Saudi Stocks Sink Into Death Cross as IMF Sees Growth Slowing - Bloomberg Business:
"Investors sold Saudi Arabian stocks after an International Monetary Fund warning of slowing growth in the Middle East’s biggest economy tipped the equity index into a so-called death cross. Dubai’s shares also slumped.
The Tadawul All Share Index slid for a sixth day, closing 2.9 percent lower at 8,197.02, the weakest level in more than seven months. That dragged its 50-day moving average below the 200-day moving average, a signal to some investors that further declines are in store. Al Rajhi Bank’s 2.9 percent decrease was the biggest contributer to the loss. Dubai’s DFM General Index slipped 2.5 percent to the lowest close since April 13.
The Tadawul’s drop comes two months after Saudi Arabia opened its stock market to direct foreign investment for the first time to help diversify its economy away from oil. It puts into focus the deepening concern that King Salman is pushing ahead with a multi-billion dollar spending program at a time when crude, which accounts for 90 percent of government revenue, is trading near the lowest in six years."
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Tuesday, 18 August 2015
MIDEAST STOCKS-Markets sell off after China hits oil; Saudis down 2.9 pct | Reuters
MIDEAST STOCKS-Markets sell off after China hits oil; Saudis down 2.9 pct | Reuters:
"Major Middle East stock markets
plunged on Tuesday after tumbling Chinese equities put pressure
on global oil and commodity prices.
Chinese stocks fell more than 6 percent on Tuesday as the
yuan weakened against the dollar, raising fears that Beijing may
further devalue its currency. That could decrease China's
consumption and imports.
Saudi Arabia's main stock index fell 2.9 percent to
a seven-month closing low of 8,197 points."
'via Blog this'
"Major Middle East stock markets
plunged on Tuesday after tumbling Chinese equities put pressure
on global oil and commodity prices.
Chinese stocks fell more than 6 percent on Tuesday as the
yuan weakened against the dollar, raising fears that Beijing may
further devalue its currency. That could decrease China's
consumption and imports.
Saudi Arabia's main stock index fell 2.9 percent to
a seven-month closing low of 8,197 points."
'via Blog this'
MIDEAST STOCKS-Saudi Arabia tumbles after China depresses commodities - Yahoo Maktoob News
MIDEAST STOCKS-Saudi Arabia tumbles after China depresses commodities - Yahoo Maktoob News:
"Saudi Arabia's stock market fell sharply on Tuesday after U.S. oil prices dropped near six-year lows and equities in China tumbled.
Chinese stock prices sank 6 percent as the yuan weakened against the dollar, raising fears that Beijing might further devalue its currency, which could decrease its consumption and imports of oil and other commodities.
The main Saudi stock index tumbled 3.6 percent by mid-afternoon to a seven-month low of 8,134 points with nearly all stocks deep in negative territory."
'via Blog this'
"Saudi Arabia's stock market fell sharply on Tuesday after U.S. oil prices dropped near six-year lows and equities in China tumbled.
Chinese stock prices sank 6 percent as the yuan weakened against the dollar, raising fears that Beijing might further devalue its currency, which could decrease its consumption and imports of oil and other commodities.
The main Saudi stock index tumbled 3.6 percent by mid-afternoon to a seven-month low of 8,134 points with nearly all stocks deep in negative territory."
'via Blog this'
MIDEAST STOCKS-Saudi, Egypt fall as U.S. oil hits fresh 6-1/2-year low | News by Country | Reuters
MIDEAST STOCKS-Saudi, Egypt fall as U.S. oil hits fresh 6-1/2-year low | News by Country | Reuters:
"Bourses in Saudi Arabia and Egypt fell in early trade on Tuesday after oil prices extended losses, dampening the mood across the Middle East.
U.S. oil futures fell to their lowest in more than six years as traders braced for lower refinery consumption after the U.S. summer, while Asia's weakening economies and high global production stoked concerns about oversupply.
Saudi Arabia's stock index fell 1.7 percent, with all but a handful of stocks in the red. The petrochemical sector index, the most sensitive to oil prices, lost 1.9 percent."
'via Blog this'
"Bourses in Saudi Arabia and Egypt fell in early trade on Tuesday after oil prices extended losses, dampening the mood across the Middle East.
U.S. oil futures fell to their lowest in more than six years as traders braced for lower refinery consumption after the U.S. summer, while Asia's weakening economies and high global production stoked concerns about oversupply.
Saudi Arabia's stock index fell 1.7 percent, with all but a handful of stocks in the red. The petrochemical sector index, the most sensitive to oil prices, lost 1.9 percent."
