05282016Sat
Last update: Sat, 28 May 2016 10am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf markets edge lower in early trade DUBAI: Stock markets in the Gulf edged down in early trade on Sunday as investors took profits, encouraged by a dip in Brent oil futures at the end of last week.Riyadh's stock index lost 0.2 percent, weighed down by the petrochemical sector. Saudi Basic Industries, the largest listed stock by market value, was down 0.6 percent.But some retail industry shares, which had largely been weak since reporting quarterly results last month, outperformed the market with Jarir Marketing up 0.2 percent. Shares in the company are however down 6.4 percent since last month.Dubai's index edged down 0.1 percent in thin trade as investors sold across the board. Emaar Properties and builder Drake & Scull fell 0.7 and 0.9 percent respectively.Dana Gas and Etisalat were the main drags on Abu Dhabi's index, which fell 0.3 percent. Shares in the natural gas explorer and blue-chip telecommunications operator were down 1.9 and 0.9 percent.Copyright ...

Markets - Equity - Middle East & Africa

Markets retreat on weak oil, US rate worries DUBAI: Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June.The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27.Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform ...

Markets - Equity - Middle East & Africa

Gulf pulls back on weaker oil, US rate outlook DUBAI: Gulf stock markets lost ground in early trade on Thursday after oil prices retreated and Asian stocks fell on speculation the United States would raise interest rates as early as June.The Saudi index dropped 0.4 percent in a broad-based decline during the first hour> Losers outnumbered gainers 119 to 28.Miner Ma'aden, which has been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's ...

Markets - Equity - Middle East & Africa

Most Gulf bourses slip in early trade, Saudi firm DUBAI: Most Gulf bourses were weak in early trade on Wednesday as investors booked profits, while Saudi Arabia's index edged up.Saudi Arabia's Advanced Petrochemical surged 3.5 percent after the company announced plans to increase its share capital by 20 percent to support future growth. The company also said it recommended distributing a cash dividend of 0.75 riyal per share for the first quarter."We expect the company will distribute 3.0 riyals per share for 2016. If ...

Markets - Equity - Middle East & Africa

Saudi, Dubai rise; Mobily up on waiver of loan breaches DUBAI: Saudi shares rose early on Tuesday, lifted by firmer oil prices and news that Saudi Arabia's second-largest telecommunications operator Mobily had secured waivers from all its lenders on breaches of loan agreements.Real estate stocks lifted the Dubai index.Etihad Etisalat (Mobily) jumped 6.7 percent after it said lenders who had not already agreed in December to waive breaches in loan terms had now done so.Rivals Saudi Telecom and Zain Saudi were up 0.8 and 1.1 ...

Markets - Equity - Middle East & Africa

Gulf mixed, strong oil fails to boost markets DUBAI: Gulf stock markets ended mixed on Monday, with a strong oil price failing to give much of a boost to shares as investors focused on the blow to corporate earnings expected later this year from governments' austerity policies.Brent crude futures climbed more than 2 percent to as high as $49.08 a barrel on Monday, their highest level this year, after long-time bear Goldman Sachs said the oil market had ended almost two years of ...

Markets - Equity - Middle East & Africa

Gulf mixed; Dubai builders down after earnings DUBAI: Gulf stock markets were mixed in early trade on Sunday with two Dubai construction firms dropping after reporting first-quarter earnings.Dubai's index fell 0.5 percent as Arabtec sank 2.0 percent after its first-quarter net loss narrowed to 46.4 million dirhams ($12.6 million) from 279.8 million dirhams a year earlier. Analysts polled by Reuters had on average forecast a loss of 123.6 million dirhams.Drake & Scull slid 2.7 percent after reporting a 61 percent fall in ...