12082016Thu
Last update: Thu, 08 Dec 2016 04pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Bounce in oil supports Saudi in otherwise weak Gulf DUBAI: Petrochemical shares supported Saudi Arabia's stock index in early trade on Thursday after crude oil prices bounced back, although other Gulf markets lost ground.Riyadh's index rose 0.3 percent in the first 30 minutes with Saudi Basic Industries, the largest petrochemical producer, gaining 0.9 percent and Yanbu National Petrochemicals (Yansab) adding 1.1 percent.Brent crude climbed 1.5 percent to above $48.70 a barrel after U.S. crude inventories surprisingly plunged last week in their largest weekly drawdown for over three decades.Dubai's main index nudged up 0.1 percent in very low volume with Shuaa Capital adding 1.9 percent. Shares in the investment firm have been outperforming since last week, when the company started offering market-making facilities to investors in Nasdaq Dubai's single stock futures contracts.But construction firm Drake & Scull pulled back 1.9 percent, extending Wednesday's 1.7 percent loss.Abu Dhabi's index edged down 0.3 percent as most actively traded shares moved little. First ...

Markets - Equity - Middle East & Africa

Gulf mixed in early trade, Saudi's Emaar climbs DUBAI: Stock markets in the Gulf were mixed in quiet early trade on Wednesday as some investors stayed away from the bourses ahead of market closures next week for Eid al-Adha holidays.Riyadh's main index was down 0.2 percent in the first hour. Emaar the Economic City rose 2.9 percent after it said on Wednesday that an affiliate had obtained a 2.7 billion riyal ($720 million) Islamic loan from banks to finance the second phase of ...

Markets - Equity - Middle East & Africa

Oil rally boosts Saudi, property shares support UAE DUBAI: Saudi Arabia's stock market posted its biggest daily gain in four months on Monday as oil prices surged, while shares of Dubai's property developers rose before a major exhibition for the industry this week. Riyadh's stock index rose 1.7 percent to 6,204 points, and trading volume grew by more than half, as Brent crude futures jumped almost 5 percent before a news conference at which Saudi Arabia and Russia said they would cooperate in ...

Markets - Equity - Middle East & Africa

Gulf edges up with global equities; EEC leaps in Saudi DUBAI: Most Gulf stock markets edged up in early trade on Monday after emerging market equities rose sharply in Asia.Saudi Arabia's stock index gained 0.4 percent as Emaar the Economic City (EEC) jumped 7.9 percent in unusually heavy trade.The stock had risen 3.5 percent on Sunday, when Reuters quoted a source as saying Saudi Arabia's top sovereign fund, the Public Investment Fund, was in talks to invest in King Abdullah Economic City, the huge project ...

Markets - Equity - Middle East & Africa

Saudi leads Gulf up as foreign investor limits eased DUBAI: Saudi Arabia led Gulf stocks higher on Sunday as Riyadh eased restrictions on foreign investment in its securities markets, while most other bourses in the region were buoyed by strength in oil prices and global equities at the end of last week. As previously announced, the Saudi Capital Market Authority lowered minimum qualifications for foreign institutional investors in its markets and raised ceilings on foreign ownership in stocks. The reforms are not expected to ...

Markets - Equity - Middle East & Africa

Gulf rises in quiet trade, Saudi blue chips strong DUBAI: Most Gulf stock markets rose in quiet, early trade on Sunday after oil prices and global bourses climbed on Friday.Saudi Arabia's index added 0.5 percent in the first half hour as, among blue chips, Saudi Basic Industries climbed 0.6 percent and Al Rajhi Bank rose 1.3 percent.In Dubai, the index added 0.7 percent with GFH Financial, the most heavily traded stock, surging 3.1 percent.Abu Dhabi edged down 0.1 percent because of weakness in banks, ...

Markets - Equity - Middle East & Africa

Qatar sags after FTSE list released, oil weighs on Saudi DUBAI: Qatar's main stock index fell sharply for a second straight day on Thursday after FTSE published a list of stocks to be included in its secondary emerging market index, while Saudi Arabian petrochemical stocks sagged because of weak oil prices. Doha's index initially rose but closed down 1.4 percent, taking its losses for the week to 3.0 percent. Although Qatar's upgrade to emerging market status is widely seen as positive for the market, investors ...