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Sunday, 16 August 2015

MIDEAST STOCKS-Markets in Saudi Arabia, Egypt edge down - Yahoo Maktoob News

MIDEAST STOCKS-Markets in Saudi Arabia, Egypt edge down - Yahoo Maktoob News:



"Stock markets in Saudi Arabia and Egypt fell in early trade on Sunday as negative news weighed on some stocks and investor sentiment across the region was gloomy.



Saudi Arabia's main index edged down 0.6 percent and oil shipper Bahri was one of the main drags, dropping 2.9 percent after benchmark tanker freight rates from the Gulf to Japan dropped 3.0 percent on Friday to their lowest level in more than 10 months.



Ex-dividend stocks also weighed; Hail Cement tumbled 4.4 percent and Saudi Airline Catering dropped 2.4 percent."



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MIDEAST STOCKS-Arabtec drags down Dubai after Q2 loss, MSCI lifts Qatar | Reuters

MIDEAST STOCKS-Arabtec drags down Dubai after Q2 loss, MSCI lifts Qatar | Reuters:



"Most Gulf stock markets edged down in early trade on Sunday, led by Dubai where shares in builder Arabtec tumbled after posting a third quarterly loss in a row. However, share prices in Qatar rose after index compiler MSCI increased Qatar's weighting in its emerging markets index.



Dubai's index lost 0.8 percent and Arabtec, the most traded stock, fell 4 percent after it reported a net loss of 718.3 million dirhams ($196 million) in the second quarter, having made a profit in the same period last year of 102.4 million dirhams.




Two analysts polled by Reuters had forecast Arabtec would make a quarterly profit of 88.4 million and 90.6 million dirhams respectively."



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China’s currency devaluation signals more pain ahead for Arabian Gulf oil producers | The National

China’s currency devaluation signals more pain ahead for Arabian Gulf oil producers | The National:



"A week that saw China devalue its currency by 4.4 per cent following a rout in Chinese equities could prove to be bad news for commodity-exporting countries, including the UAE.



That is because China, now the world’s top economy in terms of purchasing power parity, has been supporting world commodity prices after the global financial crisis, according to the IMF’s latest update on the country. Without China’s support, oil prices will fall further.



As China’s currency declines, the price Chinese companies pay for commodity imports rises. This reduces the amount of foreign commodities local firms are willing to purchase, which harms the exporters of oil and industrial metals."



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IMF urges prudence on Dubai’s implementation of major infrastructure projects | The National

IMF urges prudence on Dubai’s implementation of major infrastructure projects | The National:



"Dubai’s current slate of major infrastructure projects will provide one of the UAE’s main sources of non-oil growth in the run-up to 2020.



But they could also be a domestic source of economic risk if not properly executed, according to the IMF.



The IMF has predicted that the UAE’s econonic growth will slow to 3.4 per cent this year, before rebounding to 4.6 per cent by 2020, supported by “the implementation of megaprojects and private investment in the run-up to Expo 2020”."



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Oman’s Daily Oil Output Tops 1 Million Barrels for First Time - Bloomberg Business

Oman’s Daily Oil Output Tops 1 Million Barrels for First Time - Bloomberg Business:



"Oman, the biggest oil producer in the Middle East outside OPEC, said its crude and condensate production in July exceeded 1 million barrels a day for the first time.



“In July 2015 the Sultanate broke a new record,” the Oil and Gas Ministry said in a monthly report published on its website. Production rose 0.5 percent from June because of efficiency achieved through maintenance work. Daily crude output was 894,000 barrels and condensate -- a light oil extracted from gas -- accounted for 107,000 barrels, it said.



Exports dropped 13% from a month earlier to 797,000 barrels a day as local refiner Orpic increased its intake of crude, according to the report. All shipments were to Asia, with China and Japan keeping first and second place among Oman’s customers, accounting for about 69 percent and 15 percent of sales respectively. The rest was sold to Taiwan, Singapore and Thailand."



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