UAE to invest $1 bln in Pakistani companies - state news agency | Reuters
The United Arab Emirates intends to invest $1 billion in Pakistani companies across various sectors, state news agency (WAM) reported citing an official source in Abu Dhabi.
The UAE is keen to continue cooperation with Pakistan "in various fields, which include gas, energy infrastructure, renewable energy, health care," the agency added.
Friday, 5 August 2022
Mideast Stocks: Conglomerate IHC lifts #AbuDhabi index; #Dubai shares fall
Mideast Stocks: Conglomerate IHC lifts Abu Dhabi index; Dubai shares fall
The Abu Dhabi index rallied on Friday as conglomerate International Holding Company surged ahead of its results early next week, while shares in Dubai extended losses.
The region's stock markets had a mixed week, and could face pressure in the coming days as the volatility in energy markets adds to investor concerns, said Farah Mourad, senior market analyst at XTB MENA.
The Abu Dhabi index advanced 1.1%, with Abu Dhabi Commercial Bank rising 2.9% and the country's largest lender - First Abu Dhabi Bank - firming 0.5%. Shares of International Holding Company jumped 2.9% to a record high ahead of its half-year results on Aug. 8. The gains were, however, capped by a 4.4% fall in Al Waha Capital after the investment company reported a loss of 59.3 million dirhams ($16.15 million) in second quarter.
Dubai's main share index fell 0.1%, as top lender Emirates NBD lost 0.7% and low-cost carrier Air Arabia declined 1.3%. Among other stocks, Union properties slumped 5.7%, its biggest one-day fall since April 25, after the firm reported a near-wipeout of quarterly profit.
The Abu Dhabi index rallied on Friday as conglomerate International Holding Company surged ahead of its results early next week, while shares in Dubai extended losses.
The region's stock markets had a mixed week, and could face pressure in the coming days as the volatility in energy markets adds to investor concerns, said Farah Mourad, senior market analyst at XTB MENA.
The Abu Dhabi index advanced 1.1%, with Abu Dhabi Commercial Bank rising 2.9% and the country's largest lender - First Abu Dhabi Bank - firming 0.5%. Shares of International Holding Company jumped 2.9% to a record high ahead of its half-year results on Aug. 8. The gains were, however, capped by a 4.4% fall in Al Waha Capital after the investment company reported a loss of 59.3 million dirhams ($16.15 million) in second quarter.
Dubai's main share index fell 0.1%, as top lender Emirates NBD lost 0.7% and low-cost carrier Air Arabia declined 1.3%. Among other stocks, Union properties slumped 5.7%, its biggest one-day fall since April 25, after the firm reported a near-wipeout of quarterly profit.
Oil prices set to end week near multi-month lows on recession fears | Reuters
Oil prices set to end week near multi-month lows on recession fears | Reuters
Oil prices on Friday stayed near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.
Brent crude rose 37 cents, or 0.4%, to $94.49 a barrel by 1226 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.
Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.
Recession worries have intensified since the Bank of England's warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995. read more
"Clearly, everyone is taking the threat of recession far more seriously as we're still seeing a very tight market and producers with no capacity to change that," said Craig Erlam, senior market analyst at Oanda in London.
Oil prices on Friday stayed near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.
Brent crude rose 37 cents, or 0.4%, to $94.49 a barrel by 1226 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.
Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.
Recession worries have intensified since the Bank of England's warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995. read more
"Clearly, everyone is taking the threat of recession far more seriously as we're still seeing a very tight market and producers with no capacity to change that," said Craig Erlam, senior market analyst at Oanda in London.
Oil prices rise from multi-month lows on supply concerns | Reuters
Oil prices rise from multi-month lows on supply concerns | Reuters
Oil prices rose slightly on Friday, bouncing off their lowest levels since February, as concern over supply shortages was countered by expected declines in fuel demand.
Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.
Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.
The OPEC+ producer group agreed this week to raise its oil output goal by 100,000 barrels per day (bpd) in September, but this was one of the smallest increases since such quotas were introduced in 1982, OPEC data shows. read more
"OPEC's meagre supply hike highlights the limited capacity the market has to handle further shortages," ANZ Research analysts said.
Oil prices rose slightly on Friday, bouncing off their lowest levels since February, as concern over supply shortages was countered by expected declines in fuel demand.
Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.
Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.
The OPEC+ producer group agreed this week to raise its oil output goal by 100,000 barrels per day (bpd) in September, but this was one of the smallest increases since such quotas were introduced in 1982, OPEC data shows. read more
"OPEC's meagre supply hike highlights the limited capacity the market has to handle further shortages," ANZ Research analysts said.