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☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. 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. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Saudi bourse falls on Fed worries; Qatar gains
▼ + stars: | 2023-02-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

Feb 19 (Reuters) - Saudi Arabia's stock market closed lower on Sunday after U.S. economic data stoked fears the Federal Reserve will act more aggressively to curb inflation. Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy. The benchmark index (.TASI) in Saudi Arabia dropped 0.5%, dragged down by a 2.1% slide in Retal Urban Development Co (4322.SE) and a 0.9% decrease Al Rajhi Bank (1120.SE). In Qatar, the index (.QSI) bucked the trend to finish 0.7% higher, led by a 3.4% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). ** Markets in Kuwait and Oman were closed for a holidayReporting by Ateeq Shariff in Bengaluru; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf bourses rise on higher oil prices; Egypt down
▼ + stars: | 2023-02-12 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 12 (Reuters) - Most Gulf bourses closed higher on Sunday in response to Friday's oil price rise, driven by Russian plans to reduce crude production next month. Oil, which fuels the region's economies, rose more than 2%, with Brent crude gaining $1.89 to $86.39 a barrel. Russia plans to reduce crude production by 500,000 barrels per day (bpd) in March, or about 5% of its total output. The index was dragged down by a 4.7% loss in Commercial International Bank Egypt (COMI.CA) and a 2.9% fall in Telecom Egypt (ETEL.CA). Among other losers, Misr Fertilizers (MFPC.CA) and Abu Dhabi Islamic Bank Egypt (ADIB.CA) slid 3.7% and 4.3% respectively.

☆ 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.

☆ Gulf stocks rise on hope of slower Fed rate hikes
▼ + stars: | 2023-01-29 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Jan 29 (Reuters) - Stock markets in the Gulf ended higher on Sunday after cooling U.S. inflation lifted expectations the Federal Reserve would slow its pace of interest rate hikes. Saudi Arabia's benchmark index (.TASI) rose 0.2%, supported by gains in financial and energy sector stocks. The Qatari Stock index (.QSI) rose 0.4%, with most of its constituent stocks in positive territory. The bank reported Tuesday a more than 22% rise in FY net profit, beating analyst's expectations. Outside the Gulf, Egypt's blue-chip index (.EGX30) surged 3.7%, its highest intraday rise since November.

☆ Gulf markets rise on China demand optimism
▼ + stars: | 2023-01-24 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Jan 24 (Reuters) - Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world's second largest economy, China, and smaller interest rate hikes from the U.S. Federal Reserve. 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. The world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), rose 0.8%. Qatar Islamic Bank (QISB.QA) continued its gains with a 2.3% rise and Qatar International Islamic Bank (QIIB.QA) rose 1.7%. Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities.

☆ Major Gulf stocks rise on higher oil prices, China demand prospects
▼ + stars: | 2023-01-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - Most major Gulf markets ended higher on Sunday, reflecting Friday's rise in oil prices driven by prospects that an upbeat economic growth outlook from China could signal increased fuel demand in the world's second-largest economy. Oil, which fuels the region's economies, settled up about $1 a barrel on Friday, with Brent crude at $87.63 a barrel, up $1.47 or 1.7%. Saudi Arabia's benchmark index (.TASI) rose 0.4%, supported by a 1.5% gain in luxury real estate developer Retal Urban Development (4322.SE) and a 0.8% rise in oil giant Aramco (2222.SE). Al Rajhi Bank (1120.SE), the world's largest Islamic bank by market capitalization, rose 0.5%. The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its rally with a 2.3% gain and Qatar Islamic Bank (QISB.QA) rose 1.3%.

