02072016Sun
Last update: Sun, 07 Feb 2016 01pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi firms as Brent settles above $30; Egypt up in modest volumes DUBAI: Saudi Arabian stocks firmed up on Thursday as oil prices held above $30 a barrel, while Egypt edged higher on modest volumes.Brent futures were holding above $33, having risen 4 percent on Wednesday after Russian officials said they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices.Saudi petrochemical stocks made solid gains in early trade, with Saudi Basic Industries, the largest petrochemical stock by market value, rising 2.6 percent. The sub-index was up 2.6 percent, underpinning a 2.1 percent rise in Riyadh's bourse.Small and mid-cap insurance stocks, which are favoured by speculative traders, also advanced, headed for a third day of gains. Bupa Arabia, a mid-cap medical insurer, was up 3.1 percent after jumping 3.7 percent on Wednesday.The recent sharp declines in share prices, following tumbles in oil prices and overall bearish sentiment towards global equities, have made them attractive buys to long-term ...

Markets - Equity - Middle East & Africa

Bourses rise as oil remains over $30; Dubai gets boost from results DUBAI: Bourses in the Middle East advanced on Wednesday as investors nerves were quelled, for now, by Brent prices trading over $30.Many traders and fund managers believe that if Brent trades above $30 - a level investors have been eyeing as a floor - then the region's stock markets may get a temporary boost. Brent traded at $31.61 at 1249 GMT.Saudi's benchmark index traded up 1.1 percent to 5,699 points, but is about 200 points ...

Markets - Equity - Middle East & Africa

Saudi, Egypt rise as Brent settles above $30 DUBAI: Bourses in Saudi Arabia and Egypt rose in early trade on Wednesday as investors, encouraged by signs that Brent crude may settle above $30 a barrel, moved back into a market that has been hit hard by weak oil prices this year.Many traders and fund managers believe that if Brent trades above $30 - a level investors are keeping a close eye on - then the region's stock markets may get a temporary boost. ...

Markets - Equity - Middle East & Africa

Nigeria stocks end five-day rally as investors book profit LAGOS: Nigerian stocks ended a five-day rally to fall 0.55 percent on Tuesday as investors booked profits from recent gains, traders said. The index, which has the second biggest weighting on the MSCI frontier market index after Kuwait, closed at 23,832 points after gaining 5.9 percent over five days from Jan. 19. Traders said investors were taking profits in stocks that had rallied more than 20 percent over the five-day period. Unilever was the hardest ...

Markets - Equity - Middle East & Africa

Saudi, Egypt fall as oil, global bourses decline DUBAI: Bourses in Saudi Arabia and Egypt fell in early trade on Tuesday as investors cashed out following a resumption in declines of global stocks and worries over further weakness in oil markets.Brent broke below $30 a barrel in Asian trade, as fresh worries about oversupply from top producers Saudi Arabia and Iraq spooked the market.In Riyadh the stock index fell 1.6 percent in the first half hour of trade, with petrochemical stocks weighing on ...

Markets - Equity - Middle East & Africa

Qatar trade lower as oil turns south DUBAI: Stock markets in the United Arab Emirates and Qatar fell in early trade on Tuesday, following Asian shares lower as oil prices broke below the $30 a barrel mark.Brent fell 3.0 percent to $29.58 a barrel in Asian trade, as fresh worries about oversupply from top producers Saudi Arabia and Iraq spooked the market.Japan's Nikkei fell 2.3 percent while Hong Kong's Hang Seng Index fell 1.9 percent, with MSCI's broadest index of Asia-Pacific shares ...

Markets - Equity - Middle East & Africa

Bearish sentiment thwarts market rally; Saudi near-flat DUBAI: Major Gulf bourses retreated on Monday, erasing some of the previous day's gains with investors unconvinced markets can mount a sustainable rebound.Riyadh's index was near-flat, slipping 0.02 percent to 5,610 points as day traders booked quick profits to take its 2016 losses to 18.8 percent. It had gained 2.7 percent on Sunday after oil prices rallied late last week, but crude's renewed weakness has again sapped Saudi market confidence.The petrochemical sector, the main influence ...