01182017Wed
Last update: Wed, 18 Jan 2017 10am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Gulf falls as Saudi outperforms; investment steps boost Egypt DUBAI: Gulf stock markets fell on Wednesday after drops in global bourses and oil prices, but banking shares limited the decline in Saudi Arabia. Egypt's blue chip index rose after the government approved steps designed to boost investment. In the nine days through Monday, the Saudi index rocketed 10.1 percent in response to the success of Riyadh's international bond issue, which eased concern about tight liquidity in the banking system. On Tuesday, the index pulled back slightly, and it fell a further 0.1 percent on Wednesday. The banking sector edged up 0.04 percent, suggesting positive sentiment due to the bond issue has not yet faded. The biggest lender, National Commercial Bank, fell back 3.2 percent but major Islamic lender Al Rajhi climbed 0.9 percent. The petrochemical sector dropped 0.5 percent, and many gainers were second- or third-tier stocks favoured by local retail investors, such as air conditioner maker and retailer ...

Markets - FXMM - Middle East & Africa

Egypt's pound strengthens on black market as restrictions expected on forex deposits CAIRO: Egypt's pound on Wednesday traded at its strongest rate in over two weeks on the black market, traders said, amid speculation that new bank rules may restrict foreign currency obtained on the parallel market.Egypt has contended with a growing shortage of dollars that has made its black market the primary source of hard currency for businesses ever since the 2011 uprising scared off foreign investors and tourists, key sources of dollars. Its efforts to ...

Markets - FXMM - Middle East & Africa

Egyptian pound hits record low on parallel market amid devaluation talk CAIRO: The Egyptian pound hit a new low against the dollar on the black market on Thursday, as speculators hold onto dollars in anticipation of an impending pound devaluation. Egypt has struggled to earn dollars since a 2011 uprising drove away tourists and foreign investors -- the country's main sources of foreign currency.The central bank has been rationing dollars and imposing strict capital controls whilst maintaining the pound at an artificially strong official rate of ...

Markets - FXMM - Middle East & Africa

South Africa's rand steadies, miners lead stocks lower JOHANNESBURG: South Africa's rand steadied on Thursday as improved global risk appetite cushioned the currency from extending recent losses, while stocks were pulled down by a global commodity sell-off. At 1513 GMT, the rand traded at 13.8925 per dollar, not far off its New York close of 13.8900/dollar on Wednesday, when Finance Minister Pravin Gordhan detailed downbeat growth forecast for the next three years. "Global risk sentiment has also improved relative to yesterday, which might ...

Markets - FXMM - Middle East & Africa

South Africa's rand briefly falls 1 percent in volatile trade JOHANNESBURG: South Africa's rand weakened as much as 1 percent on Thursday in volatile trade caused by uncertainty over the European Central Bank's monetary policy stance, analysts said. The rand fell to a session low of 13.9800/dollar before recovering to 13.9300 by 1310 GMT, down 0.69 percent from Wednesday's close. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Kenyan shilling stable, bond inflows may offer support NAIROBI: The Kenyan shilling held steady against the dollar on Wednesday and traders said its direction would be guided by the level of foreign investor appetite for an infrastructure bond.At 0820 GMT, commercial banks posted the shilling at 101.25/35, unchanged from Tuesday's close.The 15-year infrastructure bond, to be auctioned on Wednesday, is expected to generate foreign demand, boosting dollar supplies. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand recoups losses as finance minister fears subside JOHANNESBURG: South Africa's rand rallied strongly to its firmest in one week on Tuesday as investors took a calmer view of charges brought against Finance Minister Pravin Gordhan. Stocks rose in line with emerging markets, led by gains in the currency that benefited retail shares. The rand was 1.6 percent firmer at 13.9100 per dollar by 1615 GMT, from an overnight close of 14.1400 in New York. It traded below the 14.00 technical barrier for ...