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Monday, 27 July 2015
MIDEAST STOCKS-Oil, earnings and global equities weigh on Gulf | Reuters
MIDEAST STOCKS-Oil, earnings and global equities weigh on Gulf | Reuters:
"Middle East stock markets extended losses on Monday because of mostly disappointing earnings announcements, a fresh drop in oil prices, and a decline in global equities following a fresh rout in China.
Brent dropped 2 percent and all major stock benchmarks fell after the CSI300 index of the largest listed companies in Shanghai and Shenzhen tumbled 8.5 percent.
The main Saudi stock index fell 2.4 percent, its biggest daily drop in four months, as stocks in the petrochemicals sector led losses."
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"Middle East stock markets extended losses on Monday because of mostly disappointing earnings announcements, a fresh drop in oil prices, and a decline in global equities following a fresh rout in China.
Brent dropped 2 percent and all major stock benchmarks fell after the CSI300 index of the largest listed companies in Shanghai and Shenzhen tumbled 8.5 percent.
The main Saudi stock index fell 2.4 percent, its biggest daily drop in four months, as stocks in the petrochemicals sector led losses."
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MIDEAST STOCKS-Saudi, Egypt fall in line with oil, global equities | Reuters
MIDEAST STOCKS-Saudi, Egypt fall in line with oil, global equities | Reuters:
"Stock markets in Saudi Arabia and Egypt fell in early trade on Monday, dragged down by second-quarter earnings and the poor performance of oil and global bourses.
The main Saudi stock index fell 1.2 percent as stocks in the petrochemicals sector led losses.
Heavyweight Saudi Basic Industries dropped 2.8 percent after NBK Capital downgraded the stock to "hold" from "buy" and said its earnings had most likely peaked for the short term. The company had reported better-than-expected second-quarter earnings on Sunday."
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"Stock markets in Saudi Arabia and Egypt fell in early trade on Monday, dragged down by second-quarter earnings and the poor performance of oil and global bourses.
The main Saudi stock index fell 1.2 percent as stocks in the petrochemicals sector led losses.
Heavyweight Saudi Basic Industries dropped 2.8 percent after NBK Capital downgraded the stock to "hold" from "buy" and said its earnings had most likely peaked for the short term. The company had reported better-than-expected second-quarter earnings on Sunday."
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Beijing faces dilemma after China stock market rout - FT.com
Beijing faces dilemma after China stock market rout - FT.com:
"After China’s stock market experienced its second-worst day on Monday, all eyes are on Beijing, where the government faces a stark dilemma and a serious challenge to its credibility.
The unprecedented intervention measures already rolled out in the past month include a ban on short selling and initial public offerings, forced purchases of shares by state-owned investors, a ban on sales by leading shareholders and direct credit support from the central bank.
For three consecutive weeks, China’s benchmark index has rallied from the low it hit in early July, when the government unveiled most of these measures following a collapse of more than 30 per cent in less than a month."
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"After China’s stock market experienced its second-worst day on Monday, all eyes are on Beijing, where the government faces a stark dilemma and a serious challenge to its credibility.
The unprecedented intervention measures already rolled out in the past month include a ban on short selling and initial public offerings, forced purchases of shares by state-owned investors, a ban on sales by leading shareholders and direct credit support from the central bank.
For three consecutive weeks, China’s benchmark index has rallied from the low it hit in early July, when the government unveiled most of these measures following a collapse of more than 30 per cent in less than a month."
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Qatar’s Ezdan Holding second quarter net profit rises 30% | GulfNews.com
Qatar’s Ezdan Holding second quarter net profit rises 30% | GulfNews.com:
"Qatar’s Ezdan Holding reported a 30 per cent rise in second-quarter net profit on Sunday.
Ezdan, founded by members of the ruling Al Thani family, made a net profit of 335.7 million riyals (Dh337 million, $92.2 million) in the three months to June 30, up from 257.4 million riyals in the same period a year ago.
Ezdan was added to MSCI’s emerging index as part of a rebalancing of the benchmark in a report published on May 15."
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"Qatar’s Ezdan Holding reported a 30 per cent rise in second-quarter net profit on Sunday.
