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Wednesday 23 March 2016
IEA says Opec, Russia output freeze deal may be meaningless as oil up 50% in two months | The National
IEA says Opec, Russia output freeze deal may be meaningless as oil up 50% in two months | The National:
"A deal among some Opec producers and Russia to freeze production is perhaps “meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday.
Brent crude futures are up more than 50 per cent from a 12-year low near $27 a barrel hit early this year, bouncing back after Russia and Opec’s Saudi Arabia, Venezuela and Qatar struck an agreement last month to keep output at January levels.
Qatar has invited all 13 members of Opec and major non-Opec producers to Doha on April 17 for another round of talks to widen the production freeze deal."
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"A deal among some Opec producers and Russia to freeze production is perhaps “meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday.
Brent crude futures are up more than 50 per cent from a 12-year low near $27 a barrel hit early this year, bouncing back after Russia and Opec’s Saudi Arabia, Venezuela and Qatar struck an agreement last month to keep output at January levels.
Qatar has invited all 13 members of Opec and major non-Opec producers to Doha on April 17 for another round of talks to widen the production freeze deal."
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MIDEAST STOCKS-Saudi edges up, Egypt soft in early trade | Reuters
MIDEAST STOCKS-Saudi edges up, Egypt soft in early trade | Reuters:
"Saudi Arabia's stock market edged up in early trade on Wednesday on the back of second-tier stocks favoured by local retail speculators, while Egypt's market was soft in narrow trade.
The Saudi index climbed 0.4 percent to 6,508 points in the first 45 minutes. Earlier this week it broke above its 100-day average, now at 6,460 points, a positive medium-term technical sign.
Among major gainers, Wafa Insurance jumped 7.6 percent in unusually heavy trade."
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"Saudi Arabia's stock market edged up in early trade on Wednesday on the back of second-tier stocks favoured by local retail speculators, while Egypt's market was soft in narrow trade.
The Saudi index climbed 0.4 percent to 6,508 points in the first 45 minutes. Earlier this week it broke above its 100-day average, now at 6,460 points, a positive medium-term technical sign.
Among major gainers, Wafa Insurance jumped 7.6 percent in unusually heavy trade."
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Dubai real estate slowly wins back investors | GulfNews.com
Dubai real estate slowly wins back investors | GulfNews.com:
"Real estate in Dubai is making a comeback of sorts — on the stock markets as well as on the property side.
The share prices of real estate companies have been outperforming the wider DFM (Dubai Financial Market) index, since it touched a low on December 20. Stocks of Emaar and Union Properties are up 43 and 46 per cent respectively, while that of the construction giant Arabtec propelled to an 82 per cent increase (before trimming some of those gains in recent days).
The activity smacks of investors rushing in to pick up bargains or driven a sense of nascent optimism starting to take hold. “There appears to be much greater optimism on the visibility of earnings as investors have realised that the pessimism had been overdone.” said Sameer Lakhani, Managing Director at Global Capital Partners, the investment firm. “It is difficult to ascertain whether the recent spurt in volumes has been concentrated among a small number of investors."
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"Real estate in Dubai is making a comeback of sorts — on the stock markets as well as on the property side.
The share prices of real estate companies have been outperforming the wider DFM (Dubai Financial Market) index, since it touched a low on December 20. Stocks of Emaar and Union Properties are up 43 and 46 per cent respectively, while that of the construction giant Arabtec propelled to an 82 per cent increase (before trimming some of those gains in recent days).
The activity smacks of investors rushing in to pick up bargains or driven a sense of nascent optimism starting to take hold. “There appears to be much greater optimism on the visibility of earnings as investors have realised that the pessimism had been overdone.” said Sameer Lakhani, Managing Director at Global Capital Partners, the investment firm. “It is difficult to ascertain whether the recent spurt in volumes has been concentrated among a small number of investors."
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MIDEAST STOCKS-Gulf edges down in narrow trade | Reuters
MIDEAST STOCKS-Gulf edges down in narrow trade | Reuters:
"Gulf stock markets edged down in narrow trade early on Wednesday with few new incentives to buy shares, although buying interest on dips suggested an extended pull-back was not beginning.
Dubai's benchmark index fell 1.0 percent in the first 75 minutes amid profit-taking in real estate stocks, with Emaar Properties down 1.5 percent.
But Drake & Scull was flat after saying it had won a 340 million Qatari rial ($93.4 million) contract for work on the Doha Metro."
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"Gulf stock markets edged down in narrow trade early on Wednesday with few new incentives to buy shares, although buying interest on dips suggested an extended pull-back was not beginning.
Dubai's benchmark index fell 1.0 percent in the first 75 minutes amid profit-taking in real estate stocks, with Emaar Properties down 1.5 percent.
But Drake & Scull was flat after saying it had won a 340 million Qatari rial ($93.4 million) contract for work on the Doha Metro."
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