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Thursday, 11 August 2016

Saudi Arabia takes second chance to attract foreign capital | GulfNews.com

Saudi Arabia takes second chance to attract foreign capital | GulfNews.com:

"After a disappointing response to the opening up of market since June last year, Saudi Arabia, the biggest regional equity market, is taking another chance.
On Wednesday, the capital markets regulator announced a series of measures to attract foreign flows, by lowering the fund size of the asset managers to $1 billion (Dh3.67 billion) from the earlier $5 billion, and also allowing a 10 per cent ownership in a single listed company, up from the current ceiling of 5 per cent. These measures would be effective from September 4.
The Tadawul index closed near 0.50 per cent lower, indicating that investors were not impressed with the decision."



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MIDEAST STOCKS-IMF deal boosts Egypt, Saudi falls despite reform news | Reuters

MIDEAST STOCKS-IMF deal boosts Egypt, Saudi falls despite reform news | Reuters:

"Egyptian stocks rose on Thursday after Cairo and the IMF said they had agreed on a $12 billion loan, while major Gulf bourses pulled back and Saudi Arabia fell despite news that foreign investment curbs would be eased sooner than expected.

Egypt's index climbed 1.0 percent to a 13-month closing high after Cairo reached a preliminary three-year, $12 billion funding deal with the International Monetary Fund.

But although the loan may ease pressure on Egypt's finances and bolster the confidence of foreign investors, many fund managers said they were not rushing to buy stocks because of concern about how the deal would be implemented."



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Oil surges 4 percent, helping Wall St. hit record peaks | Reuters

Oil surges 4 percent, helping Wall St. hit record peaks | Reuters:

"Stocks in the United States and Europe raced higher on Thursday helped by encouraging corporate reports and a 4 percent surge in oil prices on comments from the Saudi oil minister and a forecast for a tighter crude market.

Major U.S. stock indexes closed at record highs. U.S. labor data showed a drop in jobless claims, and shares of department store operators Macy's (M.N) and Kohls (KSS.N) soared after their quarterly reports.

The energy sector .SPNY was the best-performing major S&P group, up 1.3 percent, buoyed by the rise in oil prices."



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MIDEAST STOCKS-Gulf soft, Saudi edges down despite reform announcement | Agricultural Commodities | Reuters

MIDEAST STOCKS-Gulf soft, Saudi edges down despite reform announcement | Agricultural Commodities | Reuters:

"Gulf stock markets were soft early on Thursday after oil prices and global bourses pulled back, while Saudi Arabia edged down despite the Saudi regulator's announcement that it would ease restrictions on foreign investment sooner than expected.

The Saudi index fell 0.3 percent in the first 75 minutes of trade with most banks and many second-tier stocks weak, though Arabian Pipes, a supplier to oil giant Saudi Aramco, jumped 4.9 percent in unusually heavy trade.

The Capital Market Authority said late on Wednesday that it would relax curbs on foreign institutional investors on Sept. 4, sooner than the mid-2017 deadline previously indicated."



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Oil prices dip on U.S. crude inventory build, record Saudi output | Reuters

Oil prices dip on U.S. crude inventory build, record Saudi output | Reuters:

"Oil prices fell on Thursday as a build in U.S. crude inventories and record Saudi Arabian production reinforced fears of a persistent supply overhang that will last well into next year and keep weighing on markets.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $41.59 per barrel at 0650 GMT, down 12 cents from their last settlement.

International Brent crude futures LCOc1 were at $43.95 a barrel, down 10 cents."



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GCC Equity Fund Attracts EU Investors - Bloomberg

GCC Equity Fund Attracts EU Investors - Bloomberg:




"Alex Guy, chief executive officer at Eshara Capital, discusses his GCC equity fund, the hurdles investors face investing in the region and what he finds attractive in Saudi Arabia and the U.A.E. He speaks to Yousef Gamal El-Din on "Bloomberg Markets Middle East.""



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