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☆ 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).

☆ Egypt leads 2022 gains, Saudi marks first annual loss in 7 years
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +3 min

Dec 29 (Reuters) - The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022. Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank (1120.SE). According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment. The kingdom's largest lender, Saudi National Bank (1180.SE), finished 1.2% higher. Oil prices - a key catalyst for the Gulf's financial markets - surged 80% earlier this year before giving up most gains.

☆ Most Gulf markets rise as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. It will also downgrade the seriousness of COVID as it has become less virulent and will gradually evolve into a common respiratory infection. The announcement buoyed other Asian markets as well, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.53%. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.4% rise in Al Rajhi Bank (1120.SE) and a 1.1% gain in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) added 0.1%, helped by a 0.4% rise in top lender Emirates NBD (ENBD.DU).

☆ Gulf markets rise on China optimism, Saudi leads
▼ + stars: | 2022-12-27 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. Saudi Arabia's benchmark index (.TASI) gained 1.3%, led by a 1.8% rise in Al Rajhi Bank (1120.SE) and a 1.9% increase in oil giant Saudi Aramco (2222.SE). The Saudi stock market rose today while oil markets' prospects improved with China opening up, said Fadi Reyad, chief market analyst at CAPEX.com. "However, the main index remains near its lowest levels this year and could be at risk of other price corrections." According to Reyad, the Qatari index continued to decline under the weight of the natural gas market's performance.

☆ Most Gulf markets fall in early trade; Dubai gains
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

Dec 26 (Reuters) - Most stock markets in the Gulf fell in early trade on Monday, with modest trading volumes in absence of many foreign investors for the Christmas holidays. Saudi Arabia's benchmark inex (.TASI) eased 0.1%, hit by a 0.6% fall in Retal Urban Development Co (4322.SE) and a 1.1% decline in the kingdom's biggest lender Saudi National Bank (1180.SE). However, Yanbu National Petrochemicals Company (2290.SE) gained 0.8% after it proposed half-yearly dividend of 1.25 riyal. Dubai's main share index (.DFMGI), however, rose 0.5%, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets subdued on economic concerns; Dubai gains
▼ + stars: | 2022-12-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dubai's main share index (.DFMGI) added 0.3%, ending three sessions of losses, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Among other gainers, Islamic Arab Insurance (SALAMA) (SALAMA.DU) advanced 3.9%, after saying it is considering a proposal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance (Aman) (DNIN.DU). The benchmark index (.QSI) in Qatar - among the world's top exporters of liquefied natural gas - retreated 1.2%. Most stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which was down 2.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.2%, with El Sewedy Electric (SWDY.CA) surging 8.1%.

☆ Saudi ends higher on oil prices; most Gulf markets in red
▼ + stars: | 2022-12-25 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

Dec 25 (Reuters) - Saudi Arabian stocks climbed on Sunday in response to Friday's rise in oil prices, while most other bourses in the Gulf were in the red on global economic concerns. Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 imposing a price cap on Russian exports. The Saudi bourse could maintain a stronger profile this week if oil prices continue to move to the upside, said Daniel Takieddine, CEO MENA at BDSwiss. According to Takieddine, the Qatari market saw additional price corrections after last week's pause as natural gas prices remained very volatile. Outside the Gulf, Egypt's blue-chip index (.EGX30) was down 0.7%, extending losses from the previous session.

☆ Most Gulf markets firm on rising oil prices
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday, as oil prices extended gains for a fourth session although global economic concerns limited gains. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.3% increase in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - climbed for a fourth straight day with U.S. crude, heating oil and jet fuel stocks growing tighter just as a cold snap hits the United States and travel is set to soar for the holiday season. In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.6% increase in the country's biggest lender First Abu Dhabi Bank (FAB.AD). The country, among the world's top exporters of liquefied natural gas, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

☆ Most Gulf markets ease on economic worries, volatile energy prices
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Dec 20 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday, with the Saudi index falling the most on economic concerns and volatile energy prices. Saudi Arabia's benchmark index (.TASI) declined 1.3%, with Retal Urban Development Co (4322.SE) losing 1.6% and Dr Sulaiman Al-Habib Medical Services (4013.SE) dropped 4.6%. Last week, the U.S. Federal Reserve and European Central Bank raised interest rates and promised more, adding to concerns of a global economic downturn. Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 1.8% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU). The Qatari index (.QSI), however, added 0.2%, helped by a 1.3% rise in Qatar Islamic Bank (QISB.QA).

☆ 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.

☆ Most Gulf markets fall on Fed hawkishness; Abu Dhabi gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Most stock markets in the Gulf dropped in early trade on Thursday after Federal Reserve Chair Jerome Powell said the central bank would deliver more rate increases next year. Saudi Arabia's benchmark index (.TASI) fell as much as 0.6%, and was on course to fall after two sessions of gains. The Saudi Central Bank said on Wednesday it increased its key interest rates by 50 basis points, following Fed's move as the Saudi riyal is pegged to the dollar. The Central Bank of the United Arab Emirates also increased its base rate by 50 basis points to 4.4%, effective Thursday, mirroring Fed's move. The Qatari benchmark index (.QSI) dropped 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) declining 2.1%.

☆ 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%.

☆ Most Gulf markets in red on weak oil, Fed policy jitters
▼ + stars: | 2022-12-12 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

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. Saudi Arabia's benchmark index (.TASI) dropped 1%, hitting its lowest since April last year, with Retal Urban Development Co (4322.SE) shedding 3.5%. Last week, Brent fell to its lowest since December 2021 amid concerns a possible global recession will hit oil demand. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.9%, bolstered by a 1.8% rise in top lender Commercial International Bank (COMI.CA).

☆ 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.

