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Wednesday, 2 March 2016

MIDEAST STOCKS-Saudi, Dubai pull back; Egypt hit again by monetary fears | Reuters

MIDEAST STOCKS-Saudi, Dubai pull back; Egypt hit again by monetary fears | Reuters:

"The Saudi Arabian and Dubai stock markets pulled back on Wednesday as they digested gains made over the past several days, but trading volumes were active and general sentiment was positive because of the recent bounce of oil prices.

The Saudi stock index rose as much as 0.7 percent in early trade but closed 0.2 percent lower at 6,170 points. On Tuesday, it broke technical resistance at the early February and end-January peaks of 6,056-6,099 points, which is now a band of support.

The petrochemical sector fell 0.8 percent and Al Tayyar Travel dropped 2.6 percent.

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Biggest U.A.E. Bank Says Dollar Supply Tightening Amid Oil Drop - Bloomberg Business

Biggest U.A.E. Bank Says Dollar Supply Tightening Amid Oil Drop - Bloomberg Business:

"National Bank of Abu Dhabi PJSC, the United Arab Emirates’ largest bank, said there’s a reduced supply of dollars in the country as the region grapples with the impact of oil trading around $30 per barrel and credit downgrades.
“There is a dollar shortage,” Chief Executive Officer Alex Thursby told reporters in Abu Dhabi on Wednesday. “It’s not a crisis, but it is tightening,” he said. Government deposits in the U.A.E. slumped by more than $13 billion in a year after the drop in crude prices, the executive said on an earnings conference call in October.
Banks in the U.A.E., holder of the world’s sixth-largest oil reserves, are facing deteriorating conditions as lower crude leads to a decline in government spending, slower economic growth and falling asset quality, according to Standard & Poor’s. The U.A.E.s’ banking sector has lost 56 billion dirhams ($15.25 billion) in government deposits since September 2014, of which NBAD’s share was 48 billion dirhams, Thursby said in October."



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MIDEAST STOCKS-Oil boosts Saudi, financial services push up Egypt | Reuters

MIDEAST STOCKS-Oil boosts Saudi, financial services push up Egypt | Reuters:

"Saudi Arabia's stock market rose in early trade on Wednesday on the back of gains in oil prices, while the acquisition of an investment banking operation in Egypt sparked interest in that sector as a whole, pushing up the Cairo market.

The Saudi index added 0.5 percent to 6,208 points in the first hour of trade. On Tuesday, it broke technical resistance at the early February and end-January peaks of 6,056-6,099 points, triggering a bullish right triangle pointing up to around 6,850 points.

Heavyweight stocks such as Saudi Basic Industries moved little and much activity focused on smaller speculative stocks such as National Agricultural Development, up by its 10 percent daily limit."



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MIDEAST STOCKS-Gulf markets little changed, Arabtec's rise slows | Reuters

MIDEAST STOCKS-Gulf markets little changed, Arabtec's rise slows | Reuters:

"Gulf stock markets were little changed in early trade on Wednesday as they digested gains made over several days, but trading volumes were active and general sentiment was positive because of the recent bounce of oil prices.

Dubai's index, which had climbed 1.5 percent on Tuesday, edged up 0.2 percent. The rise in Dubai's Arabtec , the most heavily traded stock, appeared to slow; Arabtec was up 6.7 percent after jumping its 15 percent daily limit on the two previous days.

Arabtec's leg up was triggered by exchange data showing former chief executive Hasan Ismaik had raised his stake to 11.91 percent from 11.81 percent, but there has been no further increase in the stake since then, and it is not clear whether Ismaik's action has any long-term significance for the company."



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