Saudi stock rises despite land tax concerns; Egypt firm DUBAI: Saudi Arabia's stock index edged up in early trade on Tuesday despite a minor panic in the real estate sector triggered by a plan to tax undeveloped land. Egypt's market rose broadly.The main Saudi index climbed 0.6 percent as food maker Savola Group extended its rebound, jumping 3.5 percent.Another major support was Saudi Cement Co, which rose 3.3 percent. Other cement stocks were also strong and modular building producer Red Sea Housing Services rose ...


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln