08292016Mon
Last update: Mon, 29 Aug 2016 05pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi falls to four-month low, FTSE hopes support Qatar DUBAI: Most Middle Eastern stock markets fell on Wednesday with Saudi Arabia hit by a broad sell-off, but support for Qatar persisted on expectations of fund inflows when index compiler FTSE includes it in its emerging market index next month.Doha's index rose 0.3 percent to a new nine-month closing high of 11,409 points, extending Tuesday's 2.2 percent rise.Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes the stock will among those included in the FTSE's emerging market index. Qatar National Bank (QNB) added 0.4 percent to 169.10 riyals, taking its gains over the last two days to 7.0 percent.Some analysts believe the market may stay strong into mid-September, when the FTSE change takes effect and passive funds will flow in tracking the index. Akber Khan of Doha-based Al Rayan Investment said: "Judging by the experience of previous upgrades, strength should continue ahead ...

Markets - Equity - Middle East & Africa

FTSE expectations boost Qatar, most markets retreat DUBAI: Qatari stocks rose on Tuesday amid expectations money will flow into the market when the index compiler FTSE promotes it to emerging-market status from frontier market. Most other Gulf markets gave up early gains to close lower and Dubai pulled back from technical resistance.FTSE, which will promote Qatar on Sept. 19, announced on Monday some of the criteria which it will use to choose individual Qatari stocks for its index, including liquidity requirements.Investment bank ...

Markets - Equity - Middle East & Africa

Gulf markets diverge, Egypt settles at 14-month high DUBAI: Stock markets in Dubai, Qatar and Egypt climbed to multi-month highs on Monday but Saudi Arabia was dragged lower by banking shares vulnerable to economic pressures due to low oil prices. Dubai's index rose 1.0 percent to end at 3,602 points, just below technical resistance at its April peak of 3,605 points, as trading volume more than doubled from Sunday, a positive technical signal.Any break of resistance would point up to the October peak ...

Markets - Equity - Middle East & Africa

IMF deal boosts Egypt, Saudi falls despite reform news DUBAI: Egyptian stocks rose on Thursday after Cairo and the IMF said they had agreed on a $12 billion loan, while major Gulf bourses pulled back and Saudi Arabia fell despite news that foreign investment curbs would be eased sooner than expected. Egypt's index climbed 1.0 percent to a 13-month closing high after Cairo reached a preliminary three-year, $12 billion funding deal with the International Monetary Fund. But although the loan may ease pressure on ...

Markets - Equity - Middle East & Africa

Gulf soft, Saudi edges down despite reform announcement DUBAI: Gulf stock markets were soft early on Thursday after oil prices and global bourses pulled back, while Saudi Arabia edged down despite the Saudi regulator's announcement that it would ease restrictions on foreign investment sooner than expected.The Saudi index fell 0.3 percent in the first 75 minutes of trade with most banks and many second-tier stocks weak, though Arabian Pipes, a supplier to oil giant Saudi Aramco, jumped 4.9 percent in unusually heavy trade.The ...

Markets - Equity - Middle East & Africa

Qatar, Egypt climb to multi-month highs, Saudi cools DUBAI: Stock markets in Qatar and Egypt rose to fresh multi-month highs on Wednesday, following global bourses higher, but Saudi Arabia's index pulled back as oil gave up some of its recent gains.Doha's main index added 0.7 percent to 10,996 points, a new nine-month high. Stocks most exposed to foreign capital flows were among the top gainers, with Islamic lender Masraf Al Rayan advancing 2.9 percent.Cairo's main index recovered from the previous session's 0.9 percent ...

Markets - Equity - Middle East & Africa

Qatar up on emerging fund inflows, Gulf slightly higher DUBAI: Qatar's main stock index outperformed its peers in early trade on Tuesday as emerging market funds continue to hunt for bargains there.Doha's main index rose 0.7 percent as 11 of the 12 Qatari shares that are members of the MSCI emerging market index advanced. Petrochemical conglomerate Industries Qatar was up 2.2 percent and Qatar National Bank rose 0.6 percent.Dubai's index was up 0.3 percent, boosted by a 0.9 percent gain in Emaar Properties. Other ...