01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf stock listings nosedive in 2016: report KUWAIT CITY: Stock markets in the energy-rich Gulf saw a sharp drop in the number of initial public offerings in 2016, as well as the value of listings, a report said Wednesday.Only three IPOs were made in the region last year, half the number recorded in 2015 and the lowest in 15 years, Kuwaiti investment firm KAMCO Research said in the report.Their value was a meagre $745 million, the lowest since 2013 and way below the record $10.9 billion raised by stock flotations in 2008 and 2014 separately, KAMCO said.All three of last year's IPOs were from Saudi Arabia.There were none in the remaining members of the Gulf Cooperation Council (GCC) -- Bahrain, Kuwait, Oman, Qatar and United Arab Emirates.KAMCO said Gulf companies looking to issue IPOs decided to put them off due to events including Brexit, the US presidential election and volatility on oil markets up until OPEC agreed ...

Markets - Equity - Middle East & Africa

Saudi rises, Oman hit by higher telecommunications tax DUBAI: Saudi Arabia's stock market rose on Sunday with much activity focusing on second- and third-tier stocks rather than blue chips, while Oman's bourse was dragged down by a higher tax on telecommunications companies. The main Saudi index added 0.4 percent. Banking stocks were soft but major gains were seen in a few stocks such as conglomerate Jazan Development, which jumped 5.4 percent after announcing a 0.50 riyal per share dividend for 2016. Saudi Automotive ...

Markets - Equity - Middle East & Africa

Saudi stocks rise with second tier outperforming DUBAI: Saudi Arabia's stock market rose in early trading on Sunday with activity focusing on second- and third-tier stocks rather than blue chips.The main Saudi index was up 0.5 percent in the first hour. Petrochemical and banking blue chips were little changed but major gains were seen in stocks such as conglomerate Jazan Development, which jumped 5.9 percent after announcing a 0.50 riyal per share dividend for 2016.Saudi Automotive Services surged its 10 percent daily ...

Markets - Equity - Middle East & Africa

Gulf trades mixed, second-tier Saudi petchems rise DUBAI: Major Gulf stock markets were mixed in quiet trade on Wednesday although some second-tier Saudi petrochemical stocks rose sharply after oil prices climbed overnight. The main Saudi index traded higher for much of the day but closed 0.2 percent lower as Saudi Electricity, which had risen after last week's state budget for 2017 promised to raise electricity tariffs, fell back 2.6 percent. Petrochemical stocks were the top three gainers, with Petrochem up by its ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Saudi post-budget rally stalls, UAE bourses firm DUBAI: The Saudi Arabian stock market's post-budget rally ran out of steam on Monday as the index neared technical resistance, while United Arab Emirates bourses outperformed the region.The Saudi index added 1.5 percent on Sunday in reaction to Riyadh's modestly expansionary state budget for 2017. But it closed 0.3 percent lower at 7,166 points on Monday in lower trading volume. Technical resistance lies at this year's peak of 7,235 points, hit earlier this month.Utility Saudi ...

Markets - Equity - Middle East & Africa

Saudi surges on budget, Saudi Electricity leaps DUBAI: Saudi Arabia's stock market surged in early trade on Sunday in response to the release of the 2017 state budget, which includes an increase in government spending next year to support flagging economic growth.The Saudi stock index added 1.1 percent to 7,167 points in the first 15 minutes, nearing technical resistance on this year's peak of 7,235 points, hit earlier this month.Utility Saudi Electricity jumped 6.6 percent after the government said in the budget ...

Markets - Equity - Middle East & Africa

MIDEAST STOCKS-Saudi market rises before 2017 budget, Egypt extends bull run DUBAI: Saudi Arabia's stock market rose on Wednesday on the eve of the government's release of its 2017 budget, and Egypt's extended a bull run fuelled by foreign money and last month's float of the Egyptian pound. The Saudi stock index climbed 0.4 percent, though trading volume shrank to its lowest level in two months as many investors became cautious before the budget announcement. Sources familiar with budget planning told Reuters the government would reveal ...