05052016Thu
Last update: Thu, 05 May 2016 07am

Middle East & Africa

Markets - Equity - Middle East & Africa

Egypt pulls back on profit-taking, Saudi edges up DUBAI: Egypt's stock market pulled back early on Monday because of profit-taking from last week's 14 percent leap, while the Saudi Arabian stock market edged up.The Cairo index soared last week on hopes that the devaluation of the currency would attract foreign fund inflows, helping to resolve the country's longstanding foreign exchange shortage.On Sunday, however, the index fell back 0.3 percent, and it dropped a further 1.0 percent to 7,395 points in the first half-hour of trade on Monday. It has technical support at the January peak of 7,114 points.Although many local investors remain bullish and fund managers view the devluation as a positive step, weakness of the Egyptian pound in the black market on Sunday suggested more depreciation may be in store, so many investors may hold off on sending money into Egypt for now.Among the biggest losers on Monday were exporters that previously soared on expectations that the ...

Markets - Equity - Middle East & Africa

Saudi stocks firm in early trade, Egypt steady DUBAI: Saudi Arabia's stock market rose in early trade on Sunday after oil prices closed last week on a strong note, with Brent oil above $41 a barrel. Egypt consolidated after soaring 14 percent last week in response to the devaluation of the currency.The Saudi index climbed 0.8 percent in the first 20 minutes on broad-based buying; nine of the 10 most heavily traded stocks gained.Telecommunications firm Zain Saudi, which had jumped 8.9 percent on ...

Markets - Equity - Middle East & Africa

Egypt stock surges for fourth day, oil boosts Gulf DUBAI: Egypt's stock market rose sharply for a fourth straight day on Thursday as investors welcomed this week's currency devaluation, while higher oil prices boosted Gulf markets.The Cairo index jumped 3.6 percent to 7,486 points in the second heaviest trading volume for the past seven years; the heaviest day of trade was on Monday, when the devaluation raised hopes that Egypt could attract more funds from abroad and begin resolving its endemic foreign exchange shortage.The ...

Markets - Equity - Middle East & Africa

Saudis stock up on petrochemicals, EFG Hermes soars in bullish Egypt DUBAI: Saudi Arabia's stock market rose in early trade on Thursday after oil prices jumped overnight, while Egypt headed for a fourth straight day of gains following its currency devaluation.The Saudi stock index added 1.0 percent, led by the oil-sensitive petrochemical sector, which rose 1.7 percent after outperforming on Wednesday.Egypt, which had climbed 10 percent in the previous three days, added a further 1.2 percent. This week's devaluation has raised hopes for foreign capital flows ...

Markets - Equity - Middle East & Africa

Oil rise boosts Saudi, Egypt continues post-devaluation rally DUBAI: Saudi Arabia's stock market rose on Wednesday in response to a surge in oil prices but most of the Gulf was sluggish because of profit-taking.Egypt rallied for a third straight day after the central bank devalued the currency.In the early afternoon, Qatar said oil producers would meet in Doha on April 17 to discuss a proposal to freeze output, lifting Brent crude back above $39 a barrel.The Saudi stock index closed 1.2 percent higher ...

Markets - Equity - Middle East & Africa

Egypt extends rally into third day; banks main drag in Saudi DUBAI: Egyptian stocks rose in early trade on Wednesday, heading for a third straight session of gains after the central bank devalued the currency. Saudi Arabia edged down, dampened by banks after Moody's cut its outlook for the sector.Cairo's main index gained 1.4 percent; it has climbed over 10 percent in the past two days on hopes that the devaluation will draw capital back to the country."There is substantial foreign money flowing in from abroad," ...

Markets - Equity - Middle East & Africa

Egypt rises in post-devaluation rally; Gulf falls with oil DUBAI: Egypt's stock market rose for a second straight day on Tuesday after the country's central bank devalued the currency. Gulf markets fell as oil prices retreated. Cairo's index climbed 1.9 percent to 7,140 points, rising above technical resistance at this year's peak of 7,114 points. A second straight close above that level would confirm a break, pointing up to the October peaks around 7,700 pounds. But while trading volume was active, it almost halved ...