06302016Thu
Last update: Thu, 30 Jun 2016 06pm

Middle East & Africa

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 annualised, the dividend yield will be 6 percent," said a note by NCB Capital. The range of dividend yields is between 4 and 9 percent for Saudi petrochemical producers, according to Reuters data.Banking shares also outperformed the market, with heavyweights Samba Financial Group and National Commercial Bank adding 0.5 and 0.2 percent respectively.The overall market index was up 0.1 percent after an hour of trade.Dubai's index failed to hold onto early gains as investors booked ...

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 ...

Markets - Equity - Middle East & Africa

Gulf mixed, strong oil fails to boost markets DUBAI: Gulf stock markets ended mixed on Monday, with a strong oil price failing to give much of a boost to shares as investors focused on the blow to corporate earnings expected later this year from governments' austerity policies.Brent crude futures climbed more than 2 percent to as high as $49.08 a barrel on Monday, their highest level this year, after long-time bear Goldman Sachs said the oil market had ended almost two years of ...

Markets - Equity - Middle East & Africa

Gulf mixed; Dubai builders down after earnings DUBAI: Gulf stock markets were mixed in early trade on Sunday with two Dubai construction firms dropping after reporting first-quarter earnings.Dubai's index fell 0.5 percent as Arabtec sank 2.0 percent after its first-quarter net loss narrowed to 46.4 million dirhams ($12.6 million) from 279.8 million dirhams a year earlier. Analysts polled by Reuters had on average forecast a loss of 123.6 million dirhams.Drake & Scull slid 2.7 percent after reporting a 61 percent fall in ...

Markets - Equity - Middle East & Africa

Region falls after debt downgrades; Dubai builders slide DUBAI: Major Middle Eastern stock markets fell on Sunday after Moody's cut the debt ratings or outlooks of many countries, while Dubai construction firms dropped steeply after reporting first-quarter earnings.Moody's lowered its ratings for Saudi Arabia, Oman and Bahrain while assigning negative outlooks to the United Arab Emirates, Oman and Bahrain.Its rating of Saudi Arabia is still two notches above Standard & Poor's, but the action underlined continued pressure from low oil prices; negative outlooks ...

Markets - Equity - Middle East & Africa

Major Gulf markets edge up, weak earnings hit Egypt DUBAI: Most major Gulf stock markets edged up on Wednesday, buoyed by an overnight rise in oil prices and US bourses, while Egypt's market was hit by weak corporate earnings. Saudi Arabia's index closed 0.1 percent higher after rising as much as 0.5 percent at one stage.Much activity focused on second- or third-tier stocks favoured by local speculators. Saudi Printing and Packaging rose 1.3 percent in the heaviest trade since it listed in July 2007. ...

Markets - Equity - Middle East & Africa

Most Gulf bourses retreat; Egypt's Palm Hills slides DUBAI: Most bourses in the Gulf edged lower on Tuesday after oil prices pulled back overnight, while Egypt's Palm Hills Development tumbled in response to a drop in its profits.Brent oil futures were trading at $44.11 a barrel, near two-week lows, while MSCI's broadest index of Asia-Pacific shares outside Japan was near one-month lows. Petrochemical shares were the main drag on Saudi Arabia's stock index, with bellwether Saudi Basic Industries dropping 0.9 percent. The index ...