MIDEAST STOCKS-Gulf markets edge up after sell-off; Egypt soft | Reuters:
"Major Gulf stock markets edged up on Monday after Sunday's sell-off but Saudi Arabia lagged because telecommunications operator Mobily tumbled following yet another negative earnings restatement.
The main Saudi index edged up 0.2 percent, having dropped 3.2 percent in the previous session. Petrochemicals giant Saudi Basic Industries was the main support, rising 1.3 percent after falling 3.9 percent on Sunday in response to a fresh drop in oil prices.
Another heavyweight, Saudi Arabian Mining (Ma'aden) , jumped 3.5 percent and almost fully recovered from Sunday's sharp decline."
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Monday, 3 August 2015
MIDEAST STOCKS-Mobily drags on Saudi Arabian stocks; oil price weighs | Reuters
MIDEAST STOCKS-Mobily drags on Saudi Arabian stocks; oil price weighs | Reuters:
"Saudi Arabia's stock market slipped in early trade on Monday as telecommunications firm Mobily dropped after restating earnings and Egypt's bourse also edged down.
The main Saudi index fell 0.2 percent and the most traded stock, telecommunications firm Etihad Etisalat (Mobily) , dropped 3.0 percent after restating earnings for 27 months and posting a second-quarter loss.
The stock opened 10 percent down at 30.50 riyals, its lowest level since mid-2009, before paring its losses."
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"Saudi Arabia's stock market slipped in early trade on Monday as telecommunications firm Mobily dropped after restating earnings and Egypt's bourse also edged down.
The main Saudi index fell 0.2 percent and the most traded stock, telecommunications firm Etihad Etisalat (Mobily) , dropped 3.0 percent after restating earnings for 27 months and posting a second-quarter loss.
The stock opened 10 percent down at 30.50 riyals, its lowest level since mid-2009, before paring its losses."
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MIDEAST STOCKS-Gulf mixed, Dubai's Emaar up on strong Q2 | Reuters
MIDEAST STOCKS-Gulf mixed, Dubai's Emaar up on strong Q2 | Reuters:
"Gulf equity markets were mixed in early trade on Monday as the global background remained gloomy, but positive second-quarter earnings and expectations supported some stocks.
Dubai's index edged down 0.5 percent with most stocks in the red. Islamic mortgage lender Amlak Finance , the most traded stock, dropped 2.8 percent to 2.09 dirhams after tumbling 8.5 percent in the previous session.
At 2.09 dirhams, the stock is still more than 100 percent up since it resumed trading in June after a six-year suspension and a debt restructuring. Many analysts believe the stock may be overvalued, and oil's fresh drop may now be encouraging some speculators to cut their exposure."
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"Gulf equity markets were mixed in early trade on Monday as the global background remained gloomy, but positive second-quarter earnings and expectations supported some stocks.
Dubai's index edged down 0.5 percent with most stocks in the red. Islamic mortgage lender Amlak Finance , the most traded stock, dropped 2.8 percent to 2.09 dirhams after tumbling 8.5 percent in the previous session.
At 2.09 dirhams, the stock is still more than 100 percent up since it resumed trading in June after a six-year suspension and a debt restructuring. Many analysts believe the stock may be overvalued, and oil's fresh drop may now be encouraging some speculators to cut their exposure."
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Dubai index likely to continue outperforming regional peers | GulfNews.com
Dubai index likely to continue outperforming regional peers | GulfNews.com:
"The Dubai Index, which fell 0.9 per cent in Sunday’s trade compared to Saudi Arabia’s 3.3 per cent decline, is likely to continue outperforming regional peers, analysts said on Sunday.
The Dubai index has gained more than 8.7 per cent since the start of the year, compared to 8.12 per cent gains in the Saudi index. That makes it the top regional performer so far, with analysts expecting the trend to continue.
“Surprisingly Dubai was doing worse than Saudi Arabia when crude prices fell, so things have changed, which is positive for Dubai,” said Sanyalaksna Manibhandu, manager of research at the National Bank of Abu Dhabi Securities."
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"The Dubai Index, which fell 0.9 per cent in Sunday’s trade compared to Saudi Arabia’s 3.3 per cent decline, is likely to continue outperforming regional peers, analysts said on Sunday.
The Dubai index has gained more than 8.7 per cent since the start of the year, compared to 8.12 per cent gains in the Saudi index. That makes it the top regional performer so far, with analysts expecting the trend to continue.
“Surprisingly Dubai was doing worse than Saudi Arabia when crude prices fell, so things have changed, which is positive for Dubai,” said Sanyalaksna Manibhandu, manager of research at the National Bank of Abu Dhabi Securities."
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Emirates National Oil Company boosts offer for Dragon Oil - FT.com
Emirates National Oil Company boosts offer for Dragon Oil - FT.com:
"Dubai’s national oil group has raised its offer to buy out minority shareholders at Dragon Oil, the Irish and UK-listed energy explorer, and secured the backing of key investors.
The Emirates National Oil Company on Sunday announced it had increased its cash offer for the 46 per cent of the Turkmenistan-focused explorer it does not already own, from 750p a share to 800p.
The offer was backed by Baillie Gifford, the asset manager, and Elliott Advisors, the UK subsidiary of US activist investor Elliott Management. These two investors had both pushed for improved deal terms from Enoc."
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"Dubai’s national oil group has raised its offer to buy out minority shareholders at Dragon Oil, the Irish and UK-listed energy explorer, and secured the backing of key investors.
The Emirates National Oil Company on Sunday announced it had increased its cash offer for the 46 per cent of the Turkmenistan-focused explorer it does not already own, from 750p a share to 800p.
The offer was backed by Baillie Gifford, the asset manager, and Elliott Advisors, the UK subsidiary of US activist investor Elliott Management. These two investors had both pushed for improved deal terms from Enoc."
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