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Oil prices, technical outlook likely to support Gulf markets

Thursday, 4 January 2018

Most Gulf markets may keep a firm tone on Thursday after oil prices shot up and the three main Wall Street stock indexes hit record closes overnight.Brent crude oil futures hit $68.16 a barrel on Thursday morning, their highest level since May 2015. That is good news for the margins of many Saudi petrochemical companies and for Gulf governments which intend to use increased oil revenues to boost spending this year.ALSO READ: Oil dips away from mid-2015 highs as higher output looms ...

Telecom Egypt says internet services to be restored in days

Tuesday, 2 January 2018

Telecom Egypt, Egypt’s largest internet provider, said on Tuesday it expected its internet services to be restored “gradually” after several days of disruptions. The company said on its Facebook page its services had experienced a problem but did not give more details. Reuters was unable to immediately reach the company for comment. Users have complained that the disruption of the service lasted anywhere between four days to two weeks. Telecom Egypt is the largest fixed-line ...

Israel regulator seeks to ban bitcoin firms from stock exchange

Monday, 25 December 2017

Israel’s markets regulator will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange, he said on Monday.Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told the Calcalist business conference he will bring the proposal to the ISA board next week. If approved, it would be subject to a public hearing and then the stock exchange bylaws would need to be amended.“If we have a company that their ...

Bitcoin suffers dramatic price plunge amid hacking scare

Wednesday, 20 December 2017

Bitcoin prices plunged about 15 percent in Asian trade Wednesday before recouping some of the losses as investors apparently took fright at news that a South Korean exchange had been hacked.The unit, which hit a record $19,500 at the start of the week, took a hit as it emerged that South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings, according to Bloomberg News.Separately, US authorities on Tuesday suspended trading in a popular ...

Bitcoin makes muted stock exchange debut at $15,000

Monday, 11 December 2017

Cryptocurrency Bitcoin made its debut on a major bourse Sunday, opening at $15,000 per unit at the Chicago board options exchange.Around 23:20 GMT, the price of the currency had risen to $15,940 dollars on a futures contract scheduled for settlement on January 17 according to data provided by the Chicago board options exchange (Cboe).A futures contract is a financial product that allows investors to bet on whether the currency’s price will rise or fall.It is the first opportunity for ...

Major markets rise, led by Saudi Arabia and Egypt

Sunday, 10 December 2017

Major Gulf stock markets rose on Sunday in line with strength in global bourses at the end of last week, with Saudi Arabia and Egypt leading.The Saudi index rose 0.8 percent points to 7,145, bouncing for a second straight day from technical support around 7,000 points in very heavy trade.After initially pulling out of the market in the wake of Saudi Arabia’s crackdown on corruption, announced early last month, retail investors have been coming back in after it became clear that damage to ...

Saudi Arabia reopens October domestic sukuk issue with $1.78 bln riyal sale

Tuesday, 28 November 2017

Saudi Arabia has issued 6.68 billion riyals ($1.78 billion) of Islamic bonds by reopening a domestic sukuk issue that it originally made in October, the finance ministry said on Tuesday. The bond tap brings the October sukuk issue to a total of 16.68 billion riyals. The tap, split into three tranches, attracted 19.8 billion riyals of demand, the ministry said. The first tranche, amounting to 1.05 billion riyals, matures in 2022. The second tranche, due in 2024, is 3.53 ...

Egypt’s Ibn Sina Pharmaceuticals plans December IPO

Thursday, 23 November 2017

Ibn Sina Pharmaceutical Industry, one of Egypt’s largest drug distributors, plans to raise as much as 1.6 billion Egyptian pounds ($90.65 million) from offering nearly 40 percent of its shares on the bourse in December. The Egyptian Financial Supervisory Authority (EFSA) has approved the company’s prospectus with a maximum price cap of 6.66 pounds, an official at sole underwriter Beltone Financial Holding of the shares told Reuters on Thursday. But Mohamed el-Akhdar, head of ...

Emaar Development, Dubai’s first big IPO since 2014, falls on debut

Wednesday, 22 November 2017

Shares in Dubai real estate firm Emaar Development fell on their debut on Wednesday in the emirate’s first major listing since 2014. Emaar Development had an initial public offer price of 6.03 dirhams, equal to its net asset value according to an estimate by consultants JLL, which performed an independent valuation before the IPO. But the stock opened lower at 5.61 dirhams and closed at 5.77, down 4.3 percent. Over 48 million shares changed hands. ...

Ikea again announces dresser recall after death of 8th child

Wednesday, 22 November 2017

Ikea relaunched a recall of 29 million chests and dressers Tuesday after the death of an eighth child.CEO Lars Petersson said Ikea wants to increase awareness of the recall campaign for several types of chest and dressers that can easily tip over if not properly anchored to a wall.The death of a California toddler, who was found trapped underneath an Ikea Malm dresser in May, has raised questions about whether Ikea has effectively spread the word about the recall, which was first announced in ...

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