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Sunday, 9 July 2017

Dubai stock market targets short-selling by year end - The National

Dubai stock market targets short-selling by year end - The National:

"Dubai's stock exchange hopes to introduce regulated short-selling this year and real estate investment trusts (Reits) next year, as part of a 2021 strategy aimed at diversifying asset classes to elevate the bourse to developed market status, a bourse official said Sunday. The Dubai Financial Market announced in January plans to introduce covered short-selling - the practice of selling borrowed shares in the hope of buying them back later at a lower price - in a few months, following in the foot-steps of Abu Dhabi Securities Exchange, which also has revealed plans to start short-selling services gradually. “We are amending the rules and are in contact with (market regulator) the Securities and Commodities Authority (SCA), and once we are ready with the system we will start,” said Hassan Al Serkal, executive vice-president of the DFM."



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No recovery in sight for oil prices as pressures mount | GulfNews.com

No recovery in sight for oil prices as pressures mount | GulfNews.com:

"The oversupply in the oil market seems to be getting worse, with no signs of recovery in prices. The US rig counts rose to the highest level since April 2015 even as Opec exports hit a two year high, exacerbating concerns over oversupply and hitting prices hard. On Friday, Brent crude fell 2.91 per cent to close at $46.71 per barrel, after falling to $46.28, its lowest in more than a week. The West Texas Intermediate closed 2.83 per cent lower at $44.23 per barrel. Both the benchmarks marked the sixth weekly decline in the past seven weeks."



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Qatar to Seek Compensation for Damages From Gulf Blockade - Bloomberg

Qatar to Seek Compensation for Damages From Gulf Blockade - Bloomberg:

"Qatar's government says it is forming a committee to pursue compensation for damages stemming from its isolation by four Arab countries.

Qatari Public Prosecutor Ali Al-Marri said in a press conference Sunday that the committee will handle claims made by private companies, public institutions and individuals.

He gave few details, but said the body would use both domestic and international mechanisms to seek compensation."



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Consumer Stocks Tipped to Unlock Saudi Earnings-Season Gains - Bloomberg

Consumer Stocks Tipped to Unlock Saudi Earnings-Season Gains - Bloomberg:

"Investors looking to back winners in Saudi Arabia’s second-quarter earnings season should focus on consumer and retail companies rather than petrochemicals, analysts in the region say. Extra spending by Saudis after the government’s June 21 decision to reverse a cut to state salaries and benefits, and increased food sales for feasts related to the holy month or Ramadan should boost company revenue figures. Dairy producer Almarai Co. and clothing retailer Fawaz Abdulaziz Al Hokair & Co. are among those set to benefit the most, according to Al Rajhi Capital."



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MIDEAST STOCKS-Cairo shares flat after rate hike, oil dents Saudi | Reuters

MIDEAST STOCKS-Cairo shares flat after rate hike, oil dents Saudi | Reuters:

"Cairo's stock market showed little reaction on Sunday to an unexpected interest rate hike in Egypt, tempered by comments by the deputy finance minister, while a sharp drop in crude oil weighed on Saudi Arabia's petrochemical sector.

The central bank, faced with accelerating inflation, on Thursday raised rates by 200 basis points for the second policy meeting in a row, wrongfooting economists who had forecast no change.

Deputy finance minister Mohamed Meait told Reuters on Saturday the hike was only temporary."



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Dubai remains relatively stronger than Abu Dhabi market | GulfNews.com

Dubai remains relatively stronger than Abu Dhabi market | GulfNews.com:

"Last week the Dubai Financial Market General Index (DFMGI) managed to end slightly higher, up 9.15 or 0.27 per cent to close at 3,401.15. There were 20 advancing issues and 14 declining. Volume was subdued, on the low end of the past eight months or so. For the past several weeks the DFMGI has held above a tight short-term support zone from 3,373.76 to 3,371.08 (last week’s low). This is very close to a multi-week resistance zone around 3,368 that appeared last October/November, and in the area of support represented by the intermediate-term downtrend line. A decline below last week’s low signals a continuation of the retracement off the 3,465.38 swing high from three weeks ago. However, nothing significant changes as support of the downtrend line and minor weekly support around 3,354 is close by. Further down is the 3,264.36 swing low support from five weeks ago."



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MIDEAST STOCKS-Gulf stocks move little after oil slump | Reuters

MIDEAST STOCKS-Gulf stocks move little after oil slump | Reuters:

"Stock markets in the Gulf moved little in thin trade on Sunday morning after oil prices slid almost 3 percent on Friday and as investors awaited second quarter results.

The Riyadh index was flat after 40 minutes of trade as 97 shares rose and 44 declined.

The petrochemical sector was mixed with shares of polypropylene maker Advanced Petrochemical falling 0.8 percent after reporting a 1 percent increase in second-quarter net profit from the prior year period to 194 million riyals ($51.73 million). NCB Capital had predicted Advanced to make a net profit of 133 million riyals.

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