☆ Major Gulf markets track Asian shares, oil prices lower
▼ + stars: | 2022-11-28 | by ( Roxanne Liu | Yantoultra Ngui | ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Major stock markets in the Gulf fell on Monday, with the Qatari index leading the drop, as investors tracked sluggish crude prices and Asian equities lower after rare protests in China against the country's zero-COVID curbs roiled sentiment. Crude prices - a key catalyst for the Gulf's financial markets - slumped as street protests against strict curbs in China, the world's biggest crude importer, stoked concerns about the outlook for fuel demand. In Qatar, the index (.QSI) dropped 1.5%, as all stocks were trading in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.9%. Saudi Arabia's benchmark index (.TASI) retreated more than 1%, with Retal Urban Development Co (4322.SE) losing 1% and oil giant Saudi Aramco (2222.SE) declining 0.9%. Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Most Gulf markets track oil prices, global shares lower
▼ + stars: | 2022-11-28 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 28 (Reuters) - Most stock markets in the Gulf ended lower on Monday, as investors tracked sluggish oil prices and global shares after rare protests in China against the country's zero-COVID curbs roiled sentiment. China has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions. Saudi Arabia's benchmark index (.TASI) fell 0.5%, hit by a 2.8% fall in Retal Urban Development Co (4322.SE) and a 2.6% decline in oil giant Saudi Aramco (2222.SE). Europe's benchmark STOXX index (.STOXX) fell 0.9% in early trading after MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2% as COVID protests raised investors' concerns about growth implications for China. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.7%, with top lender Commercial International Bank (COMI.CA) falling 0.8%.

☆ 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 bourses fall after Fed warning
▼ + stars: | 2022-11-14 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Most Gulf stock markets ended lower on Monday after a top U.S. central banker warned investors not to get carried away over one inflation number, while falling oil prices compounded concerns. Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 3% slide in the country's biggest lender Saudi National Bank (SNB)(1180.SE). The lender has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss bank and is set to take a stake of up to 9.9%. Since the October announcement, SNB has lost 39.94 billion riyals ($10.63 billion) from its market value. The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million).

☆ Major Gulf markets fall after Fed warning
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Major stock markets in the Gulf retreated in early trade on Monday after a top U.S. central banker warned investors against getting carried away over one inflation number. Saudi Arabia's benchmark stock index (.TASI) dropped 1.3%, dragged down by a 4.1% slide in Retal Urban Development Co (4322.SE) and a 1.3% decline in Al Rajhi Bank (1120.SE). The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million). The fund sold 12 million shares through an accelerated bookbuild offering at 191 riyals each, a 9% discount to Thursday's closing price. Dubai's main share index (.DFMGI) fell 0.4%, hit by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Most Gulf bourses in black on Fed rate hopes
▼ + stars: | 2022-11-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

Nov 13 (Reuters) - Most stock markets in the Gulf ended higher on Sunday with Saudi Arabian shares snapping three sessions of losses, as soft U.S. inflation data fuelled hopes that the aggressive Federal Reserve rate stance might begin to ease. The Qatari stock market started the week positively as the world cup could provide strong support for the market and attract investors' attention, said Farah Mourad, Senior Market Analyst of XTB MENA. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1.9%, as most of the stocks on the index were in positive territory. According to analyst Mourad, the Egyptian stock market continues to benefit from the attention COP27 brought to the country. ($1 = 3.7590 riyals)($1 = 0.9417 Swiss francs)Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf bourses in red ahead of U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Seun Sanni | ) www.reuters.com time to read: +2 min

The U.S. consumer price index (CPI) data for October is due at 1330 GMT, with economists polled by Reuters forecasting a decline in both monthly and yearly core numbers to 0.5% and 6.5%, respectively. Dubai's main share index (.DFMGI) fell 0.3%, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.6% and top lender Emirates NBD (ENBD.DU) falling 0.4%. Dubai schools operator Taaleem Holdings announced a price range of between 2.95 dirhams and 3 dirhams per share for its upcoming initial public offering. The company plans to raise 750 million dirhams ($204.21 million) from the IPO to expand its premium schools network. The Qatari index (.QSI) retreated 0.7%, as most of the stocks on the index were in negative territory.

☆ Major Gulf markets mixed ahead of U.S. inflation data
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Tuesday as crude oil prices fell and caution prevailed ahead of the release of U.S. inflation data. Crude prices hit their highest since August on Monday amid speculation leaders in top crude importer China were weighing an exit from the country's strict COVID-19 restrictions. Chinese health authorities doused that speculation on Saturday, reaffirming the country's commitment to its strict zero-COVID policy. State developer Nakheel secured 17 billion dirhams ($4.63 billion) in financing from local banks for new projects, including Dubai Islands and other waterfront developments. read moreThe transaction comprises 11 billion dirhams in refinancing and additional funds of 6 billion dirhams through a syndicate of three local lenders.

☆ 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.

☆ Saudi bourse gains on rising oil prices; Egypt falls
▼ + stars: | 2022-11-06 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 6 (Reuters) - Saudi Arabia's stock market ended higher on Sunday in response to Friday's sharp rise in oil prices, while the Egyptian index slipped into negative territory following a recent rally. The benchmark index (.TASI) in Saudi Arabia gained 0.7%, led by a 1.6% jump in oil giant Saudi Aramco (2222.SE) and a 0.5% increase in Al Rajhi Bank (1120.SE). In Qatar, the index (.QSI) finished 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 1.9%. The Qatari bourse recorded an increase with natural gas prices continuing their rebound, Daniel Takieddine, CEO MENA at BDSwiss. read moreQatar, which hosts the 2022 FIFA World Cup this month, is one of the world's largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

☆ 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>).

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