MIDEAST STOCKS-Gulf stocks see limited gains, property shares weigh on Dubai | Reuters:
"Dubai shares were sluggish on Tuesday, dragged down by property stocks, while other Gulf markets closed in positive territory. Gains were modest amid very thin trading volumes during the holy month of Ramadan, a risk-off sentiment in foreign markets as well as slightly lower oil prices over the past few days. In Dubai where the index slipped 0.2 percent, property stocks such as Union Properties and blue-chip Emaar Properties lost 1.1 percent and 0.6 percent, respectively."
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Tuesday 29 May 2018
Oil Drops After Saudi-Russia Output Revival Plan Rattles Traders - Bloomberg
Oil Drops After Saudi-Russia Output Revival Plan Rattles Traders - Bloomberg:
"Oil headed for its longest run of losses since February as investors weighed Saudi Arabia and Russia’s proposal to boost output to ease concerns over supply shortages.
Crude futures in New York slid 1.6 percent on Tuesday after tumbling 4 percent on Friday. Saudi Arabia and Russia said on Friday that they may restore some of the output halted as part of a deal between OPEC to make up for potential losses from other members, most notably Venezuelan supply and Iran. There was no settlement Monday because of the U.S. Memorial Day holiday and all trades will be booked Tuesday."
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"Oil headed for its longest run of losses since February as investors weighed Saudi Arabia and Russia’s proposal to boost output to ease concerns over supply shortages.
Crude futures in New York slid 1.6 percent on Tuesday after tumbling 4 percent on Friday. Saudi Arabia and Russia said on Friday that they may restore some of the output halted as part of a deal between OPEC to make up for potential losses from other members, most notably Venezuelan supply and Iran. There was no settlement Monday because of the U.S. Memorial Day holiday and all trades will be booked Tuesday."
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UAE non-oil economic growth slows slightly: central bank | Reuters
UAE non-oil economic growth slows slightly: central bank | Reuters:
"Non-oil economic activity in the United Arab Emirates grew by 3.1 percent from a year earlier in the first quarter, slowing slightly from 3.4 percent in the final quarter of 2017, the central bank estimated on Tuesday.
Overall economic activity, which includes oil output, grew by 1.2 percent in the first quarter, accelerating from 0.1 percent in the previous quarter.
The central bank raised its forecast for gross domestic product growth in 2018 to 2.7 percent from its previous forecast of 2.5 percent."
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"Non-oil economic activity in the United Arab Emirates grew by 3.1 percent from a year earlier in the first quarter, slowing slightly from 3.4 percent in the final quarter of 2017, the central bank estimated on Tuesday.
Overall economic activity, which includes oil output, grew by 1.2 percent in the first quarter, accelerating from 0.1 percent in the previous quarter.
The central bank raised its forecast for gross domestic product growth in 2018 to 2.7 percent from its previous forecast of 2.5 percent."
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MIDEAST STOCKS-Dubai Islamic Bank weighs on Dubai index; Qatar keeps rising | Reuters
MIDEAST STOCKS-Dubai Islamic Bank weighs on Dubai index; Qatar keeps rising | Reuters:
"The Dubai stock market was sluggish on Tuesday, dragged down by building contractor Drake & Scull International and Dubai Islamic Bank, while other Gulf markets were up slightly in the first hour of trading.
The Dubai index shed 0.3 percent in early trade. Heavyweight Dubai Islamic Bank was down 0.2 percent, as shares continued to slip while trading in a rights issue, which started in mid-May and will end on May 30.
Building contractor Drake & Scull International was 0.8 percent lower, after making significant gains following positive first quarter results."
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"The Dubai stock market was sluggish on Tuesday, dragged down by building contractor Drake & Scull International and Dubai Islamic Bank, while other Gulf markets were up slightly in the first hour of trading.
The Dubai index shed 0.3 percent in early trade. Heavyweight Dubai Islamic Bank was down 0.2 percent, as shares continued to slip while trading in a rights issue, which started in mid-May and will end on May 30.
Building contractor Drake & Scull International was 0.8 percent lower, after making significant gains following positive first quarter results."
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