MIDEAST STOCKS-Saudi, Dubai pull back after rallies; Egypt nears 2015 low | Reuters:
"Gulf stock markets were mixed on Monday as strong oil prices supported investor sentiment but Saudi Arabia and Dubai pulled back slightly from 2015 highs hit in the previous session. Egypt remained depressed by tax and foreign currency concerns.
Brent crude slipped less than 1 percent to around $65 per barrel while Gulf stock markets were open on Monday as the U.S. dollar strengthened. But signs that U.S. shale oil output may have started to fall put a floor under prices.
The main Saudi stock index slipped 0.2 percent to 9,711 points and Saudi Telecom was the main drag, dropping 2.1 percent as its shares stopped carrying a quarterly dividend."
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Monday, 27 April 2015
Gulf states feeling the pinch as oil prices remain low - FT.com
Gulf states feeling the pinch as oil prices remain low - FT.com:
"Gulf states are beginning to feel the pinch from the slump in crude prices.
The region’s governments, cushioned by large financial buffers, have been telling financial markets for months that there will be little change in their investment behaviour despite crude prices almost halving since the summer.
Gulf officials have also sought to reassure citizens that this period of low oil prices will be temporary, and reaffirmed their commitments to maintain core spending directed towards improving social conditions."
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"Gulf states are beginning to feel the pinch from the slump in crude prices.
The region’s governments, cushioned by large financial buffers, have been telling financial markets for months that there will be little change in their investment behaviour despite crude prices almost halving since the summer.
Gulf officials have also sought to reassure citizens that this period of low oil prices will be temporary, and reaffirmed their commitments to maintain core spending directed towards improving social conditions."
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UPDATE 2-MIDEAST STOCKS-Markets in Saudi Arabia, Egypt slip | News by Country | Reuters
UPDATE 2-MIDEAST STOCKS-Markets in Saudi Arabia, Egypt slip | News by Country | Reuters:
"Saudi Arabia's stock market edged down in early trade on Monday as Brent oil slipped below $65 per barrel and heavyweight Saudi Telecom went ex-dividend. Egypt's market was also soft.
Brent crude slid 0.6 percent to $64.88 per barrel by 0920 GMT, after Saudi Arabia's deputy oil minister said the oil market was "excellent" and the kingdom was keen to maintain its market share.
The main Saudi stock index slipped 0.3 percent to 9,700 points and Saudi Telecom was the main drag, dropping 2.1 percent as its shares stopped carrying a quarterly dividend."
'via Blog this'
"Saudi Arabia's stock market edged down in early trade on Monday as Brent oil slipped below $65 per barrel and heavyweight Saudi Telecom went ex-dividend. Egypt's market was also soft.
Brent crude slid 0.6 percent to $64.88 per barrel by 0920 GMT, after Saudi Arabia's deputy oil minister said the oil market was "excellent" and the kingdom was keen to maintain its market share.
The main Saudi stock index slipped 0.3 percent to 9,700 points and Saudi Telecom was the main drag, dropping 2.1 percent as its shares stopped carrying a quarterly dividend."
'via Blog this'
Dubai’s DP World posts 4.4 per cent rise in Q1 gross container volumes | The National
Dubai’s DP World posts 4.4 per cent rise in Q1 gross container volumes | The National:
"Dubai’s DP World, one of the world’s biggest port operators, reported on Monday a 4.4 per cent rise in gross container volumes on a like-for-like basis in the first quarter of 2015.
Gross volumes totalled 15 million 20-foot equivalent units (TEU) in the opening three months of 2015, the company said in a bourse filing, driven by performance in Europe, Asia and the UAE - where year on year growth was 7.7 per cent.
The firm added that business conditions in Australia were mixed in the quarter, while new capacity at its Nhava Sheva operations in India, due to come on line during the first half of 2015, would help ease the constraints which weighed on performance there."
'via Blog this'
"Dubai’s DP World, one of the world’s biggest port operators, reported on Monday a 4.4 per cent rise in gross container volumes on a like-for-like basis in the first quarter of 2015.
Gross volumes totalled 15 million 20-foot equivalent units (TEU) in the opening three months of 2015, the company said in a bourse filing, driven by performance in Europe, Asia and the UAE - where year on year growth was 7.7 per cent.
