Google+ Followers

Saturday, 3 September 2016

Saudi Arabia foreign investment welcome unlikely to open the floodgates | The National

Saudi Arabia foreign investment welcome unlikely to open the floodgates | The National:

"Saudi Arabia’s easing of rules for foreign investors’ participation in the stock market starting on Sunday may be a positive step, but it is unlikely to spur an immediate burst of foreign cash owing to slow growth and lingering market limits, analysts said.

Saudi Arabia’s market regulator, the Capital Market Authority, had announced the timeline for new rules last month in a bid to attract international investors, who currently own only 1 per cent of the market. The Saudi equity market, the Arabian Gulf’s largest with a market capitalisation of US$593 billion, allowed foreigners direct access to stocks in June last year. However, it has failed to perform, with the market shedding 12.8 per cent so far this year.


"We may see a marginal rise in foreign investment, but foreign investors will want more clarity on the macro outlook before buying in large volumes," said Simon Kitchen, the head of macro-strategy at the Egyptian investment bank EFG Hermes."



'via Blog this'

Sluggish week for UAE markets | GulfNews.com

Sluggish week for UAE markets | GulfNews.com:

"The Dubai Financial Market General Index (DFMGI) was up 19.55 or 0.56 per cent last week to close at 3,511.77. There were 24 advancing issues and 11 declining, while volume was slightly above the prior week’s high.
The DFMGI was relatively calm with the week’s high-to-low range contained within the prior week’s range thereby creating an inside week. A breakout above the week’s high of 3,531.39 points to a continuation of upward momentum, while a drop below the week’s low of 3,473.99 increases the chance that selling pressure will intensify.
A key concern now is whether the index will be able to breakout to new 2016 highs before a decline below the most recent support zone from 3,442 to 3,430. That zone is around support of the 55-week exponential moving average (ema), which is now at 3,456.74. Further strengthening the significance of the support zone is an uptrend line that comes in just around the low’s of the past couple of weeks. Therefore, a drop below 3,430 would be a clear violation of support of the uptrend line, the 55-week ema, and the prior swing low which defines the price structure of the nine-week uptrend. If that happens then a longer period of consolidation is likely."



'via Blog this'

UAE’s Central Bank holds retreat to discuss, approve five-year strategy | GulfNews.com

UAE’s Central Bank holds retreat to discuss, approve five-year strategy | GulfNews.com:

"The Central Bank of the UAE discussed and approved its five-year strategic plan during a retreat it had held on 30th and 31st August at Jebel Ali Hotel and Resort.
The retreat, which comes in the context of the federal government’s fourth strategic cycle (2017-2021), was chaired by Mubarak Rashed Al Mansouri, Governor of the Central Bank of the
UAE, in the presence of the bank’s senior management.
Al Mansouri stated that the strategy is based on the central bank’s role in achieving the UAE Vision 2021.
"



'via Blog this'