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Last update: Tue, 31 May 2016 12pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Egypt shares rise, Saudi edges down on petrochemicals DUBAI: Egypt's stock market rose broadly in early trade on Tuesday while Saudi Arabia was pulled down by petrochemical shares after Brent crude oil fell back below $40 a barrel.The Egyptian index climbed 0.9 percent in the first half-hour with nine of the 10 most heavily traded stocks rising. There was no significant reaction to the hijacking of an EgyptAir plane to Cyprus.The most heavily traded stock, Egyptian billionaire Naguib Sawiris's Orascom Telecom Media, added 2.6 percent.It fell sharply early this week after Sawiris said its bid to acquire CI Capital was being held up by national security concerns, but stabilised in late trade on Monday after a source familiar with the deal told Reuters that the acquisition was expected to go ahead eventually.Saudi Arabia's index fell 0.4 percent as petrochemical heavyweight Saudi Basic Industries lost 1.6 percent.Central bank data released on Tuesday showed Saudi Arabia's broad M3 money supply ...

Markets - Equity - Middle East & Africa

Markets narrowly mixed, Dubai holds chart support DUBAI: Middle East stock markets were mostly mixed in narrow ranges and moderate trading volumes on Monday, as Dubai tested and held technical support and petrochemical shares supported Saudi Arabia.The Dubai index closed 0.4 percent lower at 3,266 points, off a low of 3,248 points. It has chart support on its mid-March low of 3,253 points and any break would trigger a minor double top formed by the March peaks and indicating a fresh leg ...

Markets - Equity - Middle East & Africa

Petchems lift Saudi, Orascom Telecom pulls down Egypt DUBAI: Strong petrochemical shares lifted Saudi Arabia's stock market in early trade on Monday, while Orascom Telecom Media pulled Egypt lower again because of concern about its deal to acquire CI Capital.Saudi Basic Industries climbed 2.3 percent, helping the Saudi index rise 0.9 percent. Saudi Telecom rebounded 2.4 percent after sliding for several days in response to regulators cutting regional roaming fees in the Gulf.Egypt's index fell 0.6 percent as Egyptian billionaire Naguib Sawiris's Orascom ...

Markets - Equity - Middle East & Africa

Gulf markets mixed, Dubai's Shuaa loses steam DUBAI: Stock markets in the Gulf were mixed in early trade on Sunday with most shares moving little, as Dubai's Shuaa Capital lost steam after soaring last week.Shuaa rose more than 7 percent in the opening minutes of trade on Sunday but after 75 minutes was flat. On Thursday the stock, which has rebounded from a record low hit earlier this year, soared the 15 percent daily limit in its heaviest trading volume since at ...

Markets - Equity - Middle East & Africa

Egypt edges up after central bank dollar injection; Saudi slips DUBAI: Egypt's stock market edged up in early trade on Sunday after central bank Governor Tarek Amer said he had pumped $22 billion into the banking system to clear goods piled at ports, while Saudi Arabia's bourse fell on weak cement and telecommunications shares.Amer's remarks on Saturday were taken as a positive sign that authorities were taking aggressive action to ease Egypt's hard currency shortage, though he did not give details of where he was ...

Markets - Equity - Middle East & Africa

Egypt continues rises after cabinet reshuffle, Gulf slips DUBAI: Egypt's stock market rose again on Thursday on hopes a new cabinet could give the economy a boost, while a pull-back by Brent oil below $40 a barrel and a cut in telecoms roaming fees pushed down Gulf bourses. The Egyptian index gained 0.7 percent in active trade, adding to its 0.9 percent rise on Wednesday in response to a cabinet reshuffle that appeared to focus on improving economic performance. Banking veteran Amr el-Garhy ...

Markets - Equity - Middle East & Africa

Saudi stock edges up, Egypt soft in early trade DUBAI: Saudi Arabia's stock market edged up in early trade on Wednesday on the back of second-tier stocks favoured by local retail speculators, while Egypt's market was soft in narrow trade.The Saudi index climbed 0.4 percent to 6,508 points in the first 45 minutes. Earlier this week it broke above its 100-day average, now at 6,460 points, a positive medium-term technical sign.Among major gainers, Wafa Insurance jumped 7.6 percent in unusually heavy trade.Egypt's index edged ...