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☆ New orders lift Saudi non-oil business activity growth to four-month high
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

New business expanded faster with the new orders subindex surging to 66.1 in October, also a four-month high, from 64.2 the previous month. The growth in output and new business was spread across most sectors, including manufacturing and construction, the survey showed. Growth in output remained high although the subindex eased to 60.1, weaker than the long run trend. The employment subindex rose to a nine-year high of 54.5 in October from 52.0 in September. The government estimates non-oil economic growth in 2023 of around 6%, significantly outperforming overall GDP growth.

Persons: Naif Al, Ghaith, Prince Mohammed bin Salman, Rachna Uppal, Hugh Lawson Organizations: Bank Saudi, Riyad Bank, Thomson Locations: DUBAI, Saudi Arabia, Bank Saudi Arabia, Saudi

☆ Saudi bourse extends losses on profit-taking; Egypt gains
▼ + stars: | 2023-07-30 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

July 30 (Reuters) - Saudi Arabia's stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses. Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank (1010.SE), while Saudi Awwal Bank (1060.SE) retreated 3.8%. On the positive side, National Shipping Company of Saudi Arabia (4030.SE) advanced more than 4% after posting a sharp rise in second-quarter net profit. In Qatar, the index (.QSI) gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar (IQCD.QA). ($1 = 3.7505 riyals)Reporting by Ateeq Shariff in Bengaluru Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Ateeq, Christina Fincher Organizations: Saudi, Riyad Bank, Saudi Awwal Bank, National Shipping Company, Industries Qatar, Eastern Company, Thomson Locations: Saudi, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

☆ Qatar stock market ends lower, Egypt rises
▼ + stars: | 2023-06-18 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

The Qatari Stock index (.QSI) dropped 0.1%, extending its losses to a second session with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.2% and Qatar Islamic Bank (QISB.QA) shedding 1.1%. Among the losers, Lesha Bank (QFBQ.QA) and Dukhan Bank (DUBK.QA) lost 1.1% and 1.3% respectively. Saudi Arabia's benchmark index (.TASI) added marginally as losses in energy and financial sectors countered gains in most of the sectors. Dr Sulaiman Al-Habib Medical Services (4013.SE) climbed 2.5% and Mouwasat Medical Services (4002.SE) surged 6.1%. However, Riyad Bank (1010.SE) and the world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) lost 2.1% and 0.7% respectively.

Persons: Christopher Waller, Dr Sulaiman Al, Md Manzer Hussain, David Evans Organizations: . Federal, United Arab, Qatar National Bank, Qatar Islamic Bank, Lesha Bank, Dukhan Bank, Habib Medical Services, Mouwasat Medical Services, Riyad Bank, Al Rajhi Bank, Co, International Finance Corporation, IFC, Thomson Locations: United States, Saudi Arabia, United Arab Emirates, Qatar, Saudi, El

☆ Most Gulf markets gain after US debt deal, job data
▼ + stars: | 2023-06-04 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

June 4 (Reuters) - Most stock markets in the Gulf ended higher on Sunday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest economy, while jobs data fuelled hopes for a possible pause in Fed rate hikes. Oil prices - a key catalyst for the Gulf's financial markets - rose more than 2% on Friday after the U.S. debt deal and jobs data. In Qatar, the index (.QSI) finished 1.8% higher, with almost all the stocks closing in positive territory including Qatar Islamic Bank (QISB.QA), which gained 2.1%. Outside the Gulf, Egypt's blue-chip index (.EGX30) eased 0.4%, hit by a 0.7% fall in top lender Commercial International Bank (COMI.CA). Reporting by Ateeq Shariff in Bengaluru; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Ateeq, David Holmes Organizations: U.S, Congress, Saturday, Al Rajhi Bank, Riyad Bank, Gulf Cooperation, Saudi, Qatar Islamic Bank, Commercial International Bank, Saudi Arabia's Milling, Reuters, Thomson Locations: Saudi, Al Rajhi, Gulf, Qatar, Ateeq Shariff, Bengaluru

☆ Saudi leads most Gulf bourses higher; Egypt down
▼ + stars: | 2023-03-19 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 19(Reuters) - Saudi Arabia's stock market closed higher on Sunday to outperform the Gulf region, amid expectations of a lower interest rate hike by the U.S. Federal Reserve in the aftermath of the collapse of two big regional banks. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. Saudi Arabia's benchmark index (.TASI) ended its five sessions losing streak, jumping 1.8%, the highest intraday rise since Dec 13. The index heavyweight Islamic banks Qatar Islamic Bank (QISB.QA) and Masraf Al Rayan (MARK.QA) rose 1.9% and 3.2% respectively. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.2%, extending its looses into a sixth sessions.

