MIDEAST STOCKS-Saudi slips on strict foreign investment rules, weak data; Egypt jumps | Reuters:
"Saudi Arabia's bourse edged down on Tuesday after data showed the economy's non-oil growth was slowing and the kingdom's regulator announced no major changes in restrictive rules governing direct foreign investment in the stock market.
Other Gulf markets were mixed, while Egypt jumped on strong purchasing managers data.
The main Saudi stock index slipped 0.4 percent as a number of blue chips declined. Petrochemicals giant Saudi Basic Industries (SABIC) fell 1.3 percent and top lender National Commercial Bank lost 0.9 percent."
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Tuesday, 5 May 2015
UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up, Egypt extends rally | Energy & Oil | Reuters
UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up, Egypt extends rally | Energy & Oil | Reuters:
"Banking stocks lifted Saudi Arabia's bourse in early trade on Tuesday, while Egypt continued a broad rally after positive purchasing managers' data and comments by the International Monetary Fund.
The main Saudi index edged up 0.3 percent, largely on the back of lenders Samba Financial Group and Banque Saudi Fransi, up 1.3 and 1.6 percent respectively.
The kingdom's finance minister said on Tuesday that Saudi Arabia's financial position was very strong despite the plunge in oil prices since last year. Ibrahim Alassaf also said the kingdom was focusing spending on economic development projects to stimulate the private sector."
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"Banking stocks lifted Saudi Arabia's bourse in early trade on Tuesday, while Egypt continued a broad rally after positive purchasing managers' data and comments by the International Monetary Fund.
The main Saudi index edged up 0.3 percent, largely on the back of lenders Samba Financial Group and Banque Saudi Fransi, up 1.3 and 1.6 percent respectively.
The kingdom's finance minister said on Tuesday that Saudi Arabia's financial position was very strong despite the plunge in oil prices since last year. Ibrahim Alassaf also said the kingdom was focusing spending on economic development projects to stimulate the private sector."
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Saudi succession comes with consequence for oil industry | The National
Saudi succession comes with consequence for oil industry | The National:
"The rapid changes in the Saudi succession and government come with consequences for the energy sector too. Oil revenues are the foundation of the state, but at the same time they have remained insulated from domestic political interference.
Khalid Al Falih, the respected veteran of the state oil company Saudi Aramco, and its chief executive since 2008, has moved up to be chairman, replacing Ali Al Naimi, and – in a surprising move – also being named health minister.
Mr Al Naimi, oil minister since 1995, and now aged about 80, has made no secret of his desire to retire, and concentrate on his chairmanship of the King Abdullah University of Science and Technology."
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"The rapid changes in the Saudi succession and government come with consequences for the energy sector too. Oil revenues are the foundation of the state, but at the same time they have remained insulated from domestic political interference.
Khalid Al Falih, the respected veteran of the state oil company Saudi Aramco, and its chief executive since 2008, has moved up to be chairman, replacing Ali Al Naimi, and – in a surprising move – also being named health minister.
Mr Al Naimi, oil minister since 1995, and now aged about 80, has made no secret of his desire to retire, and concentrate on his chairmanship of the King Abdullah University of Science and Technology."
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Gulf oil states need swift adjustment to lower prices, IMF warns | The National
Gulf oil states need swift adjustment to lower prices, IMF warns | The National:
"The IMF warned Middle Eastern oil exporters that their economies will pay a price if they don’t take rapid steps to scale back public spending amid the global oil-price slump.
Countries facing a loss of oil revenue are expected to use financial buffers to weather declining oil prices, while gradually reducing their fiscal spending, the IMF said in a report on Tuesday.
Governments should take steps such as capping public wages, reducing energy subsidies and increasing targeted social subsidies, it said. “Delaying such reforms will most likely require a more abrupt and costly adjustment in the future.”"
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"The IMF warned Middle Eastern oil exporters that their economies will pay a price if they don’t take rapid steps to scale back public spending amid the global oil-price slump.
Countries facing a loss of oil revenue are expected to use financial buffers to weather declining oil prices, while gradually reducing their fiscal spending, the IMF said in a report on Tuesday.
Governments should take steps such as capping public wages, reducing energy subsidies and increasing targeted social subsidies, it said. “Delaying such reforms will most likely require a more abrupt and costly adjustment in the future.”"
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Dana Gas blames weak oil prices for decline in Q1 profits | GulfNews.com
Dana Gas blames weak oil prices for decline in Q1 profits | GulfNews.com:
"Dana Gas, the Sharjah-based energy firm with interests in the UAE, Egypt and Iraqi Kurdistan, has blamed weak oil prices for a second straight quarter of declining profit margins.
Dana Gas, listed on the Abu Dhabi's stock exchange, reported on Tuesday a $12 million net profit for the first quarter, a 73 per cent drop compared to $45 million a year earlier.
Gross revenue was $115 million for the three months ending March 31 compared to $180 million for the same period a year ago. "
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"Dana Gas, the Sharjah-based energy firm with interests in the UAE, Egypt and Iraqi Kurdistan, has blamed weak oil prices for a second straight quarter of declining profit margins.
Dana Gas, listed on the Abu Dhabi's stock exchange, reported on Tuesday a $12 million net profit for the first quarter, a 73 per cent drop compared to $45 million a year earlier.
Gross revenue was $115 million for the three months ending March 31 compared to $180 million for the same period a year ago. "
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Boeing bullish on Iran as nuclear negotiations near close | GulfNews.com
Boeing bullish on Iran as nuclear negotiations near close | GulfNews.com:
"Boeing Co is bullish on the Iranian market, believing that the Islamic republic’s self-assessment for new aircraft is accurate.
“We’ve done a pretty good assessment on our side and we think the demand, should things open up, would be very strong,” Marty Bentrott, vice president — sales, Middle East, Russia & Central Asia at Boeing, told reporters in Dubai on Monday at the Arabian Travel Market (ATM).
Iran has been barred by sanctions from buying western aircraft since the 1970s. But negotiations over its nuclear programme with the United States and other world powers that are set to come to close next month have raised hopes that the sanctions will be lifted. Last year, Iran’s top aviation official said the country’s airliners would need to order 400 aircraft over the next 10 years to replace its depleting and ageing fleet."
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"Boeing Co is bullish on the Iranian market, believing that the Islamic republic’s self-assessment for new aircraft is accurate.
“We’ve done a pretty good assessment on our side and we think the demand, should things open up, would be very strong,” Marty Bentrott, vice president — sales, Middle East, Russia & Central Asia at Boeing, told reporters in Dubai on Monday at the Arabian Travel Market (ATM).
Iran has been barred by sanctions from buying western aircraft since the 1970s. But negotiations over its nuclear programme with the United States and other world powers that are set to come to close next month have raised hopes that the sanctions will be lifted. Last year, Iran’s top aviation official said the country’s airliners would need to order 400 aircraft over the next 10 years to replace its depleting and ageing fleet."
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Saudi Stock Stampede Seen as Unlikely After Foreigner Rules - Bloomberg Business
Saudi Stock Stampede Seen as Unlikely After Foreigner Rules - Bloomberg Business:
"For all the optimism over the opening of Saudi Arabia’s stock market to foreigners, it will probably be several months before inflows will have an impact, according to the investment manager Ashmore Group Plc.
The Capital Market Authority said Monday that international ownership of a single company is restricted to 49 percent while only institutional investors with a minimum of 18.75 billion riyals ($5 billion) under management will have direct access to the stock market. Money managers who have been waiting since August for the final rules have six weeks to prepare for the market opening next month.
“There will be initial excitement, but substantial flows will take at least a quarter,” Riyadh-based John Sfakianakis, the director of the Middle East at Ashmore, said by e-mail. “They need to see and understand the stocks and how the system works.”"
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"For all the optimism over the opening of Saudi Arabia’s stock market to foreigners, it will probably be several months before inflows will have an impact, according to the investment manager Ashmore Group Plc.
The Capital Market Authority said Monday that international ownership of a single company is restricted to 49 percent while only institutional investors with a minimum of 18.75 billion riyals ($5 billion) under management will have direct access to the stock market. Money managers who have been waiting since August for the final rules have six weeks to prepare for the market opening next month.
“There will be initial excitement, but substantial flows will take at least a quarter,” Riyadh-based John Sfakianakis, the director of the Middle East at Ashmore, said by e-mail. “They need to see and understand the stocks and how the system works.”"
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