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Last update: Tue, 03 May 2016 09am

Middle East & Africa

Markets - Equity - Middle East & Africa

Egypt's stock index rises in post-devaluation rally DUBAI: Egypt's stock index rose in early trade on Tuesday but its gains slowed markedly from Monday, when it soared in response to a devaluation of the Egyptian pound.The index was up 1.5 percent at 7,109 points, testing technical resistance at this year's peak of 7,114 points. On Monday it soared 6.7 percent after the central bank devalued the pound to 8.85 per U.S. dollar auction from 7.73.The devaluation raised hopes that a cheaper pound would attract more capital to Egypt and eventually resolve its endemic foreign exchange shortage. But the pound is around 9.2 in the black market so many analysts expect the currency to slide further, while interest rates could be hiked as soon as on Thursday.El Sewedy Electric, an exporter, jumped 9.8 percent after it reported that it earned 1.351 billion Egyptian pounds ($153 million) in 2015 versus 445 million pounds a year earlier.Blue chips in general ...

Markets - Equity - Middle East & Africa

Egypt soars in massive volume after currency devalued; Gulf weak DUBAI: Cairo's main stock index soared 6.7 percent on Monday, its biggest jump since Islamist president Mohamed Mursi was toppled in July 2013, after the central bank devalued the currency, raising hopes that Egypt's foreign exchange shortage might finally be resolved.The central bank said it had devalued the Egyptian pound to 8.85 per U.S. dollar at a special foreign exchange auction. It had previously set the average bid price at its regular and exceptional auctions ...

Markets - Equity - Middle East & Africa

Egypt stock surges over 5pc after currency devaluation DUBAI: Cairo's stock market jumped over 5 percent in early trade on Monday after the central bank devalued the currency, raising hopes that the country's endemic foreign exchange shortage could be resolved.Egypt's central bank said on Monday it had devalued the Egyptian pound to 8.85 per U.S. dollar at a special foreign exchange auction. It had previously set the average bid price at its regular and exceptional auctions at 7.73.Cairo's main stock index surged 5.3 ...

Markets - Equity - Middle East & Africa

Saudi, Egypt rise in early trade DUBAI: Petrochemical shares buoyed Riyadh's stock index early on Sunday after oil steadied over $40 a barrel, while Egypt's stock market headed for a seventh straight day of gains after the government took steps to help manufacturers. Riyadh's index was up 0.5 percent in the first hour of trade. The petrochemical sector added 0.9 percent, with Saudi Basic Industries 0.7 percent higher.Saudi Arabia Fertilizers (SAFCO) said it was considering taking full control of chemical fertiliser ...

Markets - Equity - Middle East & Africa

Saudi up as oil steady around $40; Egypt jumps after central bank move DUBAI: Petrochemical stocks boosted Saudi Arabia's stock market in early trade on Thursday, while Egypt shares jumped more than 2 percent in robust volume after the central bank acted to improve dollar supplies to the economy.Riyadh's index gained 0.8 percent as oil prices steadied over $40 a barrel. PetroRabigh added 1.4 percent after the company said it would book around 750 million riyals ($200 million) in sales revenue this year with the full start-up of ...

Markets - Equity - Middle East & Africa

Saudi pulls back as retailers slide; Egypt moves little DUBAI: Saudi Arabia's stock market fell early on Wednesday as retailers dropped following a negative sales forecast by one of them, while Egypt's bourse moved little amid uncertainty over the currency and interest rates. The Saudi index dropped 0.8 percent in the first 15 minutes of trade as Jarir Marketing sank 7.2 percent after warning late on Tuesday that its sales would plunge by as much as 30 percent year-on-year in the first quarter of ...

Markets - Equity - Middle East & Africa

Gulf stock rises with oil over $40; foreigners buy in Egypt DUBAI: Most stock markets in the Gulf rose on Tuesday after oil prices firmed above $40 a barrel, while Egypt climbed as foreign investors accumulated shares.While many regional fund managers believe Gulf stock markets could still be pressured this year by further squeezes in corporate earnings, as governments continue to tighten fiscal policy, for now investors are focusing on the idea that the worst is over for oil prices.Riyadh's stock index added 0.7 percent in ...