The firm added that business conditions in Australia were mixed in the quarter, while new capacity at its Nhava Sheva operations in India, due to come on line during the first half of 2015, would help ease the constraints which weighed on performance there."
'via Blog this'
A swelling crisis of epic proportions | GulfNews.com
A swelling crisis of epic proportions | GulfNews.com:
"Youth unemployment has assumed alarming proportions in Arab countries and with untold consequences. The worrying development has repercussions for the Gulf economies too.
Arab nations look up to the Gulf to provide job opportunities and economic assistance for them. This is a challenge by itself and reflects the rising unemployment among locals in half of the six Gulf states.
Frustrations about the socioeconomic challenges — notably youth unemployment — contributed to the Arab Spring wakening, starting with Tunisia in late 2010 and then sweeping Egypt from January 2011. The uprising had its genesis in sociopolitical reforms but spread over socioeconomic challenges."
'via Blog this'
"Youth unemployment has assumed alarming proportions in Arab countries and with untold consequences. The worrying development has repercussions for the Gulf economies too.
Arab nations look up to the Gulf to provide job opportunities and economic assistance for them. This is a challenge by itself and reflects the rising unemployment among locals in half of the six Gulf states.
Frustrations about the socioeconomic challenges — notably youth unemployment — contributed to the Arab Spring wakening, starting with Tunisia in late 2010 and then sweeping Egypt from January 2011. The uprising had its genesis in sociopolitical reforms but spread over socioeconomic challenges."
'via Blog this'
Saudi valuations not too cheap at current levels | GulfNews.com
Saudi valuations not too cheap at current levels | GulfNews.com:
"Valuations of companies in Saudi Arabia, which is slated to open up for foreign investors in June, are not too cheap, and that could trigger a more prudent and cautious approach from investors, a top official at Emirates Investment Bank, a leading asset manager, told Gulf News.
The Capital Markets Authority (CMA) is planning to allow in foreign investors from June 15, a move closely watched by the global fraternity, as the world’s biggest exporter of petroleum gives access to own shares of Saudi Basic Industries and National Commercial Bank.
The Saudi Tadawul index has been the best performer in the region, with gains of more than 18 per cent so far this year, compared to Dubai index, which gained 13 per cent."
'via Blog this'
"Valuations of companies in Saudi Arabia, which is slated to open up for foreign investors in June, are not too cheap, and that could trigger a more prudent and cautious approach from investors, a top official at Emirates Investment Bank, a leading asset manager, told Gulf News.
The Capital Markets Authority (CMA) is planning to allow in foreign investors from June 15, a move closely watched by the global fraternity, as the world’s biggest exporter of petroleum gives access to own shares of Saudi Basic Industries and National Commercial Bank.
The Saudi Tadawul index has been the best performer in the region, with gains of more than 18 per cent so far this year, compared to Dubai index, which gained 13 per cent."
'via Blog this'
Iran’s Opening Beckons Peugeot to BAT as Western Brands Entice - Bloomberg Business
Iran’s Opening Beckons Peugeot to BAT as Western Brands Entice - Bloomberg Business:
"The end to Iran’s international isolation is attracting more than just energy firms.
Carmakers, aircraft and tobacco producers also make the list of companies that analysts from Natixis Securities SAS to Jefferies LLC say may invest in the nation if the April 2 agreement with world powers results in an end to penalties over its nuclear program.
While Total SA, BP Plc, Royal Dutch Shell Plc and Exxon Mobil Corp. all have assets and expertise that could be of use to Iran, holder of the world’s largest gas reserves and fourth-biggest oil reserves, there’s more to the $370 billion economy than hydrocarbons."
'via Blog this'
"The end to Iran’s international isolation is attracting more than just energy firms.
Carmakers, aircraft and tobacco producers also make the list of companies that analysts from Natixis Securities SAS to Jefferies LLC say may invest in the nation if the April 2 agreement with world powers results in an end to penalties over its nuclear program.
While Total SA, BP Plc, Royal Dutch Shell Plc and Exxon Mobil Corp. all have assets and expertise that could be of use to Iran, holder of the world’s largest gas reserves and fourth-biggest oil reserves, there’s more to the $370 billion economy than hydrocarbons."
'via Blog this'
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