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Middle East & Africa


Gulf markets stabilise after sharp drops; Saudis reassure on spending DUBAI: Gulf stock markets were relatively calm in early trade on Wednesday after falling sharply in the previous session when Brent crude oil dropped below $60 per barrel.Crude was trading at roughly the same levels, just below $60, on Wednesday. But Saudi Finance Minister Ibrahim Alassaf said his country would continue spending on development projects and social benefits in its 2015 budget as part of a "counter-cyclical" policy, which may have reassured investors that the impact of cheap oil would be limited.Dubai's stock index, which tumbled 7.3 percent on Tuesday and was down 28 percent this month, rose 0.9 percent by midday as half of traded stocks gained.Local investors hope that foreigners looking to exit the market before the end of the year have already done so and that selling pressure will now subside, said Sanyalak Manibhandu, manager of research at NBAD Securities in Abu Dhabi.Also, some may be betting ...

Markets may stay volatile as floor for oil still unclear DUBAI: Middle East stock markets look set to stay volatile on Wednesday as oil prices are still far from establishing any clear floor, and key producers indicate they have no plans to reduce output.Brent crude is trading below $60 a barrel. Its plunge has sent Gulf retail investors into a panic; indiscriminate sell-offs have erased year-to-date gains in most stock markets and wiped out $250 billion in stock value since the end of October.Investors fear ...
Saudi Arabia posts biggest daily drop in 6 years DUBAI: Saudi Arabia's stock index posted its biggest daily loss in six years on Tuesday after the price of Brent crude oil dropped below $59 per barrel for the first time since 2009.The Saudi index tumbled 7.3 percent to 7,330 points, its lowest level since June 2013. Dozens of stocks fell by their daily 10 percent limits, indicating further potential weakness. The index has dropped 34 percent from its September peak.Investors are concerned that dwindling ...
Oil's fall below $60 sends shockwaves through Gulf DUBAI: A fresh wave of panic selling wiped out $49 billion of stock market value across the Gulf Arab economies on Tuesday as the price of Brent crude oil dropped below $60 a barrel for the first time since 2009.The stock market losses came on top of over $200 billion of value already destroyed since the end of October. Most of the frenzied selling has been by retail investors who fear governments will cut spending ...
Gulf shares battered as oil prices resume fall KUWAIT CITY: Stock markets in the energy-rich Gulf states were hit hard on Tuesday as oil resumed its fall and world exchanges posted heavy losses.The falls in some markets, particularly Dubai, were reminiscent of sharp dives seen in the aftermath of the 2008 global financial crisis and the Dubai foreign debt crunch.The Dubai Financial Market led the way in a free fall, shedding more than eight percent during trading -- the biggest single-day loss in ...
Gulf markets tumble as oil slides below $60 DUBAI: Stock markets in the Gulf fell sharply on Tuesday after oil resumed its slide on bearish comments about OPEC and weak Chinese manufacturing data.Dubai's index closed 7.3 percent lower at 3,084 points, a one-year low. Abu Dhabi's benchmark ended 6.9 percent lower, posting its biggest daily loss in five years and hitting a one-year low of 3,892 points."We are in the panic mode now, there is no more support and investors are not rational ...
Most Gulf markets stabilise as oil's plunge pauses DUBAI: Most Middle East stock markets became more stable on Monday, after plunging in previous days, as the price of oil recovered slightly. But fund managers said it was by no means clear that any sustained recovery of stock prices was starting.Brent crude climbed above $62 per barrel, after hitting 5-1/2-year lows of $60.28 earlier, as traders began pricing in expectations of improving global manufacturing data to be published later this week.Dubai's stock index inched ...


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
Arrow FTSE 6,545.27 1.23
Arrow DAX 9,786.96 0.25
Arrow CAC-40 4,241.65 0.18
Arrow Nikkei 17,621.40 2.39
Arrow H.Seng 23,116.63 1.25
Arrow Sensex 27,371.84 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln