MIDEAST STOCKS-Gulf markets rebound as oil rallies; Tunisia edges up | Reuters:
"Major Middle Eastern stock markets rose on Tuesday after bargain-hunters came in at the lows, encouraged by rebounds in overseas bourses and oil prices.
The Saudi stock index dropped as much as 1.5 percent in early trade but then edged up for most of the day, closing 0.3 percent higher. Miner Ma'aden was one of the main stocks to recover, ending up 1.6 percent.
The biggest petrochemical producer, Saudi Basic Industries , closed 0.9 percent down but was well off its low as Brent oil rebounded more than 1 percent to nearly $63 a barrel."
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Tuesday, 30 June 2015
MIDEAST STOCKS-Saudi slides on weak petrochemicals | Reuters
MIDEAST STOCKS-Saudi slides on weak petrochemicals | Reuters:
"Saudi Arabia's stock market continued falling in early trade on Tuesday, led by petrochemicals, which sagged as the Greek debt crisis weighed on oil prices.
The main Saudi stock index slid 1.3 percent, heading for its third straight daily fall, as the biggest petrochemical producer, Saudi Basic Industries, dropped 1.4 percent.
Miner Ma'aden, another blue chip which has been hit hard in the market's retreat, fell 1.5 percent."
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"Saudi Arabia's stock market continued falling in early trade on Tuesday, led by petrochemicals, which sagged as the Greek debt crisis weighed on oil prices.
The main Saudi stock index slid 1.3 percent, heading for its third straight daily fall, as the biggest petrochemical producer, Saudi Basic Industries, dropped 1.4 percent.
Miner Ma'aden, another blue chip which has been hit hard in the market's retreat, fell 1.5 percent."
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MIDEAST STOCKS-UAE markets stabilise, Qatar soft in early trade | Reuters
MIDEAST STOCKS-UAE markets stabilise, Qatar soft in early trade | Reuters:
"United Arab Emirates stock markets stabilised in early trade on Tuesday because of light bargain hunting in real estate-related stocks and other shares, despite an uncertain global environment. Qatar's market was slightly lower.
The Greek crisis and soft oil prices deterred any aggressive buying, but Dubai's index edged up 0.1 percent after three days of falls. Mortgage provider Amlak Finance climbed 4.4 percent.
Abu Dhabi's index was up 0.02 percent as Aldar Properties gained 0.8 percent. Qatar's market slipped 0.2 percent as Ezdan Holding, the most heavily traded stock, lost 0.5 percent after a strong run-up earlier in June."
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"United Arab Emirates stock markets stabilised in early trade on Tuesday because of light bargain hunting in real estate-related stocks and other shares, despite an uncertain global environment. Qatar's market was slightly lower.
The Greek crisis and soft oil prices deterred any aggressive buying, but Dubai's index edged up 0.1 percent after three days of falls. Mortgage provider Amlak Finance climbed 4.4 percent.
Abu Dhabi's index was up 0.02 percent as Aldar Properties gained 0.8 percent. Qatar's market slipped 0.2 percent as Ezdan Holding, the most heavily traded stock, lost 0.5 percent after a strong run-up earlier in June."
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Abu Dhabi Global Market publishes long-awaited draft financial services legislation | The National
Abu Dhabi Global Market publishes long-awaited draft financial services legislation | The National:
"Abu Dhabi Global Market (ADGM) has published its long-awaited draft financial services legislation for public consultation, with a view to accepting its first financial services licence applications by the end of the year.
The draft legislation contains regulations touching on topics including the approach to management and/or marketing of funds and investment offerings, mandatory disclosure requirements, market infrastructure system, market conduct rules, and the free zone’s disciplinary actions and enforcement powers.
Interested parties have until August 11 to submit their comments on the draft regulations."
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"Abu Dhabi Global Market (ADGM) has published its long-awaited draft financial services legislation for public consultation, with a view to accepting its first financial services licence applications by the end of the year.
The draft legislation contains regulations touching on topics including the approach to management and/or marketing of funds and investment offerings, mandatory disclosure requirements, market infrastructure system, market conduct rules, and the free zone’s disciplinary actions and enforcement powers.
Interested parties have until August 11 to submit their comments on the draft regulations."
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Trafigura and Abu Dhabi’s Mubadala create mining joint venture - FT.com
Trafigura and Abu Dhabi’s Mubadala create mining joint venture - FT.com:
"Commodities trading house Trafigura will create a joint venture company with an Abu Dhabi state investment fund to buy into copper, zinc and other mining assets as prices trade near six-year lows.
As part of the agreement Abu Dhabi’s Mubadala Development Company will also acquire a 50 per cent share in Trafigura’s Minas de Aguas Teñidas (Matsa) mining operation, which owns three mines in southern Spain that produce copper, zinc and lead concentrates. Mubadala paid around $500m for the stake, people familar with the deal said.
The transaction comes as prices for copper and zinc are hovering near their lowest level since the financial crisis amid slowing growth from biggest consumer China. That has driven other funds, such as X2 Resources, run by mining veteran Mick Davis, to raise billions from investors to acquire assets at what is seen by some as the bottom of the commodity price cycle."
