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Tuesday, 28 March 2017

MIDEAST STOCKS- Emaar Malls rebounds, Gulf markets trade steady or higher | Reuters

MIDEAST STOCKS- Emaar Malls rebounds, Gulf markets trade steady or higher | Reuters:

"Most Gulf stock markets were steady or in positive territory in early trade on Tuesday after Asian bourses rebounded, but trading volumes were generally thin.

Emaar Malls added 1.2 percent, outperforming a flat Dubai index. The company had dropped 2.8 percent in the previous two days on news it was making an $800 million bid to acquire e-commerce operator Souq.com, which could put it in a bidding war with Amazon.com. The U.S. company had agreed in principle to buy Souq.com.

On Tuesday, sources told Reuters that Souq.com would make an announcement later in the day about Amazon.com's bid. One of the sources, declining to be identified ahead of the announcement, said the statement would say Souq.com's shareholders had accepted the Amazon bid."



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