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Sunday, 2 August 2015

MIDEAST STOCKS-Saudi tumbles on oil, earnings; other markets also weak | Reuters

MIDEAST STOCKS-Saudi tumbles on oil, earnings; other markets also weak | Reuters:



"Stock markets across the Middle East fell on Sunday after oil prices dropped again and Saudi Arabia, heavily influenced by the petrochemicals sector, led losses, hitting a four-month low.



The main Saudi index sank 3.2 percent to 8,807 points, its biggest daily loss since late March, with nearly all stocks in the red. It has no significant technical support left above the April low of 8,502 points.



Petrochemicals giant Saudi Basic Industries tumbled 3.9 percent. The company's profits have been hurt by the drop in oil prices over the last 12 months, and the commodity's fresh weakness is a concern for investors."



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Saudi’s Kingdom Holding Q2 profit increases 13 per cent | The National

Saudi’s Kingdom Holding Q2 profit increases 13 per cent | The National:



"Saudi Arabia’s Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 12.6 per cent rise in second-quarter net profit on Sunday as its income increased and costs fell.



Kingdom has minority stakes in some of the world’s most high profile companies including Citigroup and Twitter.



Kingdom made a net profit of 238.3 million riyals (Dh233m) in the three months to June 30, up from 211.7 million riyals in the same period a year earlier, it said in a bourse statement."



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Low oil prices hit UAE job growth, new report shows | The National

Low oil prices hit UAE job growth, new report shows | The National:



"Low oil prices have impacted job growth in the UAE in second quarter, but the number of new hires could increase in the second half, depending on how oil prices fare, a UAE employment report said.



In the second quarter of this year 8,109 professionals were hired, a 1 per cent drop from 8,213 in the first quarter, according to the Morgan Mckinley UAE quarterly employment monitor.



“The oil price went back up to $60 per barrel toward the end of the quarter, but it needs to go up by a further $5-$10 a barrel to make new drilling and exploration projects viable,” said Trefor Murphy, managing director for the Middle East and North Africa at Morgan McKinley, in the report."



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IMF forecasts 3.2% UAE growth in 2015 | GulfNews.com

IMF forecasts 3.2% UAE growth in 2015 | GulfNews.com:



"The International Monitory Fund (IMF) estimated the average economic growth of the emirates at 3.6 per cent (2014), and expects 3.2 per cent in 2015, among the highest in the area.



Most recent published data by the National Bureau of Statistics of Abu Dhabi show that the gross total of the foreign trade of non-oil goods, of the UAE was Dh524.8 billion, during the first half of 2014. The imports amounted to 64.8 per cent of the gross (above-mentioned) amount, and exports of non-oil commodities amounted 12.1 per cent and the re-exported stood at 23.1 per cent.



Financially, the IMF expects a retreat from 12.1 per cent of the GDP of the surplus of current balance, in the UAE in 2014 to about 5.3 per cent in 2015, due to the decline in the international oil prices."



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MIDEAST STOCKS-Gulf mixed, DAMAC lifts Dubai ahead of results | Reuters

MIDEAST STOCKS-Gulf mixed, DAMAC lifts Dubai ahead of results | Reuters:



"Stock markets in the Gulf were narrowly mixed in early trade on Sunday as Dubai outperformed, supported by positive earnings and expectations.



The emirate's index rose 0.5 percent, supported by Dubai Islamic Bank, up 1.3 percent, and property developer DAMAC, which jumped 2.6 percent.



Dubai Islamic Bank beat analysts' forecasts with a 35 percent rise in second-quarter net profit last week and DAMAC said on Sunday its board would discuss second-quarter results and a dividend payout on Tuesday."



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