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"Commodities trading house Trafigura will create a joint venture company with an Abu Dhabi state investment fund to buy into copper, zinc and other mining assets as prices trade near six-year lows.
As part of the agreement Abu Dhabi’s Mubadala Development Company will also acquire a 50 per cent share in Trafigura’s Minas de Aguas Teñidas (Matsa) mining operation, which owns three mines in southern Spain that produce copper, zinc and lead concentrates. Mubadala paid around $500m for the stake, people familar with the deal said.
The transaction comes as prices for copper and zinc are hovering near their lowest level since the financial crisis amid slowing growth from biggest consumer China. That has driven other funds, such as X2 Resources, run by mining veteran Mick Davis, to raise billions from investors to acquire assets at what is seen by some as the bottom of the commodity price cycle."
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First Deadly Attacks, Now Greece; Saudi Stocks Can’t Get a Break - Bloomberg Business
First Deadly Attacks, Now Greece; Saudi Stocks Can’t Get a Break - Bloomberg Business:
"With the threat of militant attacks spreading across the Middle East still hanging in the air, a drop in the price of oil after Greek bailout talks collapsed has put more pressure on Saudi Arabian stocks.
Equities in OPEC’s biggest oil producer dropped 1.6 percent at the 3:30 p.m. close in Riyadh to the lowest in more than two months after the price of Brent crude sank as much as 3 percent. The Tadawul All Share Index’s slide brings its two-day decline to 3.3 percent, the most since March 26.
Oil prices fell on concern Greece’s failure to reach a deal with international creditors will prompt its exit from the euro area. The euro depreciated against the dollar as the government in Athens imposed capital controls and shut banks. Meanwhile in the Middle East, the Kuwaiti government yesterday identified the bomber who killed 26 worshipers in an attack on a Shiite mosque on Friday as a Saudi national."
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"With the threat of militant attacks spreading across the Middle East still hanging in the air, a drop in the price of oil after Greek bailout talks collapsed has put more pressure on Saudi Arabian stocks.
Equities in OPEC’s biggest oil producer dropped 1.6 percent at the 3:30 p.m. close in Riyadh to the lowest in more than two months after the price of Brent crude sank as much as 3 percent. The Tadawul All Share Index’s slide brings its two-day decline to 3.3 percent, the most since March 26.
Oil prices fell on concern Greece’s failure to reach a deal with international creditors will prompt its exit from the euro area. The euro depreciated against the dollar as the government in Athens imposed capital controls and shut banks. Meanwhile in the Middle East, the Kuwaiti government yesterday identified the bomber who killed 26 worshipers in an attack on a Shiite mosque on Friday as a Saudi national."
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Oman Oil Trader Seeks U.S., Africa Footholds in Growth Push - Bloomberg Business
Oman Oil Trader Seeks U.S., Africa Footholds in Growth Push - Bloomberg Business:
"Oman, the largest oil producer in the Middle East outside of OPEC, plans to buy, lease or build fuel-storage tanks in East Africa to boost sales on the continent and open a U.S. office to trade refined products and Latin American crude.
Oman Trading International Ltd. intends to invest less than $50 million in facilities to store fuel in Mozambique or Tanzania to help supply markets in Africa’s landlocked interior, Chief Executive Officer Talal Al Awfi said in an interview Sunday at his office in Dubai. He declined to specify the target markets. His company, a joint venture with Vitol Group, the world’s largest independent energy trader, plans to open a U.S. office in the first half of 2016.
Infrastructure investments in Africa and a physical presence in the U.S. are vital for the company to extend its reach beyond traditional markets in Asia, Al Awfi said. Oman sells most of its oil to China, where Middle Eastern crude producers face growing competition from suppliers outside the Organization of Petroleum Exporting Countries. Russia surpassed Saudi Arabia to become China’s top supplier in May, according to data from the Beijing-based General Administration of Customs."
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"Oman, the largest oil producer in the Middle East outside of OPEC, plans to buy, lease or build fuel-storage tanks in East Africa to boost sales on the continent and open a U.S. office to trade refined products and Latin American crude.
Oman Trading International Ltd. intends to invest less than $50 million in facilities to store fuel in Mozambique or Tanzania to help supply markets in Africa’s landlocked interior, Chief Executive Officer Talal Al Awfi said in an interview Sunday at his office in Dubai. He declined to specify the target markets. His company, a joint venture with Vitol Group, the world’s largest independent energy trader, plans to open a U.S. office in the first half of 2016.
Infrastructure investments in Africa and a physical presence in the U.S. are vital for the company to extend its reach beyond traditional markets in Asia, Al Awfi said. Oman sells most of its oil to China, where Middle Eastern crude producers face growing competition from suppliers outside the Organization of Petroleum Exporting Countries. Russia surpassed Saudi Arabia to become China’s top supplier in May, according to data from the Beijing-based General Administration of Customs."
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