Ezdan, founded by members of the ruling Al Thani family, made a net profit of 335.7 million riyals (Dh337 million, $92.2 million) in the three months to June 30, up from 257.4 million riyals in the same period a year ago.
Ezdan was added to MSCI’s emerging index as part of a rebalancing of the benchmark in a report published on May 15."
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ADX issues new law on trading, clearing and depositary system | GulfNews.com
ADX issues new law on trading, clearing and depositary system | GulfNews.com:
"The Abu Dhabi Securities Exchange said on Sunday it has issued new law for trading, clearing and depositary system for its investors.
“This law will determine the best practices in the financial markets in order to achieve specific tasks market works that reflect and confirm the strength and durability of the economic situation of the United Arab Emirates,” the exchange said in a statement.
This law was approved at its last meeting after a thorough discussion chaired by Hamad Abdullah Al Shamsi and membership Excellencies both Khalifa Salem Al Mansouri, Ahmad Jassem Al Zaabi, and Muhammad Najm Al Qubaisi, and Khalifa Ali Al-Qamzi, and Ghannam Butti Al Mazroui."
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"The Abu Dhabi Securities Exchange said on Sunday it has issued new law for trading, clearing and depositary system for its investors.
“This law will determine the best practices in the financial markets in order to achieve specific tasks market works that reflect and confirm the strength and durability of the economic situation of the United Arab Emirates,” the exchange said in a statement.
This law was approved at its last meeting after a thorough discussion chaired by Hamad Abdullah Al Shamsi and membership Excellencies both Khalifa Salem Al Mansouri, Ahmad Jassem Al Zaabi, and Muhammad Najm Al Qubaisi, and Khalifa Ali Al-Qamzi, and Ghannam Butti Al Mazroui."
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Oil price sentiments are still downbeat | GulfNews.com
Oil price sentiments are still downbeat | GulfNews.com:
"The oil market is languishing and the trend is downward judging by the movement of benchmark crude prices. The price of Opec’s basket of crude oils posted $53.79 a barrel on July 20, down from $64.96 on May 6.
Brent crude oil prices posted $56.67 a barrel, down from $69.63 during the same period.
The reasons are many. Most importantly, concerns about more than 2 million barrels a day (mbd) of oversupply is what really matters. Opec production is now 31.7 mbd according to IEA and 31.4 mbd according to Opec, which is well above the ceiling of 30 mbd decided by the organization."
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"The oil market is languishing and the trend is downward judging by the movement of benchmark crude prices. The price of Opec’s basket of crude oils posted $53.79 a barrel on July 20, down from $64.96 on May 6.
Brent crude oil prices posted $56.67 a barrel, down from $69.63 during the same period.
The reasons are many. Most importantly, concerns about more than 2 million barrels a day (mbd) of oversupply is what really matters. Opec production is now 31.7 mbd according to IEA and 31.4 mbd according to Opec, which is well above the ceiling of 30 mbd decided by the organization."
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MIDEAST STOCKS-Oil, Fed concerns and earnings may weigh on Gulf | Reuters
MIDEAST STOCKS-Oil, Fed concerns and earnings may weigh on Gulf | Reuters:
"Gulf stock markets may remain under pressure on Monday after oil prices extended losses and as investors prepare for a U.S. Federal Reserve meeting this week that may take another small step towards lifting interest rates. The latest batch of corporate earnings in the Gulf is neutral to negative.
Brent crude for September slipped 12 cents to $54.50 a barrel as of 0500 GMT after dropping 65 cents in the previous session to $54.62, its lowest close since March 19.
The Fed starts a two-day policy meeting on Tuesday that could result in a September interest rate hike that would strengthen the U.S. dollar - and further weaken dollar-denominated commodities such as oil."
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"Gulf stock markets may remain under pressure on Monday after oil prices extended losses and as investors prepare for a U.S. Federal Reserve meeting this week that may take another small step towards lifting interest rates. The latest batch of corporate earnings in the Gulf is neutral to negative.
Brent crude for September slipped 12 cents to $54.50 a barrel as of 0500 GMT after dropping 65 cents in the previous session to $54.62, its lowest close since March 19.
The Fed starts a two-day policy meeting on Tuesday that could result in a September interest rate hike that would strengthen the U.S. dollar - and further weaken dollar-denominated commodities such as oil."
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