12082016Thu
Last update: Thu, 08 Dec 2016 05am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf shares diverge in early trade DUBAI: Gulf equity markets diverged in early trade on Sunday with corporate news buoying Dubai's market and Abu Dhabi's index weighed down by some of last week's top movers.Dubai's index rose 0.4 percent, buoyed by a 10.8 percent jump in Shuaa Capital after the investment firm announced that Abu Dhabi Financial Group (ADFG) had carried out a previously announced acquisition of 48.36 percent of the firm from Dubai Banking Group, a subsidiary of Dubai Group, for 0.705 dirham a share.Although the purchase price was well below the market price, some investors are betting ADFG will develop Shuaa into a much bigger company.Shares in GFH Financial Group were up 2.7 percent after the Bahrain based company announced along with Abu Dhabi Financial Group (ADFG) that they have appointed a chief executive, Talal al-Zain, for their Islamic finance joint venture in Abu Dhabi's financial free zone.Abu Dhabi's stock market index was down ...

Markets - Equity - Middle East & Africa

Abu Dhabi banks mixed, Saudi lenders weak DUBAI: Abu Dhabi's banks were mixed in early trade on Thursday after soaring on Wednesday amid renewed speculation the government would merge more banks. Saudi banking shares were weak.Union National Bank lost 1.1 percent after jumping 12.3 percent on Wednesday. Abu Dhabi Commercial Bank was flat after it gained 5.8 percent. Abu Dhabi Islamic Bank pulled back 1.9 percent after climbing 4.7 percent.The banks did not issue a statement after the market close on Wednesday ...

Markets - Equity - Middle East & Africa

Abu Dhabi rallies on bank merger speculation; Saudi, Egypt rebound DUBAI: Abu Dhabi bank shares surged on Wednesday because of renewed speculation that the government might merge more banks as part of an efficiency drive, while other regional markets rebounded, encouraged by strong global bourses and oil prices.The Abu Dhabi index jumped 2.6 percent, its largest single-day gain since June, but trading volume continued to decline from a seven-month peak hit earlier this month. Quoting unnamed sources, Bloomberg reported Abu Dhabi was considering more financial ...

Markets - Equity - Middle East & Africa

Abu Dhabi jumps on bank merger speculation, oil bounce supports region DUBAI: Abu Dhabi's leading banks rallied early on Wednesday on renewed speculation that the government could merge banks as part of an efficiency drive, while other Gulf shares bounced in line with global stocks and after an overnight rebound in oil prices.Abu Dhabi's Union National Bank surged 12.8 percent and Abu Dhabi Commercial Bank jumped 6.0 percent as the lenders are thought likely to be next in line to be paired.Quoting unnamed sources, Bloomberg reported ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Saudi, Egypt continue pull-back, MSCI index changes affect UAE, Qatar DUBAI: Stock markets in Saudi Arabia and Egypt continued pulling back on Tuesday after big rallies earlier this month, while some individual stocks in the United Arab Emirates and Qatar moved sharply after MSCI adjusted its indexes. The Saudi index, which had jumped 22 percent between mid-October and Sunday before profit-taking began on Monday, dropped 2.1 percent to 6,493 points on Tuesday in heavy trade, pulling back from technical resistance on the July peak of ...

Markets - Equity - Middle East & Africa

Gulf markets diverge; Saudi cools on profit-taking DUBAI: Stock markets in the Gulf diverged in early trade on Monday as some shares which are members of MSCI's emerging market index recovered, while Saudi Arabia's index was pulled lower by profit-taking.Dubai's main index edged up 0.5 percent with Air Arabia adding 2.4 percent after it reported a 26-percent rise in third-quarter net profit to 297 million dirhams ($80.9 million), at the upper end of analysts' forecasts.But builder Arabtec, which reported a narrower quarterly ...

Markets - Equity - Middle East & Africa

Egypt continues rally on IMF; Saudi strong, rest of Gulf hit by global weakness DUBAI: Egypt's stock market gained for a 12th straight session on Sunday after the International Monetary Fund approved a $12 billion loan for the country, while Saudi Arabia rose, bucking a downtrend in the rest of the Gulf. The IMF loan approval had been widely expected, but it added fresh fuel to a rally caused by Egypt's decision to float its currency on Nov. 3, which has created hopes for major inflows of foreign money. ...