Analysts: UAE equities to decline despite Fed hike | GulfNews.com:
"The latest announcement from the US Federal Reserve about hiking interest rates for the first time in nine years may very well be great news for the US, as it signals faith that the economy has overcome the 2008 financial crisis.
However, in the UAE, analysts shrugged off the impact of the announcement on the country’s equity markets, saying that investor sentiment and overall trade was still very much tied to two main factors: oil prices and geopolitical tension.
Mohammad Yasin, managing director of the National Bank of Abu Dhabi’s Securities, said that the surge seen in the GCC markets on Thursday was merely a “relief rally” after the sell-off last week."
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Thursday 17 December 2015
Oil Price Architect Marshals More Crude Supply After China Spree - Bloomberg Business
Oil Price Architect Marshals More Crude Supply After China Spree - Bloomberg Business:
"When you determine the price of most of the world’s oil, you need to keep up with the times.
That’s why Platts, which publishes benchmarks for crude from Colombia to Norway to Australia, is changing how it sets one key marker. After an unprecedented buying spree by a Chinese trader rattled the market for Middle East crude in August, the information provider will use more oil grades when deciding how much the region’s shipments cost. That’ll raise the volumes underpinning the company’s system and ensure that prices reflect supply and demand, according to consultants KBC Process Technology Ltd. and IHS Inc."
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"When you determine the price of most of the world’s oil, you need to keep up with the times.
That’s why Platts, which publishes benchmarks for crude from Colombia to Norway to Australia, is changing how it sets one key marker. After an unprecedented buying spree by a Chinese trader rattled the market for Middle East crude in August, the information provider will use more oil grades when deciding how much the region’s shipments cost. That’ll raise the volumes underpinning the company’s system and ensure that prices reflect supply and demand, according to consultants KBC Process Technology Ltd. and IHS Inc."
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Saudi Arabia Follows Fed With Rate Increase as Oil Slumps - Bloomberg Business
Saudi Arabia Follows Fed With Rate Increase as Oil Slumps - Bloomberg Business:
"Saudi Arabia raised interest rates for the first time since 2009, matching the U.S. Federal Reserve’s move even as oil revenue slumps and economic growth is slowing.
The world’s biggest oil exporter increased the reverse repo rate by a quarter-point to 0.5 percent. The change was “in line with domestic and international financial market conditions,” the Saudi Arabian Monetary Agency said, according to the official Saudi Press Agency. The central banks of the United Arab Emirates, Kuwait and Bahrain also raised rates.
The increase comes as the kingdom is fighting a costly war in Yemen and the price of oil, the nation’s main source of income, plummeted to the lowest since 2008. Economic growth may slow to 3.1 percent this year from 3.5 percent in 2014, according to the median of 12 estimates compiled by Bloomberg."
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"Saudi Arabia raised interest rates for the first time since 2009, matching the U.S. Federal Reserve’s move even as oil revenue slumps and economic growth is slowing.
The world’s biggest oil exporter increased the reverse repo rate by a quarter-point to 0.5 percent. The change was “in line with domestic and international financial market conditions,” the Saudi Arabian Monetary Agency said, according to the official Saudi Press Agency. The central banks of the United Arab Emirates, Kuwait and Bahrain also raised rates.
The increase comes as the kingdom is fighting a costly war in Yemen and the price of oil, the nation’s main source of income, plummeted to the lowest since 2008. Economic growth may slow to 3.1 percent this year from 3.5 percent in 2014, according to the median of 12 estimates compiled by Bloomberg."
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Orascom's Sawiris to make bid to acquire CI Capital: sources | Reuters
Orascom's Sawiris to make bid to acquire CI Capital: sources | Reuters:
"Orascom Telecom's Neguib Sawiris (OTMT.CA) is expected to make a 1 billion Egyptian pound ($127.7 million) bid to buy Egyptian investment bank CI Capital, sources close to the matter said on Thursday.
The move is likely to be formally announced on Thursday, said the sources.
Egypt's Commercial International Bank (CIB) (COMI.CA), which owns CI Capital, is due to hold a meeting on Thursday to decide on the bid, said the sources. On Wednesday, a CIB official described the expected bid as "rumors"."
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"Orascom Telecom's Neguib Sawiris (OTMT.CA) is expected to make a 1 billion Egyptian pound ($127.7 million) bid to buy Egyptian investment bank CI Capital, sources close to the matter said on Thursday.
The move is likely to be formally announced on Thursday, said the sources.
Egypt's Commercial International Bank (CIB) (COMI.CA), which owns CI Capital, is due to hold a meeting on Thursday to decide on the bid, said the sources. On Wednesday, a CIB official described the expected bid as "rumors"."
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MIDEAST STOCKS-Property stocks lift Dubai, Etisalat weighs on Abu Dhabi | Reuters
MIDEAST STOCKS-Property stocks lift Dubai, Etisalat weighs on Abu Dhabi | Reuters:
"Property-related stocks led gains in Dubai on Thursday as the emirate's index rose for a fourth session since slumping to a two-year low, tracking buoyant Asian markets.
Dubai, typically the most volatile Gulf market, has been the region's worst performer in 2015, Thursday's 1.5 percent rise trimmed this year's losses to 19.6 percent.
"Turnover has been still lagging for the past couple of weeks, but if the market performs better turnover will also start to increase," said Marwan Shurrab, director at Vision Investments and Holding in Dubai.
"
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"Property-related stocks led gains in Dubai on Thursday as the emirate's index rose for a fourth session since slumping to a two-year low, tracking buoyant Asian markets.
Dubai, typically the most volatile Gulf market, has been the region's worst performer in 2015, Thursday's 1.5 percent rise trimmed this year's losses to 19.6 percent.
"Turnover has been still lagging for the past couple of weeks, but if the market performs better turnover will also start to increase," said Marwan Shurrab, director at Vision Investments and Holding in Dubai.
"
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