MIDEAST STOCKS-Gulf markets consolidate as oil dips; telco deal boosts Egypt | News by Country | Reuters:
"Gulf equity markets were mostly soft on Monday after oil prices pulled back again, while Egypt rose on a fresh sign of foreign investor interest as foreign telecommunications firm Orange raised its stake in a local operator.
Brent crude oil dropped below $59 a barrel by 1230 GMT on worries about oversupply in North America and a strong dollar.
Oil's sharp rebound earlier this year and fourth-quarter earnings reports were the main drivers behind equity market rallies across the Gulf. With both factors largely gone, volumes dropped and markets started trading sideways this week."
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Monday, 23 February 2015
UPDATE 2-MIDEAST STOCKS-Telecoms boost Egypt, drag down Saudi Arabia | Reuters
UPDATE 2-MIDEAST STOCKS-Telecoms boost Egypt, drag down Saudi Arabia | Reuters:
"Telecommunications stocks boosted Egypt's equity market on Monday after French operator Orange said it would increase its stake in local firm Mobinil, while two major phone operators in Saudi Arabia fell as the regulator cut the fees they can charge.
Egypt's benchmark stock index rose 1.9 percent as Orascom Telecom Media and Technology (OTMT) surged 5.8 percent, while telecommunications operator Mobinil, which is not part of the benchmark, jumped its daily 10 percent limit.
French telecommunications firm Orange and OTMT said on Monday that OTMT would sell its 5 percent stake in Mobinil to Orange for about 209.6 million euros."
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"Telecommunications stocks boosted Egypt's equity market on Monday after French operator Orange said it would increase its stake in local firm Mobinil, while two major phone operators in Saudi Arabia fell as the regulator cut the fees they can charge.
Egypt's benchmark stock index rose 1.9 percent as Orascom Telecom Media and Technology (OTMT) surged 5.8 percent, while telecommunications operator Mobinil, which is not part of the benchmark, jumped its daily 10 percent limit.
French telecommunications firm Orange and OTMT said on Monday that OTMT would sell its 5 percent stake in Mobinil to Orange for about 209.6 million euros."
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