MIDEAST STOCKS-Egypt outperforms Mideast markets; Aramco's Q2 profit slides - Reuters:
The Egyptian bourse rose sharply on
Sunday, extending gains for a fifth straight session as most of
its constituents were in positive territory, while the Saudi
index ended higher helped by its financial shares.
Saudi Arabia's benchmark index rose 0.4%, led by a
0.8% gain in Al Rajhi Bank and a 1.5% increase in
Banque Saudi Fransi.
Elsewhere, state-owned oil company Saudi Aramco
added 0.3% despite reporting a steep decline in second-quarter
earnings.
Aramco reported a net profit of 24.6 billion riyals ($6.56
billion) in second-quarter, down from 92.6 billion riyals a year
earlier.
But the company stuck with plans to pay $75 billion in
dividends this year and CEO Amin Nasser said global oil demand
was recovering.
Sunday, 9 August 2020
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
#SaudiArabia Has Turned Off the U.S. Oil Taps Again - Bloomberg
Saudi Arabia Has Turned Off the U.S. Oil Taps Again - Bloomberg:
For the second time in three years, Saudi Arabia is slashing the volume of crude it’s sending to America in an attempt to force down stockpiles in the world’s most visible oil market and thereby hasten the rebalancing of supply and demand.
Weekly U.S. oil inventory data — usually published on a Wednesday and covering the period up to the previous Friday — is routinely pored over by oil analysts and traders alike. Despite their shortcomings, the figures give the most up-to-date picture of changes in the oil balance and influence trading decisions and crude prices around the world.
Shifts in the flow of crude into and out of American ports can have a big impact on the level of U.S. inventories. Riyadh has clearly decided it’s time to do its bit to bring them down from heights reached in May and June, when the coronavirus pandemic and the kingdom’s own output hike combined to drive the fastest ever surge in U.S. commercial crude stockpiles. In the five weeks between March 20 and April 24, the inventories increased at a rate of 2.1 million barrels a day and by the first week of June it was hitting new highs.
For the second time in three years, Saudi Arabia is slashing the volume of crude it’s sending to America in an attempt to force down stockpiles in the world’s most visible oil market and thereby hasten the rebalancing of supply and demand.
Weekly U.S. oil inventory data — usually published on a Wednesday and covering the period up to the previous Friday — is routinely pored over by oil analysts and traders alike. Despite their shortcomings, the figures give the most up-to-date picture of changes in the oil balance and influence trading decisions and crude prices around the world.
Shifts in the flow of crude into and out of American ports can have a big impact on the level of U.S. inventories. Riyadh has clearly decided it’s time to do its bit to bring them down from heights reached in May and June, when the coronavirus pandemic and the kingdom’s own output hike combined to drive the fastest ever surge in U.S. commercial crude stockpiles. In the five weeks between March 20 and April 24, the inventories increased at a rate of 2.1 million barrels a day and by the first week of June it was hitting new highs.
Oil Giant Aramco Sticks With Dividend Even as Profit Crashes - Bloomberg
Oil Giant Aramco Sticks With Dividend Even as Profit Crashes - Bloomberg:
Saudi Arabia’s state-controlled oil giant pressed ahead with a plan to pay $75 billion in dividends this year despite crashing profit and a surge in debt, as the kingdom battles a widening budget deficit.
Saudi Aramco, which Apple Inc. recently dethroned as the world’s most valuable listed company, said net income in the three months ending in June was 24.6 billion riyals ($6.6 billion), down 73% from a year earlier, according to a statement. Aramco will pay a dividend of $18.75 billion for the quarter, most of it to the government, which owns around 98% of the company’s stock.
“Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results,” said Chief Executive Officer Amin Nasser. “We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies.”
The results cap a turbulent period for the world’s biggest oil exporter. Prices briefly turned negative in the U.S. in April as virus lockdowns battered the global economy and Aramco slashed hundreds of jobs.
Saudi Arabia’s state-controlled oil giant pressed ahead with a plan to pay $75 billion in dividends this year despite crashing profit and a surge in debt, as the kingdom battles a widening budget deficit.
Saudi Aramco, which Apple Inc. recently dethroned as the world’s most valuable listed company, said net income in the three months ending in June was 24.6 billion riyals ($6.6 billion), down 73% from a year earlier, according to a statement. Aramco will pay a dividend of $18.75 billion for the quarter, most of it to the government, which owns around 98% of the company’s stock.
“Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results,” said Chief Executive Officer Amin Nasser. “We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies.”
The results cap a turbulent period for the world’s biggest oil exporter. Prices briefly turned negative in the U.S. in April as virus lockdowns battered the global economy and Aramco slashed hundreds of jobs.
MIDEAST STOCKS-Major Gulf markets mixed; Aramco's Q2 profit declines - Reuters
MIDEAST STOCKS-Major Gulf markets mixed; Aramco's Q2 profit declines - Reuters:
Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed.
Saudi Arabia’s benchmark index rose 0.3%, with Al Rajhi Bank gaining 0.7%, while oil giant Saudi Aramco was up 0.3% despite reporting a fall in second-quarter profit.
Aramco’s net profit fell to 24.6 billion riyals ($6.56 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.
The world’s biggest oil exporter said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.
Dubai’s main share index lost 0.6%, driven down by a 1.6% fall in Emirates NBD Bank and a 1.1% decrease in blue-chip developer Emaar Properties.
Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed.
Saudi Arabia’s benchmark index rose 0.3%, with Al Rajhi Bank gaining 0.7%, while oil giant Saudi Aramco was up 0.3% despite reporting a fall in second-quarter profit.
Aramco’s net profit fell to 24.6 billion riyals ($6.56 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.
The world’s biggest oil exporter said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.
Dubai’s main share index lost 0.6%, driven down by a 1.6% fall in Emirates NBD Bank and a 1.1% decrease in blue-chip developer Emaar Properties.
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