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Monday, 31 August 2015

Saudi Stocks Cap Worst Month in Seven Years as Oil Resumes Slide - Bloomberg Business

Saudi Stocks Cap Worst Month in Seven Years as Oil Resumes Slide - Bloomberg Business:



"Saudi Arabian stocks fell in the worst month in almost seven years after Brent crude resumed its decline.



The Tadawul All Share Index fell 2.2 percent on Monday, the most among the Middle East’s major equity gauges, to 7,522.47. That extends the Tadawul’s drop to 17 percent in August, the most in a month since October 2008, according to data compiled by Bloomberg. Brent, the benchmark for half the world’s oil, headed for its fourth monthly decline.



Saudi Arabia’s index is the worst-performing in the world this month after the Athens Stock Exchange General Index, following a slump in the price of oil, which accounts for about 90 percent of the country’s income. The government is already reviewing capital spending plans for next year, and may delay or downsize some infrastructure projects to save money, according to two people familiar with the matter."



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MIDEAST STOCKS-Gulf markets fall on oil; Egypt jumps after gas find | Reuters

MIDEAST STOCKS-Gulf markets fall on oil; Egypt jumps after gas find | Reuters:



"Most Gulf stock markets fell on
Monday, tracking volatile oil prices, while Egypt's bourse
jumped after energy major Eni announced a potentially huge
natural gas discovery off the country's coast.



The main Saudi Arabian stock index dropped 2.2
percent, closing August with a 17.3 percent loss, its biggest
monthly drop since October 2008. Like other Gulf markets, it
swung wildly during the month in response to oil price changes;
at its bottom on Aug. 24, the benchmark was 30.9 percent down
month-to-date.



All sectors fell on Monday as Brent oil dipped back below
$49 a barrel, pressured by a supply glut and renewed concern
about a hard landing for China's economy."



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Mideast funds more positive on stocks as valuations improve -survey | Reuters

Mideast funds more positive on stocks as valuations improve -survey | Reuters:



"Middle East fund managers have
turned more positive towards equities in the region after a
plunge in markets reduced valuations and oil prices rebounded, a
monthly Reuters survey shows.



The survey of 15 leading investment firms, conducted over
the past several days, shows 20 percent expect to raise their
equity allocations to the Middle East in the next three months,
while 7 percent expect to reduce them.



That is not a particularly bullish ratio by historical
standards, but it is a positive shift from last month's survey,
when only 13 percent expected to increase equity allocations and
20 percent to cut them."



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MIDEAST STOCKS-Saudi Arabia, Egypt join regional pull-back | Reuters

MIDEAST STOCKS-Saudi Arabia, Egypt join regional pull-back | Reuters:



"Stock markets in Saudi Arabia and Egypt fell in early trade on Monday after oil prices dropped and emerging market equities in Asia slipped.



The main Saudi stock index fell 1.6 percent, with petrochemicals heavyweight Saudi Basic Industries (SABIC) the main drag. It slid 2.2 percent, in line with the price of oil, which affects the industry's profit margins.



Brent crude futures for October delivery have dropped more than $1 or 2 percent on Monday as traders book profits after last week's rally, which saw the biggest two-day rise in six years."



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Bahrain’s Investcorp says market volatility won’t hit business | The National

Bahrain’s Investcorp says market volatility won’t hit business | The National:



"Investcorp expects its business to sail through the volatility in global and local markets, its co-chief executive said on Sunday after the alternative investment fund posted a 13 per cent increase in full-year net income.



Gulf investors are still looking to deploy their existing wealth into new investments, especially to diversify outside of the region, Rishi Kapoor told reporters on a conference call.



“We have had similar situations in the past, either led by oil price declines or regional geopolitical tensions, but Investcorp has positioned itself as a conduit for investors to allocate a position of their current wealth to attractive investment opportunities in the US and Europe."



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Iran oil contracts model to be finalised in weeks - minister | Reuters

Iran oil contracts model to be finalised in weeks - minister | Reuters:



"Iran expects to finalise the wording for a new model for international oil contracts in the next three weeks, the oil minister said on Monday, as Tehran seeks to boost recovery from its fields with the help of foreign companies.



The ministry is expected to present the new oil contracts to investors at a conference in London in December, ahead of a likely lifting of international sanctions in 2016.



"Iran has put together a new model for oil contacts that allows access to regional and international markets and paves the way for long-term strategic cooperation with major companies," Oil Minister Bijan Zanganeh was quoted as saying by the Shana news agency."



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UAE markets fall as oil declines back below $50 | The National

UAE markets fall as oil declines back below $50 | The National:



"UAE equities opened down on Monday against a background of falling oil prices and mixed Asian bourses.



The Dubai Financial Market General Index opened the day down 1.5 per cent. Emaar Properties, the index’s heaviest weighted stock, reached a fall of 3 per cent early in the day.



Abu Dhabi’s headline index opened off 0.7 per cent. Shares in NBAD fell 6.7 per cent in early trading, with Aldar and Etisalat also down."



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Oman Said to Consider Importing LNG as Domestic Gas Use Surges - Bloomberg Business

Oman Said to Consider Importing LNG as Domestic Gas Use Surges - Bloomberg Business:



"Oman may start importing liquefied natural gas to meet surging domestic energy demand, according to two people with knowledge of the matter, a shift in trade that would make it the fourth Arab country in the oil-rich Persian Gulf to buy LNG.



Oman currently exports liquefied gas under long-term contracts to Spain and several Asian countries including Japan and South Korea. It’s now studying options to import LNG as well, to help generate power and for other uses, said the two people, who asked not to be identified because the plan isn’t public. Potential imports would arrive at the port of Sohar north of the capital city Muscat. Oman’s Ministry of Oil and Gas didn’t respond to calls for comment on Sunday.



LNG trade is expanding in the Middle East due to the growing regional use of electricity and the lack of cross-border pipelines for transporting natural gas. Combined imports of LNG by Kuwait and the United Arab Emirates increased 47 percent in 2014 from the previous year, according to the International Group of Liquefied Natural Gas Importers. Bahrain is building a receiving terminal for the fuel, while Jordan, Egypt, Morocco and Pakistan also plan to buy LNG."



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Italy's Eni discovers huge gas field off Egyptian coast - BBC News

Italy's Eni discovers huge gas field off Egyptian coast - BBC News:



"Italian energy group Eni says it has found one of the world's largest natural gas fields off Egypt's coast.



The company said the area was 1,450m (4,757 feet) beneath the surface and covered 100 sq km (39 sq miles).



It could hold as much as 30 trillion cubic feet of gas, or 5.5 billion barrels of oil equivalent, Eni said."



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