07292016Fri
Last update: Fri, 29 Jul 2016 07am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf banking stocks rise after early Q2 earnings beat expectations DUBAI: Gulf stocks edge higher on Wednesday as investors build up positions in banks as the first series of second-quarter results outperformed analyst expectations.Investors also took cues from global markets as central banks signal the possibility of further stimulus programmes."The sentiment is positive today, markets are being driven by the global backdrop," said Saleem Khokhar, head of fund management and equities at the asset management group of National Bank of Abu Dhabi. "It's creating a bit of a risk-on sentiment."The Bank of England is due to have its first post-Brexit policy meeting, where analysts are expecting the central bank to cut U.K. interest rates to calm markets. In Japan, there are also expectations of further economic stimulus this month.Oman's Bank Muscat, which reported its earnings on Wednesday morning, was up 1.58 percent. The sultanate's biggest lender reported a 0.3 percent gain in net profit of 46.7 million rials in the ...

Markets - Equity - Middle East & Africa

Gulf markets get direction from first earnings burst DUBAI: Investors in Gulf stock markets will look to digest the first blast of second-quarter company earnings on Wednesday, as banks in Saudi Arabia, Qatar and Oman provide positive cues with estimate-beating profit increases.Qatar National Bank, the largest bank in the Middle East and Africa by assets, delivered a 10 percent jump in second-quarter net profit after market hours on Tuesday, aided by the inclusion of Turkey's Finansbank in its accounts for the first time.The ...

Markets - Equity - Middle East & Africa

Egypt jumps on further devaluation speculation DUBAI: Egypt's stock market posted its largest one-day gain in nearly four months on Sunday as speculation over a further currency devaluation in the North African country combined with positive global cues to propel the exchange higher. In the first day of trading after the Eid al-Fitr holiday, which marks the end of the Muslim fasting month of Ramadan, Egypt's main index jumped 4.7 percent. The surge came after a 2.9 percent increase last Monday, ...

Markets - Equity - Middle East & Africa

Saudi, Egypt stock markets rise in early post-Eid trade DUBAI: Saudi Arabia's stock market rose in early trading on Sunday, the first day many Middle Eastern bourses re-opened after the Eid al-Fitr holiday, while the performance of other regional exchanges were mixed.The main Tadawul index rose 0.8 percent, with most blue chip stocks higher, including Al Rajhi Bank and Saudi Basic Industries Corp, which were 2.6 percent and 0.3 percent higher respectively.Saudi Arabia's midcaps were also broadly firmer on the first day of trading ...

Markets - Equity - Middle East & Africa

Global stock market gains to boost to post-Eid trading DUBAI: Gains on global markets during the Eid al-Fitr holiday may give a boost to Gulf bourses on Sunday, although renewed concerns over oil oversupply may provide a counterweight in what may be light volumes after the holiday.Markets in the Middle East were shut for at least two days last week to mark the end of the holy fasting month of Ramadan, and bourses in Qatar and Bahrain remain closed on Sunday.Wall Street stocks rose ...

Markets - Equity - Middle East & Africa

UAE, Qatar edge up in early trade DUBAI: Stock markets in the United Arab Emirates edged up in early trade on Monday with Abu Dhabi's exchange supported by government owned shares while Qatar's largest listed developer kicks off second quarterly financial reports on a strong footing.Abu Dhabi's index was up 0.2 percent with National Bank of Abu Dhabi extending its 4.0 percent gains from the previous session to add 1.5 percent. On Sunday NBAD and First Gulf Bank boards approved the merger ...

Markets - Equity - Middle East & Africa

Banking shares climb in Abu Dhabi on FGB/NBAD merger details DUBAI: Abu Dhabi banking shares climbed in early trade on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.Shares in NBAD jumped 5.6 percent to 10.20 dirhams while FGB gained 4.0 percent to 13.10 dirhams. They were the market's two most heavily traded stocks.The merger would be completed via a share ...