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Sunday, 6 September 2015

MIDEAST STOCKS-Saudi outperforms as spending, borrowing plans lift banks | Reuters

MIDEAST STOCKS-Saudi outperforms as spending, borrowing plans lift banks | Reuters:



"Most Gulf stock markets fell on
Sunday, tracking weak oil prices, but Saudi Arabia rose after
the government said it would keep borrowing to finance important
projects and Etisalat lifted Abu Dhabi ahead of expected foreign
fund inflows.



Oil futures fell on Friday as traders shrugged off a drop in
the number of U.S. rigs drilling for oil and focused instead on
a supply glut and declining stock prices on Wall Street. Brent
crude settled down $1.07 at $49.61 a barrel; it fell
almost 1 percent on the week.



But Saudi Arabia's main stock index climbed 0.6
percent on Sunday after Finance Minister Ibrahim Alassaf said
the cabinet would press ahead with projects deemed important for
the economy, while cutting unnecessary expenses to compensate
for low oil prices."



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MIDEAST STOCKS-Saudi slips on oil, Egypt positive | Reuters

MIDEAST STOCKS-Saudi slips on oil, Egypt positive | Reuters:



"Saudi Arabia's stock market slipped in early trade on Sunday, tracking weak oil prices, while Egypt's bourse edged up, supported by positive news.



The main Saudi stock index edged down 0.3 percent and petrochemicals heavyweight Saudi Basic Industries fell 0.7 percent after oil prices, which affect the company's margins, fell about 2 percent on Friday.



Most other companies in the petrochemicals sector also fell and the sector's index was down 0.9 percent."



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Are emerging markets in crisis? | FT Markets - YouTube

Are emerging markets in crisis? | FT Markets - YouTube: ""



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DIFC looks east as Dubai financial hub seeks new clients | The National

DIFC looks east as Dubai financial hub seeks new clients | The National:



"Dubai International Financial Centre has posted continued growth in the first half of 2015, as it gears up for another push for new business in Asia.



The DIFC yesterday reported a 19.2 per cent rise in companies registered at the emirate’s financial hub compared with the same period last year, with an 11.8 per cent jump in the number of employees.



The centre’s labour force is now 18,521 people working in 1,327 firms. Rentals of DIFC property also increased."



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UAE’s Etisalat to open shares to foreign, institutional buyers on September 15 | The National

UAE’s Etisalat to open shares to foreign, institutional buyers on September 15 | The National:



"UAE telecommunications firm Etisalat will allow foreign and institutional investors to own its shares from September 15 after its board of directors approved the new rules governing ownership, according to a statement on Sunday.



Etisalat is worth nearly twice as much as the second biggest listed UAE company, but its publicly-traded shares can only be owned by UAE nationals and all institutions are excluded.



In June, Etisalat said it would loosen these rules to permit foreign and institutional investors to own shares worth up to 20 per cent of the company, but said last month that these shareholders would not be granted voting rights."



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MIDEAST STOCKS-Gulf markets fall but Etisalat lifts Abu Dhabi | Reuters

MIDEAST STOCKS-Gulf markets fall but Etisalat lifts Abu Dhabi | Reuters:



"Most Gulf stock markets fell early on Sunday after oil prices and global equities pulled back, but telecommunications firm Etisalat supported Abu Dhabi's bourse ahead of expected foreign fund inflows into the stock.



Etisalat surged 5.9 percent, lifting the Abu Dhabi index 0.6 percent, after the firm said on Sunday it would allow foreign and institutional investors to own its shares from Sept. 15 in a long-awaited move.



Analysts say this is likely to prompt index compiler MSCI to include the second-biggest telecommunications operator in the Gulf in its emerging markets benchmark. MSCI will announce the details of its next quarterly review on Nov. 12."



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