08272016Sat
Last update: Sat, 27 Aug 2016 09am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf edges up in early trade but volumes small DUBAI: Gulf stock markets rose in early trade on Tuesday but many investors stood on the sidelines before MSCI's decision later on whether it will consider Saudi Arabia for inclusion in its emerging markets index.Riyadh's index edged up 0.1 percent after an hour of trade, with Saudi Basic Industries adding 0.6 percent.While many institutional investors and portfolio managers are staying clear of the market because of uncertainties such as the June 23 vote on whether Britain will leave the European Union, Saudi retail investors bought small to mid-sized shares. The insurance sub-index added 0.7 percent.Emaar the Economic City fell 1.7 percent to hand back recent gains that were triggered by expectations that it would benefit from Saudi Arabia's economic reform plan, which was announced last week.Dubai's index rose 0.2 percent, but stocks that are usually heavily traded moved little. Dubai Islamic Bank was up 0.8 percent.The largest listed stock on ...

Markets - Equity - Middle East & Africa

Gulf mostly soft but Saudi firm; Egypt's OTMT dives again DUBAI: Most stock markets in the Middle East edged down on Monday after global bourses and oil prices fell further and Egypt's Orascom Telecom saw a second day of steep losses after an acquisition plan was called off but Saudi Arabian shares were firm. Riyadh's index recovered from early weakness to end up 0.3 percent as Saudi Electricity Co (SEC) climbed 2.5 percent. SEC said at the weekend that it was inviting expressions of interest ...

Markets - Equity - Middle East & Africa

Gulf stocks slip but Saudi property shares extend gains DUBAI: Gulf stocks edged down in response to weak oil prices and international markets on Monday, but shares of Saudi Arabian property developers gained further on hopes they would benefit from the country's economic reforms.Dar Al Arkan Real Estate Development rose 2.3 percent to 6.60 riyals. The shares have been rising since the company announced last week it was in talks with the government to build homes under the kingdom's economic reform programme.The stock is ...

Markets - Equity - Middle East & Africa

Markets fall but Saudi developers make gains; Orascom down 6pc DUBAI: Middle East stock markets fell on Sunday as investors booked profits following a pull-back in oil prices and international stock markets, but some Saudi Arabian real estate shares bucked the downtrend because of the kingdom's economic reform plan. Dar Al Arkan Real Estate Development added 7.5 percent after a 20 percent jump last week. It has been strong since the developer said last week that it was in talks with the government to provide ...

Markets - Equity - Middle East & Africa

Gulf retreats in early trade on oil, global stocks DUBAI: Stock markets in the Gulf retreated in early trade on Sunday as investors booked profits in response to lower oil prices and a pull-back by international stock markets.Saudi petrochemical shares were the main drag on Riyadh's stock index, which was down 0.8 percent after 30 minutes of trade. Saudi Basic Industries lost 1.5 percent.But Dar Al Arkan Real Estate Development remained resilient, adding 2.5 percent after a 20 percent jump last week. The stock ...

Markets - Equity - Middle East & Africa

Saudi makes more gains on economic reform, other markets lose steam DUBAI: Saudi Arabia's stock index notched its fourth session of gains on Thursday following the announcements of various economic reform plans, while most other bourses lost steam on profit taking.Riyadh's index nudged up 2 points to 6,607 points. The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030"."Investors are absorbing the impact on various sectors and how to position their ...

Markets - Equity - Middle East & Africa

Saudi higher on housing plan, oil supports petchems DUBAI: Saudi Arabia's stock index was headed for its fourth session of gains early Thursday after the housing ministry announced plans to build over one million homes, while oil's recent rally helped petrochemical shares.Dar Al Arkan was on course for its third session of strong gains, with its shares climbing 4.2 percent. The stock had jumped its daily limit for two consecutive days, after the developer said late on Tuesday it was in talks with ...