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Monday, 17 August 2015

MIDEAST STOCKS-Markets fall but Dubai, Egypt hold above chart support | Reuters

MIDEAST STOCKS-Markets fall but Dubai, Egypt hold above chart support | Reuters:



"Most Middle East stock markets
fell on Monday as oil prices remained weak, but some shares in
Dubai, Saudi Arabia and Egypt rebounded after particularly steep
drops in the previous session.



Saudi Arabia's main index edged down 0.3 percent to
8,437 points but closed well off its intra-day low of 8,381
points.



Oil shipper Bahri was one of main supports,
jumping 2.5 percent. The stock had tumbled 8.3 percent in the
previous session after tanker freight rates from the Gulf to
Japan dropped to their lowest in more than 10 months."



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Emerging market stocks gauge falls to 4 year low - fastFT: Market-moving news and views, 24 hours a day - FT.com

Emerging market stocks gauge falls to 4 year low - fastFT: Market-moving news and views, 24 hours a day - FT.com:



"The MSCI Emerging Markets Index has fallen to a four year low according to Bloomberg, as large outflows from EM funds continue amid fears that EM equities will keep sliding along with currencies and economic growth.



Emerging markets have been struggling on several fronts this year, as currencies fall to multi year lows, growth stagnates, stock markets wobble and now bonds are showing the first signs of pressure, Joel Lewin writes.



Last week outflows from emerging market equity funds continued for a fifth week, pushing the total outflow for the year to $31.9bn."



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MIDEAST STOCKS-Most Gulf markets edge down after oil falls | Reuters

MIDEAST STOCKS-Most Gulf markets edge down after oil falls | Reuters:



"Most Gulf stock markets edged down early on Monday after oil prices fell again on concern about Japan's economy and a growing rig count in the United States, but Dubai rose slightly, bouncing off technical support.



Dubai's index edged up 0.4 percent after hitting an intra-day low of 3,911 points, close to chart support at its May low of 3,913 points.



Builder Arabtec rose 2.8 percent after tumbling 5.4 percent in the previous session on poor second-quarter results. The firm posted its third quarterly loss in a row, while analysts had expected a profit."



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Russia recession poses financial dilemma for companies - FT.com

Russia recession poses financial dilemma for companies - FT.com:



"When Chris van Riet showed visitors around South Gate Industrial Park, south of Moscow, he used to lay out long-term plans for expansion.



Funded with a $200m loan from Sberbank, Russia’s largest lender, Mr Van Riet’s company has built one of the most cutting-edge warehousing and logistics centres in Russia, designed to help modernise an economy plagued by antiquated infrastructure and years of under-investment.



But just as the park ramped up and companies were moving in, Russia got hit by western sanctions and dropping oil prices."



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Saudi Arabia’s hard choices on oil and regional influence - FT.com

Saudi Arabia’s hard choices on oil and regional influence - FT.com:



"The year 2015 is not going well for Saudi Arabia. The attempts of King Salman bin Abdulaziz al-Saud and his son Prince Mohammed bin Salman — who, not quite 30, is not just deputy crown prince and chief of the Royal Court but also defence minister and chairman of the supreme council of state oil company Aramco — to assert their authority in the region and in the oil market are failing.



Barack Obama, US president, pointedly overrode Saudi concerns to reach­ a deal with Iran that is already transforming the regional balance of power. Concerns about Iranian influence led Saudi Arabia to intervene in Yemen, but the ill-conceived air campaign has achieved little beyond demonstrating the limitations of the Saudi military. The result is a humanitarian disaster with Houthi forces still in control of much of the north of Yemen.



Worst of all, perhaps, the US shale industry has not followed the script by obediently cutting back production as prices have fallen. On the contrary, costs have been cut and production this year will be higher than in 2014. Elsewhere, other producers have increased oil output to raise revenue. The price is back to $50 a barrel and falling."



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Rise of the Index - YouTube

Rise of the Index - YouTube: ""



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Chinese whispers | Authers' Note - YouTube

Chinese whispers | Authers' Note - YouTube: ""



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MIDEAST STOCKS-Qatar given weightings lift as markets fall on oil weakness | Reuters

MIDEAST STOCKS-Qatar given weightings lift as markets fall on oil weakness | Reuters:



"Equity markets across the Middle
East fell on Sunday as weak oil prices depressed investor
sentiment, though the Doha bourse did better than others after
index compiler MSCI increased Qatar's weighting in its emerging
markets index. 



Saudi Arabia's main index dropped 2.5 percent to
8,464 points, its lowest close since late January, falling
through technical support around 8,500 points, where it had
bottomed out in March and April.



A second straight close below that level would trigger a
double top formed by the March and April peaks, indicating that
December's low of 7,226 points could be repeated in the coming
months."



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