01192017Thu
Last update: Thu, 19 Jan 2017 10pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Banks, petchems boost Saudi shares, rest of Gulf weak DUBAI: Saudi Arabia's stock market continued rebounding on Thursday, led by bank and petrochemical shares, but most markets in the region weakened. The Saudi index rose 0.8 percent, although trading volume shrank to a modest level, suggesting many investors were staying out of the market.The banking index, beaten down in past days by news that banks would have to reschedule consumer loans and housing mortgages as government austerity steps cut their customers' incomes, rose 1.1 percent. Some petrochemical shares were also strong after Brent oil futures rose as high as $52.09 per barrel overnight, the highest since early June. National Petrochemical, which had surged 8.2 percent on Wednesday, climbed a further 3.0 percent to 15.60 riyals; NCB Capital and SICO upgraded their views of the stock this week, with targets of 17.30 and 19.00 riyals respectively. National Industrialisation (Tasnee), which has petrochemical assets, gained 4.0 percent. But telecommunications firm Zain ...

Markets - Equity - Middle East & Africa

Saudi gains as crude firms but UAE, Qatar lag; Egypt strong DUBAI: Saudi Arabia's petrochemical stocks rallied on Wednesday after Brent crude oil firmed over $51 a barrel, while Egypt climbed for a third straight session as investors anticipated approval of its International Monetary Fund loan programme. Riyadh's stock index closed up 1.1 percent as the petrochemical sub-index rose 3.4 percent with all 14 listed producers advancing. Yanbu National Petrochemicals (Yansab) jumped 5.9 percent to 46.80 riyals and National Petrochemical surged 8.2 percent to 15.15 riyals. ...

Markets - Equity - Middle East & Africa

Saudi telcos diverge, rest of region weak DUBAI: Saudi Arabia's top three telecommunication operators suffered mixed fortunes on Wednesday after all three had risen in heavy trade the previous day while other markets in the region sagged.Mobile Telecommunication Company (Zain KSA) jumped 6.8 percent, taking its gains since Sunday to 17 percent. Its chief competitor Saudi Telecom (STC) retreated 2.8 percent on Wednesday morning and Etihad Eisalat was down 1.3 percent.On Sunday the government said it will provide operators with "unified licences" ...

Markets - Equity - Middle East & Africa

Telecoms help Saudi rebound, rest of region quiet DUBAI: Strong telecommunications shares helped Saudi Arabia's stock market rebound on Tuesday after steep losses due to the kingdom's austerity policies, while most other Gulf markets moved little. The Saudi stock index, which had dropped 3.7 percent in the previous two days, climbed 2.0 percent, although trading volume fell, suggesting many investors were not eager to buy into the rally. The main boost came from unusually heavy trade in the telecommunications sector, after the government ...

Markets - Equity - Middle East & Africa

Telecoms help Saudi rebound, rest of Gulf consolidates DUBAI: Strong telecommunications shares helped Saudi Arabia's stock market rebound early on Tuesday after several days of losses, while other Gulf markets moved little.The Saudi stock index, which has been tumbling because of concern about the impact of government austerity measures on the economy, gained 0.8 percent in the first 45 minutes of trade.The main boost came from unusually heavy trade in the telecommunications sector, after the government said at the weekend that it would ...

Markets - Equity - Middle East & Africa

Saudi Telecom drags down Riyadh, rest of Gulf weak DUBAI: Saudi Telecom dragged Riyadh's market down further early on Monday while other Gulf bourses, many of them reopening after closing on Sunday for the Islamic New Year holidays, were also weak.The Saudi index, which had tumbled 3.1 percent on Sunday to its lowest close since March 2011 because of concern over the impact of government austerity measures, dropped a further 1.9 percent in the first 45 minutes.Saudi Telecom, the country's top operator, tumbled 6.7 ...

Markets - Equity - Middle East & Africa

Saudi Arabia, Qatar move little in thin trade DUBAI: Stock markets in Saudi Arabia and Qatar moved little in thin trade early on Sunday with most bourses in the region closed for the Islamic new year.Global stock markets ended last week on a firm note while Brent oil for November delivery settled above $49 a barrel in response to OPEC's deal to cut output.But many analysts are uncertain whether the OPEC deal will be implemented effectively or result in any extended rise of ...