MIDEAST STOCKS-Markets end mixed in modest volumes | Energy & Oil | Reuters:
"Stock markets in the Middle East were mixed on Thursday with small and mid-sized stocks, favoured by local retail investors, attracting the most trading volume in Saudi Arabia while blue chips were the main drag in the United Arab Emirates and Qatar.
Riyadh's index added 0.6 percent in modest turnover with Saudi Basic Industries adding 1.1 percent. Among smaller stocks, Tihama Advertising and insurer Alinma Tokio Marine jumped 2.1 and 4.9 percent respectively.
Abdulmohsen Al Hokair Group closed up 0.4 percent, but well off its session high, after the tourism company announced a cash dividend of 1.25 riyals per share for the second half of 2015, taking the total for last year to 2.5 riyals per share, in line with 2014 payouts."
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Thursday, 25 February 2016
Oil refineries' booming profits set to slow this year | Reuters
Oil refineries' booming profits set to slow this year | Reuters:
"Oil refiners are set to enjoy another year of robust profits as feedstock prices remain low, but new plants and slower global growth mean 2016 will not be a boom year.
The 70 percent drop in crude oil prices since mid-2014 sparked a worldwide boom in demand last year, as drivers in the United States, China and India bought more cars and took more road trips.
Refineries operated at full throttle throughout 2015 and booked the strongest profits in years as demand surged 1.8 million barrels per day (bpd), or more than 2 percent from the previous year."
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"Oil refiners are set to enjoy another year of robust profits as feedstock prices remain low, but new plants and slower global growth mean 2016 will not be a boom year.
The 70 percent drop in crude oil prices since mid-2014 sparked a worldwide boom in demand last year, as drivers in the United States, China and India bought more cars and took more road trips.
Refineries operated at full throttle throughout 2015 and booked the strongest profits in years as demand surged 1.8 million barrels per day (bpd), or more than 2 percent from the previous year."
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MIDEAST STOCKS-Saudi, Egypt up in early trade but volumes low | Reuters
MIDEAST STOCKS-Saudi, Egypt up in early trade but volumes low | Reuters:
"Saudi Arabia's stock market rose in early trade on Thursday as local traders accumulated shares in small and mid-cap stocks, while Egypt edged up in thin trading volumes.
Riyadh's index added 0.7 percent with Tihama Advertising and insurer Alinma Tokio Marine each jumped over 5.0 percent.
Abdulmohsen Al Hokair Group added 2.6 percent after the tourism company announced a cash dividend of 1.25 riyals per share for the second half of 2015, taking the total for last year to 2.5 riyals per share, in line with 2014 payouts. Some other Saudi firms have been cutting dividends as the economy slows and funding becomes more difficult."
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"Saudi Arabia's stock market rose in early trade on Thursday as local traders accumulated shares in small and mid-cap stocks, while Egypt edged up in thin trading volumes.
Riyadh's index added 0.7 percent with Tihama Advertising and insurer Alinma Tokio Marine each jumped over 5.0 percent.
Abdulmohsen Al Hokair Group added 2.6 percent after the tourism company announced a cash dividend of 1.25 riyals per share for the second half of 2015, taking the total for last year to 2.5 riyals per share, in line with 2014 payouts. Some other Saudi firms have been cutting dividends as the economy slows and funding becomes more difficult."
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MIDEAST STOCKS-Gulf edges down in early trade as blue chips weigh | Reuters
MIDEAST STOCKS-Gulf edges down in early trade as blue chips weigh | Reuters:
"Gulf stock markets edged down in early trade on Thursday as blue chips dropped, with trading volumes in Dubai focused on volatile stocks favoured by local traders.
Dubai's index rose as much as 0.4 percent in the opening minutes but was 0.1 percent lower after 90 minutes. Builder Drake & Scull continued to attract heavy activity, rising 1.2 percent; it is up over 30 percent since Feb. 1. But construction firm Arabtec was down 0.9 percent after initially trading up.
Abu Dhabi's benchmark was initially up 0.1 percent in quiet trade but failed to hold onto gains as blue-chip banks were sold off, and the index fell 0.1 percent."
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"Gulf stock markets edged down in early trade on Thursday as blue chips dropped, with trading volumes in Dubai focused on volatile stocks favoured by local traders.
Dubai's index rose as much as 0.4 percent in the opening minutes but was 0.1 percent lower after 90 minutes. Builder Drake & Scull continued to attract heavy activity, rising 1.2 percent; it is up over 30 percent since Feb. 1. But construction firm Arabtec was down 0.9 percent after initially trading up.
Abu Dhabi's benchmark was initially up 0.1 percent in quiet trade but failed to hold onto gains as blue-chip banks were sold off, and the index fell 0.1 percent."
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Persian Gulf Rail Deadline to Be Re-Set Amid Oil Price Plunge - Bloomberg Business
Persian Gulf Rail Deadline to Be Re-Set Amid Oil Price Plunge - Bloomberg Business:
"Development of a 1,350-mile (2,170-kilometer) railroad network along the Persian Gulf linking Kuwait with the Indian Ocean is likely to be delayed as the six nations involved review budgets for the project because of the drop in oil prices.
The completion target date of 2018 is unfeasible, and the Gulf Cooperation Council member countries will meet in the Saudi capital of Riyadh next month to set a new deadline, United Arab Emirates Minister of Infrastructure Development Abdulla Belhaif Al Nuaimi said. The regional scope would remain unchanged, he said.
“All of us agreed” at a regional meeting last year to fix a new date, and “we have asked all the ministers to come up with a realistic program," Al Nuaimi said Wednesday at a Dubai press conference."
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"Development of a 1,350-mile (2,170-kilometer) railroad network along the Persian Gulf linking Kuwait with the Indian Ocean is likely to be delayed as the six nations involved review budgets for the project because of the drop in oil prices.
The completion target date of 2018 is unfeasible, and the Gulf Cooperation Council member countries will meet in the Saudi capital of Riyadh next month to set a new deadline, United Arab Emirates Minister of Infrastructure Development Abdulla Belhaif Al Nuaimi said. The regional scope would remain unchanged, he said.
“All of us agreed” at a regional meeting last year to fix a new date, and “we have asked all the ministers to come up with a realistic program," Al Nuaimi said Wednesday at a Dubai press conference."
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