☆ Saudi non-oil business activity surges in February on strong demand-PMI
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 5 (Reuters) - Saudi Arabia's non-oil business sector activity soared to its highest level in eight years in February, a survey showed on Sunday, based on a strong increase in demand and an optimistic economic outlook. A substantial rise in new orders indicated improved economic conditions for businesses. As a result the Output sub-index also recorded a strong increase, at 65.6 in February from 63.6 in the previous month, leading to further expansion in employment and purchasing. Saudi inflation rose to 3.4% in January, slightly up from the previous month. Improving economic conditions are driving confidence for future business activity over the next 12 months, the survey said.

☆ Most Gulf markets drop as oil prices fall
▼ + stars: | 2023-02-13 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Most Gulf stock markets fell in early trade on Monday, in tandem with weaker oil prices and Asian peers as investors were cautious ahead release of crucial U.S. inflation data. Oil, which fuels the region's growth, declined around 1% with Brent crude was down $85.66 a barrel by 0743 GMT. In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 1.1%, dragged down by a 2.9% loss in Alpha Dhabi (ALPHADHABI.AD) and 1.9% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank slid 2.1%. The Qatari Stock index (.QSI) fell 0.2%, weighed down by losses in industry and energy sectors with Industries Qatar losing 2.9% and Qatar Fuel shedding 1.5%. Saudi Arabia's benchmark stock index (.TASI) opened on positive note trading 0.6% higher.

☆ Saudi Arabian shares drop on lower oil prices; Egypt rises
▼ + stars: | 2023-02-05 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 5 (Reuters) - Saudi Arabian stock market closed lower on Sunday, in response to fall in oil prices on Friday amid concern about the European Union embargo on Russian refined products. Meanwhile, Saudi Arabia's Energy Minister warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies in future. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports. Saudi oil giant Aramco (2222.SE) sank 1.5%, while the world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), dropped 1.9%. Qatar's stock index (.QSI) ended down 0.4%, with almost all its constituent stocks in negative territory.

☆ Saudi non-oil private sector activity jumps in January on higher output, orders
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Feb 5 (Reuters) - Growth in Saudi Arabia's non-oil business activity accelerated in January, having hit a three-month low the previous month, a survey showed on Sunday, supported by an increase in new orders and output. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index increased to 58.2 in January, from 56.9 in the previous month and well above the 50 mark separating growth from contraction. "This growth confirms the Saudi position as the fastest-growing economy among the Group of 20 countries despite economic headwinds," said Naif Al-Ghaith, Chief Economist at Riyad Bank. The output sub-index rose to 63.6 in January from 61.0 the previous month, mainly on higher demand, as the new orders sub-index jumped to 65.3 from 62.9 in December, with the strongest increase recorded among service providers. Confidence among private firms in the non-oil sector increased to a two-year high last month with survey participants forecasting a strong year ahead supported by new order inflows, high capacity, and lower expected costs.

☆ Gulf bourses wobble; Egypt edges up
▼ + stars: | 2023-01-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Jan 15 (Reuters) - Stock markets in the Gulf wobbled on Sunday with the Qatari index extending losses for a third session. Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Elsewhere, Saudi Arabian Mining Co (Ma'aden) (1211.SE), the Gulf's largest miner, retreated 1.2%, ending two sessions of gains. However, Qatar National Bank (QNB) (QNBK.QA), the Gulf's biggest bank by assets, gained 0.7%, ending three sessions of losses. Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.1%, helped by a 5.3% jump in El Sewedy Electric (SWDY.CA).

☆ Saudi non-oil private sector activity eases in December
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Jan 3 (Reuters) - Growth in Saudi Arabia's non-oil business activity slowed to a three-month low in December, a survey showed on Tuesday, although higher sales and strong demand ensured firms remained confident about the outlook for the coming year. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 56.9 in December from 58.5 in November. However, the output subindex softened to 61 from November's 64.6 while the pace of growth in new orders also slowed. The Saudi government has estimated GDP growth of almost 9% in 2022, revised up from its earlier estimates, with the finance ministry attributing the adjustment largely to non-oil private sector activity. This made us comfortably project growth of non-oil GDP to exceed 4% in 2023."

