12082016Thu
Last update: Thu, 08 Dec 2016 05am

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi leads region down on weak oil, austerity steps DUBAI: Saudi Arabia's stock market fell sharply for a second straight day on Wednesday, leading the entire region down, in response to weak oil prices and government austerity measures.The Saudi equities index, which had retreated 3.8 percent on Tuesday, sank a further 3.4 percent to 5,534 points, its lowest finish since Jan. 21. It has tumbled 19.5 percent from a peak in April.Trading volume climbed to a two-month high as the index fell below technical support on the February low of 5,551 points, though it closed off its intra-day low. It has stronger support at the January low of 5,349 points. Brent oil futures had fallen about 3 percent to around $46 a barrel on Tuesday after Iran rejected an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply. This hit petrochemical stocks, with Saudi Basic Industries sliding 4.0 percent on Wednesday.PetroRabigh outperformed the ...

Markets - Equity - Middle East & Africa

Saudi tumbles on government austerity steps DUBAI: Saudi Arabia's stock index slumped 3.8 percent on Tuesday after the government said it would cut ministers' salaries by 20 percent and scale back financial bonuses and perks for public sector workers under an austerity drive. The new steps largely appear to formalise spending reductions introduced on an ad hoc basis since last year, and they will not by themselves make a huge difference to the government's deficit.NCB Capital estimated allowances accounted for about ...

Markets - Equity - Middle East & Africa

Saudi stocks slide after govt reveals austerity steps DUBAI: Saudi Arabia's main stock index tumbled 3.0 percent in early trade on Tuesday after the government said it would cut ministers' salaries by 20 percent and scale back financial perks for public sector workers under an austerity drive.The new steps largely appear to formalise spending reductions introduced on an ad hoc basis since last year, and they will not by themselves make a huge difference to the government's deficit. NCB Capital estimated allowances accounted ...

Markets - Equity - Middle East & Africa

Saudi banks rally on central bank monetary action DUBAI: Saudi banking shares rallied on Monday after the central bank said it would deposit about 20 billion riyals ($5.3 billion) at commercial lenders and introduce two new money market instruments to fight a surge in market interest rates caused by low oil prices. Riyadh's main index climbed 0.7 percent as three-quarters of the banking shares rose. Blue-chip lenders Samba Financial Group and National Commercial Bank gained 1.7 percent and 2.7 percent respectively. Banking shares ...

Markets - Equity - Middle East & Africa

Saudi banks rally on central bank monetary action DUBAI: Saudi banking shares rallied on Monday after the central bank said it would deposit about 20 billion riyals at commercial lenders and introduce two new money market instruments to fight a surge in market interest rates caused by low oil prices.Riyadh's main index was up 0.6 percent after 15 minutes of trade as four-fifth of the banking shares rose. Samba Financial Group was the top gainer in the industry, up 2.3 percent to 18.20 ...

Markets - Equity - Middle East & Africa

Gulf bourses start week down, but Qatar slightly up DUBAI: Petrochemical shares dragged Saudi Arabia's equity index lower in early trade on Sunday after oil prices fell 4 percent at the end of last week, while Qatar's main index regained some ground.Riyadh's main index slipped 0.3 percent after 15 minutes of trade, with bellwether petrochemical producer Saudi Basic Industries declining 0.9 percent.The retail segment was also weak, with one of the largest electronics stores, Jarir Marketing, down 1.0 percent.Dubai's main index fell 0.5 percent, ...

Markets - Equity - Middle East & Africa

Gulf shares cheer Fed decision to keep interest rates put, Egypt slips DUBAI: Stocks in the Gulf rallied on Thursday, taking their cue from global shares after the Federal Reserve left US interest rates unchanged and indicated a slower pace of future hikes. Dubai's main index was the top gainer among its regional peers, jumping 2.0 percent in the most active trade of the week as nine-tenths of the traded shares rose. Emaar Properties, the largest listed developer and Dubai Investments each gained 2.9 percent. In neighbouring ...