'via Blog this'
MIDEAST STOCKS-Dubai extends rebound; other Gulf markets flat - Yahoo Maktoob News
MIDEAST STOCKS-Dubai extends rebound; other Gulf markets flat - Yahoo Maktoob News:
"Most Gulf stock markets were little changed in early trade on Tuesday as oil prices slipped further, though Dubai's bourse edged up, extending gains after it bounced off technical support in the previous session.
The Dubai index edged up 0.4 percent to 3,944 points with most stocks positive. The benchmark had turned around on Monday after hitting an intra-day low of 3,911 points, close to chart support at its May low of 3,913 points.
Builder Arabtec was the most traded stock and rose 1.4 percent, recovering further from a sharp drop earlier this week when the firm posted its third quarterly loss in a row."
'via Blog this'
"Most Gulf stock markets were little changed in early trade on Tuesday as oil prices slipped further, though Dubai's bourse edged up, extending gains after it bounced off technical support in the previous session.
The Dubai index edged up 0.4 percent to 3,944 points with most stocks positive. The benchmark had turned around on Monday after hitting an intra-day low of 3,911 points, close to chart support at its May low of 3,913 points.
Builder Arabtec was the most traded stock and rose 1.4 percent, recovering further from a sharp drop earlier this week when the firm posted its third quarterly loss in a row."
'via Blog this'
UAE economy set for ‘soft landing’ this year, analysts say | The National
UAE economy set for ‘soft landing’ this year, analysts say | The National:
"The UAE economy is set for a “soft landing” this year, as growth slows to its lowest rate in six years, say analysts from Bank of America Merrill Lynch.
“Soft landing” is an industry term for a slowdown in economic growth that does not worsen inflation and unemployment.
“Economic activity [in the UAE] has started to show signs of weakness,” wrote Jean-Michel Saliba, an economist at the bank, in a research note."
'via Blog this'
"The UAE economy is set for a “soft landing” this year, as growth slows to its lowest rate in six years, say analysts from Bank of America Merrill Lynch.
“Soft landing” is an industry term for a slowdown in economic growth that does not worsen inflation and unemployment.
“Economic activity [in the UAE] has started to show signs of weakness,” wrote Jean-Michel Saliba, an economist at the bank, in a research note."
'via Blog this'
The US’ unfamiliar role as oil’s swing producer | GulfNews.com
The US’ unfamiliar role as oil’s swing producer | GulfNews.com:
"Oil prices have been heading south again, with a barrel of US crude recently falling below $42 — the lowest level since March 2009, the nadir of the global financial crisis. And, while last year’s sharp price drop was heavily influenced by two large supply shocks, the current decline also has an important demand dimension.
At the same time, oil markets are discovering what it is like to operate under the regime of a new swing producer: the US. As a result, the price formation process is much clumsier nowadays, with considerably longer adjustment lags.
The dynamics of the energy markets changed notably as shale-oil production came on-stream at a market-moving scale in 2013-14. With this new source meeting more of world energy demand, particularly in the US, energy users were no longer as dependent on Opec and other oil producers. In the process, they also became less vulnerable to geopolitical concerns."
'via Blog this'
"Oil prices have been heading south again, with a barrel of US crude recently falling below $42 — the lowest level since March 2009, the nadir of the global financial crisis. And, while last year’s sharp price drop was heavily influenced by two large supply shocks, the current decline also has an important demand dimension.
At the same time, oil markets are discovering what it is like to operate under the regime of a new swing producer: the US. As a result, the price formation process is much clumsier nowadays, with considerably longer adjustment lags.
The dynamics of the energy markets changed notably as shale-oil production came on-stream at a market-moving scale in 2013-14. With this new source meeting more of world energy demand, particularly in the US, energy users were no longer as dependent on Opec and other oil producers. In the process, they also became less vulnerable to geopolitical concerns."
'via Blog this'
MIDEAST STOCKS-Background remains gloomy for Gulf markets | Reuters
MIDEAST STOCKS-Background remains gloomy for Gulf markets | Reuters:
"Gulf stock markets may face more pressure on Tuesday after oil prices fell again and global equities slipped.
Brent oil futures hit a six-month closing low of $48.74 per barrel on Monday, hurt by news of an April-June economic contraction in Japan, the world's third biggest consumer of oil. On Tuesday, Brent has slipped 0.3 percent in Asian trade.
MSCI's indexes of Asia-Pacific shares outside Japan and emerging markets have edged down 0.5 and 0.3 percent respectively."
'via Blog this'
"Gulf stock markets may face more pressure on Tuesday after oil prices fell again and global equities slipped.
Brent oil futures hit a six-month closing low of $48.74 per barrel on Monday, hurt by news of an April-June economic contraction in Japan, the world's third biggest consumer of oil. On Tuesday, Brent has slipped 0.3 percent in Asian trade.
MSCI's indexes of Asia-Pacific shares outside Japan and emerging markets have edged down 0.5 and 0.3 percent respectively."
'via Blog this'
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