02062016Sat
Last update: Sat, 06 Feb 2016 06pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf narrowly mixed in thin trade DUBAI: Gulf stock markets were narrowly mixed in thin early trade on Wednesday with activity deterred by the approach of the Christmas holiday period, when foreign investors become less active, and the release of Saudi Arabia's 2016 state budget, expected on Monday.Firm global equities and oil prices supported sentiment, but there was very little corporate news to encourage buying.Dubai's index, which had climbed 1.5 percent on Tuesday, edged down 0.03 percent after the opening on Wednesday. Activity focused on volatile, speculative stocks favoured by local retail investors such as Arabtec, up 3.3 percent, and GFH Financial Group, up 1.6 percent.Abu Dhabi rose 0.2 percent as banks remained firm, with Abu Dhabi ISlamic Bank rising 1.1 percent. Qatar edged down 0.1 percent but Islamic Holding , a financial and investment firm that is usually thinly traded, jumped 9.6 percent in heavy volumes. It has soared 33 percent from near 16-month lows ...

Markets - Equity - Middle East & Africa

Markets rebound; Saudi budget expected next week DUBAI: Middle Eastern stocks rose on Tuesday as oil prices and global equities firmed slightly, and because of expectations that Saudi Arabia's state budget would be announced next Monday.Investors had been expecting the Saudi budget release this week but Saudi-owned Al Arabiya television reported late on Monday, quoting sources, that it would come on Dec. 28.Without the threat of an imminent announcement -- the budget is expected to include substantial spending cuts as Riyadh works ...

Markets - Equity - Middle East & Africa

Saudi stock advances; Orascom Telecom supports Egypt DUBAI: Stocks in Saudi Arabia advanced in early trade on Tuesday as investors returned to the market and bought on dips after reports the kingdom's state budget would now be announced next week, while Orascom Telecom carried Egypt higher.The Saudi bourse climbed 1.2 percent, breaking the 7,000-point level, with all sectors advancing in early trade.Volumes peaked at the open as investors found some reprieve in knowing the Saudi budget is now expected to be released ...

Markets - Equity - Middle East & Africa

UAE slips back, Qatar edges higher DUBAI: Stock markets in Dubai and Abu Dhabi fell back in early trade on Tuesday as blue chips sold off, while Qatar edged higher as traders bought shares in banks and the real estate sector.Dubai's index slid 0.4 percent as large sell orders were executed in Emaar Properties and Emaar Malls.Emaar Properties, the largest stock by market value, slid 1.4 percent although it is still up 18.6 percent from its December low.The most heavily traded ...

Markets - Equity - Middle East & Africa

Volumes expected to be weak as investors await Saudi budget DUBAI: Gulf stock markets may find some support on Tuesday after oil prices came off multi-year lows and Asian equities firmed, but volumes are expected to be thin as investors await the release of the Saudi Arabian state budget.The Saudi budget is now expected to be released next Monday, Saudi-owned Al Arabiya television reported late on Monday, quoting sources. Before investors see the extent of spending cuts in the budget, they may be reluctant to ...

Markets - Equity - Middle East & Africa

Dubai stock jumps, Saudi flat ahead of budget DUBAI: Middle Eastern stock markets were mixed on Monday as Dubai bounced back from the previous day's losses while Saudi Arabia's index was almost unchanged as investors awaited the release of the kingdom's state budget, expected in the coming days.The Saudi index fluctuated narrowly before ending down 0.01 percent at 6,930 points. Trading volume was modest as many investors were unwilling to trade without knowing the size of spending cuts expected in the budget.However, petrochemical ...

Markets - Equity - Middle East & Africa

Saudi stock fluctuates in thin trade; Egypt continues to rise DUBAI: Saudi Arabia's stock market moved narrowly in thin trade on Monday after oil fell to new multi-year lows and as investors awaited the kingdom's state budget announcement. Egypt headed for a sixth straight session of gains.Brent crude stumbled to a fresh low of $36.16 a barrel in Asian trade, a level last traded 11 years ago, as production around the world remained at or near record highs while a strong dollar following last week's ...