☆ 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, Qatar ends higher as China scraps COVID curbs
▼ + stars: | 2023-01-08 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Jan 8 (Reuters) - The Saudi and Qatari stock markets finished higher on Sunday after China scrapped COVID curbs, bolstering expectations of a demand recovery in the world's second-largest economy, while Egypt and UAE markets were closed. Meanwhile world's top crude exporter, Saudi Arabia, lowered prices for the Arab light crude it sells to Asia to its lowest since November 2021 amid the global pressures hitting oil. Saudi Arabia's benchmark index (.TASI) edged up 0.1% led by a 2.6% jump in state-owned mining company Saudi Arabian Mining Co(Ma'aden) (1211.SE). The benchmark stock index in Qatar (.QSI) gained 1.4%, supported by its Industrial and financial stocks as petrochemical maker Industries Qatar (IQCD.QA) jumped 3.1% while lender Masraf Al Rayan (MARK.QA) was up 2.5%. ($1 = 3.6580 Qatar riyals)($1 = 3.7580 riyals)Reporting by Shamsuddin Mohd in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ IT services firm to be Qatar's first to use book building for IPO
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 8 (Reuters) - Qatari IT services firm MEEZA will be the first company in the country to use book building to carry out an initial public offering, it said in a statement on Sunday, as Qatar aligns itself with international practices. The IPO process, which begins this month, will allow the company to offer a price range to test investors’ appetite and determine the IPO price. The offering's price range is between 2.61 riyals ($0.7135) to 2.81 riyals per share, which could raise between 846 million and 911 million riyals. Qatar introduced the regulations for book building in February 2021 to help entice foreign investors and elevate its status towards a developed market. Until now, the standard practice in Qatar has been for a company to set a price based on feedback from two independent valuation reports.

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ 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.

☆ Fanatics salaries: Pay data shows how much the merch giant offers for tech and other jobs, as it expands into sports collectibles, betting, and more
▼ + stars: | 2022-12-21 | by ( Ashley Rodriguez | Colin Salao | ) www.businessinsider.com time to read: +12 min

Recent work-visa data shows how much the company offers to pay certain staffers. Salaries in the data ranged from $57,100 to $233,200 for mainly tech jobs in its retail division. It included base salaries for mainly tech jobs in the retail division, ranging from a data engineer position that would make $110,000 per year to a director of product management that would earn between $201,968 and $231,750 per year. For example, the data included a pay rate of $125,486 to $130,000 for an experimentation strategist position. Here were the salaries for jobs at Fanatics SPV:Director, Influencer Relations : $195,042 to $200,000: $195,042 to $200,000 Senior Platform Engineer: $144,726 to $165,000This story has been updated to reflect the latest available data.

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☆ Warner Bros. Discovery salaries revealed: Pay data shows how much the company recently offered for jobs at HBO and more, despite waves of layoffs and cuts
▼ + stars: | 2022-12-20 | by ( Ashley Rodriguez | Elaine Low | ) www.businessinsider.com time to read: +19 min

Insider analyzed new pay data from the entertainment companies, now merged as Warner Bros. Recent salaries ranged from $55 an hour to $300,000 a year for jobs at HBO and other units. The salaries ranged from $55 per hour to $300,000 per year, with a median annual salary of $143,000 to $170,000. For example, Discovery offered an ad sales account manager between $131,458 and $149,000 per year, according to the data. Associate Manager, Brand Marketing/Publishing: $92,518 to $130,011WarnerMedia DirectData Architect: $162,400 to $200,150 median; ranging from $159,800 to $205,000WarnerMedia Services

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☆ 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).

☆ 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 retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ Egypt's index outperforms regional peers; Saudi extends losses
▼ + stars: | 2022-12-04 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Dec 4 (Reuters) - Egypt's blue-chip index outperformed regional peers to close higher on Sunday, while Saudi and Qatari stocks slipped on weakness in the financial and petrochemical sectors. They could fall further this week after OPEC+ agreed to stick to its oil output targets on Sunday but volatility is likely to continue after G7 countries and Australia also agreed a price cap on Russian oil. Saudi Arabia's benchmark index (.TASI) fell 0.9%, with Sabic Agri-Nutrients (2020.SE) down 4.2% and Sulaiman al-Habib Medical Services (4013.SE) 1.2% lower. Separately, Saudi oil behemoth Aramco's (2222.SE) base oil subsidiary Luberef announced its IPO price range between 91 and 99 riyals each. In Qatar, the index (.QSI) finished flat, as gains in energy stocks were partially offset by losses in financial stocks.

☆ Secret 9/11 memo reveals Bush rewriting the history of the 9/11 attacks and the warnings he'd tuned out
▼ + stars: | 2022-11-30 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +19 min

The ten members of the 9/11 Commission got to ask him and Vice President Dick Cheney any question they wanted about the September 11th attacks. What the new memo makes clear is that the White House's lack of urgency in facing down the domestic Al Qaeda threat wasn't all that complicated. Fortunately for Bush, the 9/11 Commission Report was careful not to point the finger directly at the sitting president. Still, when set beside the newly declassified memo, their official version of history as described by the 9/11 Commission Report feels incomplete, and sanitized. On the question of whether Al Qaeda came up during the August 17 briefing, Morell said he did not remember.

☆ 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 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).

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