07262016Tue
Last update: Tue, 26 Jul 2016 03pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Bourses fall in broad sell-off after oil dips below $50 DUBAI: Shares in the Gulf fell in a broad sell-off on Monday as investors booked profits after a dip in oil prices.Egypt was lower as foreign funds exited positions. Saudi Arabia's index lost 1.1 percent, its lowest close since April 11, before the kingdom announced plans to diversify away from hydrocarbon dollars. Eighty-eight percent of the shares closed down. Petrochemical shares were the main drag with Saudi Basic Industries, the largest listed producer, dropping 1.8 percent, taking its losses to 3.0 percent since Brent prices fell back below $50 a barrel. Banking shares failed to hold onto earlier gains, with the sub-index edging down 0.4 percent. Banque Saudi Fransi fell 2.5 percent, its sixth session of losses out of the last seven. Elsewhere, Dubai's index fell 1.6 percent, ending five session of gains as investors lacked impetus to build further positions. Emaar Properties lost 2.2 percent and Dubai Islamic Bank, ...

Markets - Equity - Middle East & Africa

Dubai weakens in early trade, Saudi choppy DUBAI: Shares in Dubai dropped in early trade on Monday as investors cashed out of stocks which have made recent gains, while Saudi Arabia's stock market was choppy.In Dubai losers outnumbered gainers 14 to six and the index was down 1.0 percent.Blue-chips Emaar Properties, which has been rising for three session, lost 1.7 percent, while Dubai Islamic Bank, which was a top gainer on Sunday, dropped 2.2 percent.But the 0.6 percent gain in Etisalat, the ...

Markets - Equity - Middle East & Africa

Scrapped Americana sale weighs on Kuwait; other bourses mixed DUBAI: Shares in Kuwaiti companies linked with the al-Kharafi family tumbled on Sunday after the multi-billion-dollar sale of another Kharafi-controlled business was scrapped, while other markets were mixed in thin trade.Investment company Adeptio had agreed in February to buy 69 percent of Kuwait Food Co (Americana) from Al Khair for Stocks and Real Estate, which is run by the wealthy Kharafi merchant family. But Al Khair announced on Sunday that the sale had been scrapped.Americana's ...

Markets - Equity - Middle East & Africa

Saudi shares drop despite oil over $50 but Dubai lifted DUBAI: A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed.The Riyadh index failed to hold on to earlier gains as investors booked profits, snapping two days of gains.Although petrochemical shares remained resilient, with the sub-index advancing 0.3 percent, it closed 49 points below its intra-day high, a sign that investors lack belief ...

Markets - Equity - Middle East & Africa

Gulf bourses rise in early trade as oil breaks $50 DUBAI: Gulf shares rose in early trade on Thursday as oil prices climbed to hit their highest levels in six months and global equity markets edged higher.Petrochemical shares lifted Riyadh's index 0.6 percent with Saudi Basic Industries, the largest listed producer, adding 1.2 percent as Brent oil prices broke over $50 a barrel in Asian trade.Makkah Construction added 0.6 percent after it reported a 6 percent rise in its quarterly income. The company attributed the ...

Markets - Equity - Middle East & Africa

Gulf bourses rise in early trade, Saudi petchems lead DUBAI: Gains for global equity and oil markets supported Gulf bourses in early trade on Wednesday, with Riyadh's index gaining one percent in the first hour as investors bought back shares which were sold off at the start of the week.Saudi petrochemical shares were particularly strong, lifted by firm oil prices. Saudi Basic Industries was up 1.6 percent.Saudi Cement rose 1.6 percent after the company said it had sold its 40-percent stake in a Kuwaiti ...

Markets - Equity - Middle East & Africa

Global bourses, oil to support Gulf DUBAI: Rises in global equity and oil markets look set to support bourses in the Gulf on Wednesday, although trading volumes are likely to stay thin.Brent oil futures have risen 1.1 percent to $49.19 a barrel in early Asian trade, while MSCI's broadest index of Asia-Pacific shares outside Japan is up 1.6 percent.Most stock markets in the Gulf have witnessed dwindling volumes over the last ten days with the approach of the holy month of ...