06282016Tue
Last update: Tue, 28 Jun 2016 08pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Bourses falls but blue chips rebound lifts Abu Dhabi DUBAI: Most stock markets in the Middle East followed global bourses lower on Wednesday because of weak oil prices and concern about lacklustre global growth, but rebounding blue chips lifted Abu Dhabi. In Saudi Arabia, the main index fell 0.8 percent in a broad-based decline. Many stocks exposed to consumer demand were weak, with retailer Fawaz Alhokair sliding 1.3 percent, but low-cost supermarket chain Alothaim - which could attract more customers during an economic slowdown - rose 2.4 percent. Dubai's stock market fell 0.5 percent to 3,308 point but closed 52 points off its intra-day low. It has lost 7.7 percent from a five-month peak hit on April 24. Most Dubai companies have now reported first-quarter earnings, many of which were in line with or below expectations.Emaar Properties, which early this week reported net profits in line with expectations, retreated a further 1.3 percent. But Dubai Parks and Resorts added ...

Markets - Equity - Middle East & Africa

Nigerian stocks rise to 5-week high as MSCI keeps Nigeria on its frontier index LAGOS: Nigerian stocks climbed 3.3 percent to a five-week high on Tuesday after index provider MSCI said will not implement changes for any Nigerian securities in its frontier market index following feedback from investors. MSCI said last month it would seek feedback from investors on the ease of access to the Nigerian stock market in the wake of currency controls introduced last year which could lead to it removing Nigeria from its frontier market index. ...

Markets - Equity - Middle East & Africa

Gulf markets fall; Emaar Properties drops after earnings DUBAI: Stock markets in the Gulf fell on Monday after oil prices pulled back and Dubai blue chip Emaar Properties dropped following the release of its first-quarter earnings. Saudi Arabia's index slipped 0.6 percent as petrochemical shares in particular were weak, with Saudi Basic Industries losing 1.2 percent. Saudi Arabian Mining Co retreated 3 percent after jumping by its 10 percent daily limit on Sunday on news that the miner had reshuffled its board and ...

Markets - Equity - Middle East & Africa

Gulf bourses slip; few positive factors DUBAI: Stock markets in the Gulf fell moderately in early trade on Monday with few fresh, positive factors to trigger buying. Dubai's index lost 0.9 percent in the first hour. Emaar Properties rose at the opening but subsequently dropped 0.9 percent; on Sunday, it reported a 17 percent rise in first-quarter net profit to 1.21 billion dirhams ($330 million). SICO Bahrain had forecast 1.22 billion dirhams.GFH Financial fell 1.1 percent after it said it had ...

Markets - Equity - Middle East & Africa

Gulf markets mixed in early trade, Ma'aden soars in Saudi DUBAI: Stock markets in the Gulf were mixed in early trade on Sunday with Saudi Arabia's bourse buoyed by commodity-related shares while banks weighed on United Arab Emirates indexes.Shares in Saudi Arabian Mining Co jumped 9.5 percent, their daily limit, after the miner reshuffled its board and appointed the chairman of state oil giant Saudi Aramco, Khalid al-Falih, as a member.Developing the Saudi mining industry and making Aramco into a diversified industrial conglomerate are major ...

Markets - Equity - Middle East & Africa

Petrochemicals lift Saudi, rest of region sluggish DUBAI: Petrochemical stocks and a few shares expected to benefit from Saudi Arabia's economic reform plans lifted the Riyadh market on Wednesday while other Gulf bourses were sluggish.The main Saudi stock index added 0.9 percent as the biggest petrochemical maker, Saudi Basic Industries, gained 1.5 percent after Brent oil rose as high as $47.05 a barrel, its highest this year.Another producer, Saudi Kayan, was the most heavily traded stock and rose 5.2 percent.Al Tayyar Travel ...

Markets - Equity - Middle East & Africa

Petrochemical stocks lift Saudi market, rest of Gulf sluggish DUBAI: Petrochemical stocks and shares expected to benefit from Saudi Arabia's economic reform plans lifted the Riyadh market on Wednesday, while other Gulf bourses were sluggish.Saudi Basic Industries was up 1.8 percent as Brent oil rose to a five-month peak of $46.49 a barrel overnight. The main Saudi stock index added 0.7 percent.Al Tayyar Travel jumped 3.9 percent in unusually heavy trade. The reform plan unveiled this week stressed developing the tourism sector, though no ...