☆ Saudi index falls on economic worries, Egypt extends losses
▼ + stars: | 2022-12-18 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dec 18 (Reuters) - Saudi Arabia's stock market ended lower on Sunday, ending three sessions of gains, in response to Friday's fall in oil prices and global shares. Saudi Arabia's benchmark index (.TASI) dropped 0.4%, snapping a three-day winning streak, hit by a 2.5% fall in Riyad Bank (1010.SE). Elsewhere, oil giant Saudi Aramco (2222.SE) retreated 0.6%. On Friday, MSCI's world stock index (.MIWD00000PUS) lost 1.1% and touched its lowest level in over a month, as a hawkish tone from central bankers and weak data stoked recession fears. Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2$, extending losses from the previous session when it retreated from over four-year highs.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

☆ Saudi bourse at 19-month low on growth fears; Egypt extends gains
▼ + stars: | 2022-12-07 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - Saudi Arabia's stock market led declines in much of the Gulf region on Wednesday, hitting its lowest since April last year as worries mounted about a global economic downturn. The Saudi bourse could see more losses while concerns remain around the developments in oil markets, Daniel Takieddine, CEO MENA at BDSwiss, said. In Abu Dhabi, the index (.FTFADGI) lost 0.7%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) down 1.9%. The Qatari index (.QSI), which wiped out its year-to-date gains in the previous session, retreated a further 1.3%. Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 2% higher, gaining for a seventh session.

☆ Saudi non-oil private sector continues to expand in November
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 5 (Reuters) - Saudi Arabia's non-oil business activity expanded at the fastest rate in seven years in November, supported by a sharp rise in new orders and continued confidence in the growth outlook, a survey showed on Monday. The output sub-index rose to 64.6 in November from 61.3 the previous month while the new orders sub-index accelerated to 65.7 from 62.9 in October. The manufacturing, construction, wholesale & retail and services sectors all recorded strong growth, the survey said. Aside from strong domestic conditions, new export business also saw the fastest increase since November 2015. "The Saudi economy is continuing its expansion in the non-oil sector in November, business conditions have improved across the board in light of rising demand," said Naif Al-Ghaith, chief economist at Riyad Bank.

☆ Major Gulf markets fall in early trade on growth worries
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday on growth worries following COVID-19 flare-ups in China and weak oil demand, with the Qatari index on course to extend losses for a sixth session. Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course to extend losses for a third session, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 2.7% and Riyad Bank (1010.SE) falling 1.1%. Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe. Dubai's main share index (.DFMGI) fell 0.3%, hit by a 0.4% fall in Emirates NBD (ENBD.DU). The Qatari index (.QSI) retreated 0.8%, on course to extend losses for a sixth session, with Qatar Islamic Bank (QISB.QA) dropping 1.6%.

☆ Most Gulf stocks end higher, Abu Dhabi hits record high
▼ + stars: | 2022-11-07 | by ( Ateeq Shariff | Megan Rowling | ) www.reuters.com time to read: +2 min

Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries. read moreSaudi Arabia's benchmark index (.TASI) rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank (1010.SE). Dubai's main share index (.DFMGI) gained 0.9%, with blue-chip developer Emaar Properties (EMAR.DU) rising 2.3%. In ABu Dhabi, the index (.FTFADGI) advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country's biggest lender, First Abu Dhabi Bank (FAB.AD). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.4%, as most of the stocks on the index were in positive territory.

☆ Most Gulf markets drop as cenbanks toe hawkish Fed line
▼ + stars: | 2022-11-03 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

read more read moreSaudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Saudi Arabia's benchmark index (<.TASI>) dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank (<1120.SE>) and a 2.1% drop in Riyad Bank (<1010.SE>). Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt (<COMI.CA>).

☆ Saudi non-oil private sector activity grows strongly in Oct - PMI
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Saudi Arabia's non-oil private sector expanded at a faster rate in October on the back of strong demand and rising new work inflows, a survey showed on Wednesday. "Saudi Arabian non-oil businesses signalled a strong degree of confidence in future economic conditions in October. "At the same time, business activity and new orders rose sharply again, with firms seeing client demand strengthen at a robust rate. Over a third of survey respondents noted that new orders had increased since the previous survey in September. The output subindex rose to 61.3 in October from 59.5 in September, while the employment subindex slipped to 50.2 from 50.5 but notched a seventh consecutive month of growth.

☆ Saudi bourse gains on strong earnings, oil prices; Qatar falls
▼ + stars: | 2022-10-23 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - Saudi Arabia's stock market ended higher on Sunday, in response to rising oil prices and strong earnings, while the Qatari index retreated amid falling natural gas prices. Post trading hours, the company reported a quarterly net profit of 269.9 million riyals ($71.82 million), up from 18 million riyals a year ago. Saudi National Bank (<1180.SE>), the country's biggest lender, inched 0.3% higher, after posting a net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals a year earlier. read moreThe Qatari index (<.QSI>) fell 0.5%, hit by a 1.1% fall in petrochemical maker Industries Qatar (<IQCD.QA>). "The commodity could extend losses as production outpaces expectations and warm weather limits demand, putting more pressure on the stock market," he said.

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