02082016Mon
Last update: Mon, 08 Feb 2016 11pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi shares fall after kingdom announces record deficit RIYADH: Saudi shares fell sharply at the start of trading Tuesday a day after the oil-rich kingdom announced a record $98 billion deficit but rallied by closing.The Tadawul All-Shares Index (TASI) fell by 3.1 percent minutes after opening but recovered slightly to close down 0.9 percent at 6,930.60 points.The market losses were led by the key petrochemical sector, which had shed 3.8 percent at the close.TASI and other Gulf bourses have witnessed sharp volatility throughout 2015 mainly due to the slump in oil prices that led to spending cuts by regional governments and hit corporate profits.Saudi Arabia said on Monday it posted a deficit of $98 billion (89 billion euros) in 2015 after a steep decline in oil revenues.The kingdom also projected a deficit of $87 billion for 2016, the third year in a row with a shortfall.To counter the impact of sliding oil revenues, the world's top crude exporter ...

Markets - Equity - Middle East & Africa

Saudi stock index falls 3pc after budget announcement DUBAI: Saudi Arabia's stock market fell sharply in early trade on Tuesday after a 2016 state budget, announced late on Monday, that included spending cuts, rises in fuel, gas feedstock and electricity prices, and tax rises.The index dropped 3 percent in the opening 15 minutes of trade with petrochemical firms particularly hard hit, as their margins will be squeezed by more costly feedstock.Saudi Basic Industries, the biggest petrochemical producer, tumbled 8.3 percent while Saudi Kayan ...

Markets - Equity - Middle East & Africa

Saudi stock index falls 3 pct after budget announcement DUBAI: Saudi Arabia's stock market fell sharply in early trade on Tuesday after a 2016 state budget, announced late on Monday, that included spending cuts, rises in fuel, gas feedstock and electricity prices, and tax rises. The index dropped 3 percent in the opening 15 minutes of trade with petrochemical firms particularly hard hit, as their margins will be squeezed by more costly feedstock.Saudi Basic Industries, the biggest petrochemical producer, tumbled 8.3 percent while Saudi ...

Markets - Equity - Middle East & Africa

Gulf markets may react positively to Saudi budget DUBAI: Saudi Arabia's stock market and other Gulf bourses may react positively on Tuesday to the announcement of the Saudi 2016 state budget plan, which many analysts said was encouraging.The spending cuts, rises in fuel, gas feedstock and electricity prices, and tax rises planned in the budget are expected to hurt sectors such as construction and petrochemicals, and slow economic growth next year.For that reason, the Saudi market as a whole looks unlikely to rise ...

Markets - Equity - Middle East & Africa

Saudi market positive ahead of budget; Dubai blue chips sell-off DUBAI: Saudi Arabia's bourse garnered solid gains on Monday ahead of the unveiling of the kingdom's 2016 budget, with investors betting on stocks expected to benefit from new economic policy including subsidy cuts, while other markets were mixed.Saudi Arabia posted a 2015 budget deficit of 367 billion riyals ($97.9 billion) while spending rose 13 percent above the original 2015 budget plan, according to an advisor to the Council of Economic and Development Affairs, speaking about ...

Markets - Equity - Middle East & Africa

Saudi likely wary before budget; Dubai may rise on spending plan DUBAI: Saudi Arabia's stock market may be thinly traded on Monday as investors await the announcement of the 2016 state budget plan, expected around the close of trading, while Dubai's expansionary spending plan for next year may support that bourse.In a break from past procedure, a senior official of state oil giant Saudi Aramco and the ministers of Economy and Planning, Finance, and Water and Electricity will appear at a news conference on the budget ...

Markets - Equity - Middle East & Africa

Saudi falls before budget, rate hike hits Egypt DUBAI: Saudi Arabia's stock market fell in early trade on Sunday ahead of the release of the state budget for 2016, while Egypt's market was hit by an interest rate hike.The Saudi index fluctuated between positive and negative territory in the opening minutes before slipping 0.8 percent as the largest listed company, Saudi Basic Industries (SABIC), fell 1.2 percent.The Saudi budget, due to be announced on Monday afternoon, is expected to contain spending cuts, possibly ...