MIDEAST STOCKS-Saudi, Dubai rise but close far off highs | Reuters:
"Stock markets in Saudi Arabia and
Dubai rebounded on Thursday but closed far off their highs after
late bouts of selling, in a sign that investors remain jittery
about low oil prices and the prospect of fiscal tightening in
the region next year.
The Saudi index, which dropped earlier this week on
concern about expected government spending and subsidy cuts,
climbed as much as 1.4 percent during the day, bouncing from
near technical support at its August low of 6,921 points.
But it closed just 0.1 percent higher at 7,125 points. Blue
chip Al-Rajhi Bank climbed 0.5 percent. City Cement Co
surged 7.2 percent after its board proposed a 1 riyal
per share dividend for the period to September."
'via Blog this'
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Thursday 29 October 2015
Iran eyes Iraq trade decades after war - FT.com
Iran eyes Iraq trade decades after war - FT.com:
"The war memorials that dot the Arvand river are a vivid reminder of a bloody decade-long conflict between Iran and Iraq, in which hundreds of thousands of people were killed.
There are still old tanks to be seen in the streets of Abadan and Khorramshahr, towns once devastated by the fighting that occurred nearly 30 years ago."
'via Blog this'
"The war memorials that dot the Arvand river are a vivid reminder of a bloody decade-long conflict between Iran and Iraq, in which hundreds of thousands of people were killed.
There are still old tanks to be seen in the streets of Abadan and Khorramshahr, towns once devastated by the fighting that occurred nearly 30 years ago."
'via Blog this'
UAE businesses brace for credit squeeze | The National
UAE businesses brace for credit squeeze | The National:
"Business borrowers are steeled for a tough year ahead following a slew of warnings from banks over a looming credit squeeze.
As the funding pool shrinks small firms are already struggling.
“One of the main things we expect to see in the GCC, including the UAE, is that liquidity will become tighter,” said Marios Maratheftis, chief economist at Standard Chartered bank, at a briefing in Dubai yesterday."
'via Blog this'
"Business borrowers are steeled for a tough year ahead following a slew of warnings from banks over a looming credit squeeze.
As the funding pool shrinks small firms are already struggling.
“One of the main things we expect to see in the GCC, including the UAE, is that liquidity will become tighter,” said Marios Maratheftis, chief economist at Standard Chartered bank, at a briefing in Dubai yesterday."
'via Blog this'
Middle East funds turn negative on equities -survey | Reuters
Middle East funds turn negative on equities -survey | Reuters:
"Middle East fund managers have on balance turned negative towards equities in the region because of low oil prices, instability in the global economy and the prospect of monetary tightening, a monthly Reuters survey shows.
The survey of 14 leading investment firms, conducted over the past week, shows 21 percent expect to cut their regional equity allocations in the next three months, and 7 percent to raise them.
That is a big shift from last month's survey, when 33 percent said they expected to raise equity allocations and 7 percent anticipated cutting them."
'via Blog this'
"Middle East fund managers have on balance turned negative towards equities in the region because of low oil prices, instability in the global economy and the prospect of monetary tightening, a monthly Reuters survey shows.
The survey of 14 leading investment firms, conducted over the past week, shows 21 percent expect to cut their regional equity allocations in the next three months, and 7 percent to raise them.
That is a big shift from last month's survey, when 33 percent said they expected to raise equity allocations and 7 percent anticipated cutting them."
'via Blog this'
MIDEAST STOCKS-Gulf markets rebound moderately, Q3 earnings aid Qatar | Reuters
MIDEAST STOCKS-Gulf markets rebound moderately, Q3 earnings aid Qatar | Reuters:
"Gulf stock markets rebounded early on Thursday, helped by some better-than-expected corporate earnings from Qatar and a stabilisation of the Saudi market the previous day after declining for several days.
Qatar's index gained 0.4 percent as telecommunications giant Ooredoo surged 2.8 percent. It doubled third-quarter net profit to 756 million riyals ($207.6 million), handily beating analysts' forecasts of 416-475 million riyals.
Petrochemical producer Industries Qatar rose 1.3 percent. It posted a 25 percent drop in third-quarter net profit to 1.41 billion riyals; analysts had forecast an average of 1.13 billion riyals."
'via Blog this'
"Gulf stock markets rebounded early on Thursday, helped by some better-than-expected corporate earnings from Qatar and a stabilisation of the Saudi market the previous day after declining for several days.
Qatar's index gained 0.4 percent as telecommunications giant Ooredoo surged 2.8 percent. It doubled third-quarter net profit to 756 million riyals ($207.6 million), handily beating analysts' forecasts of 416-475 million riyals.
Petrochemical producer Industries Qatar rose 1.3 percent. It posted a 25 percent drop in third-quarter net profit to 1.41 billion riyals; analysts had forecast an average of 1.13 billion riyals."
'via Blog this'
Saudi September Foreign Reserves Drop to Near Three-Year Low - Bloomberg Business
Saudi September Foreign Reserves Drop to Near Three-Year Low - Bloomberg Business:
"Saudi Arabia’s net foreign assets dropped for the eighth month in September as the plunge in oil prices prompt the government to draw down on the financial reserves it accumulated over the past decade.
Net foreign assets declined $7.7 billion to $646.9 billion, the lowest level since November 2012, the Saudi Arabian Monetary Agency said in its monthly report. The central bank’s investments in foreign securities plunged $23 billion, the data show, taking the drop since February to more than $90 billion. Bank lending to private businesses grew 7.1 percent, the slowest pace since April 2011, the data show.
The biggest Arab economy may run out of financial assets needed to support spending within five years if the government maintains current policies, the International Monetary Fund said this month. Authorities are already considering spending cuts and the government is selling domestic bonds for the first time since 2007 to shore up public finances."
'via Blog this'
"Saudi Arabia’s net foreign assets dropped for the eighth month in September as the plunge in oil prices prompt the government to draw down on the financial reserves it accumulated over the past decade.
Net foreign assets declined $7.7 billion to $646.9 billion, the lowest level since November 2012, the Saudi Arabian Monetary Agency said in its monthly report. The central bank’s investments in foreign securities plunged $23 billion, the data show, taking the drop since February to more than $90 billion. Bank lending to private businesses grew 7.1 percent, the slowest pace since April 2011, the data show.
The biggest Arab economy may run out of financial assets needed to support spending within five years if the government maintains current policies, the International Monetary Fund said this month. Authorities are already considering spending cuts and the government is selling domestic bonds for the first time since 2007 to shore up public finances."
'via Blog this'