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Saudi stocks rise to three-year high as IMF raises growth forecast

Tuesday, 17 July 2018

The index of major Saudi stocks closed today, up 85.66 points to close at 8490.75 points, the highest index level in three years, but trading remained at medium levels, worth more than 3.3 billion riyals.Mohammed Al Omran, CEO of Amak Investments, said in an interview with Al Arabiya News Channel that the general optimism in the Saudi stock market comes from strong support from banks' results, corporate cash dividends and positive results for the financial performance of companies and banks.He ...

Size of foreign investors’ ownership in the Saudi stock market reaches $25.9 bln

Monday, 9 July 2018

The number of foreign investors in the Saudi stock market stood at 5 percent at the end of last Thursday, with a total value of SAR 97.2 bln, equivalent to $25.9 bln. In this regard, Tadawul announced that net foreign purchases of foreign direct investment during the week ending July 5 amounted to SAR 161.8 mln, equivalent to $43.1 mln. The growing rates in foreign ownership investors in the Saudi stock market reflects the attractiveness of Saudi Arabia's financial market and the high level of ...

JP Morgan consults on including Saudi Arabia, Gulf states in key bond index

Tuesday, 26 June 2018

JP Morgan has started a consultation on including Gulf states in its widely tracked emerging market government bond indexes. JP Morgan’s EMBI bond index is a key performance benchmark for emerging market investors. Inclusion in the index can encourage hundreds of billions of dollars of buying of that country’s bonds, lowering its borrowing costs. Slides produced as part of the bank’s annual index “governance consultation” first looked at various metrics for Gulf ...

Turkish markets surrender gains made after Erdogan poll win

Monday, 25 June 2018

Turkish markets surrendered early gains on Monday as concerns over the direction of economic and monetary policy weighed on sentiment after President Tayyip Erdogan and his AK Party won presidential and parliamentary elections. Erdogan emerged triumphant overnight from his biggest electoral challenge in 15 years, giving him the sweeping executive powers he has long sought and extending his grip on the nation of 81 million until at least 2023. The lira weakened slightly ...

British finance expert: Major foreign investments on its way to Saudi Arabia

Tuesday, 12 June 2018

Saudi Arabia has attracted the attention of many major investors and investment portfolio managers in the world after wide-scale economic reforms took place. Amid expectations that these reforms would lead to long-term economic revival and attract more foreign investments in various sectors, including the Saudi stock market.Ross Teverson, Head of Strategy, Global Emerging Markets - ‎Jupiter Fund Management, said he expects that the Saudi economy would witness a significant improvement during ...

Abu Dhabi court issues jail terms of 284 years in one of biggest fraud cases

Wednesday, 30 May 2018

The Abu Dhabi criminal court charged 28 persons from five nationalities on Wednesday, in a $174 million investment scam that is considered one of the biggest fraud and money laundering cases in the country. Al-Bayan newspaper reported that the 28 defendants were charged with scamming one of the country’s banks. The criminal court in the UAE capital, issued jail terms totaling 284 years against the defendants - who hail from Russia, the United States, India, Canada and Pakistan - who have ...

Woman to lead NYSE for the first time in 226 years

Tuesday, 22 May 2018

The New York Stock Exchange for the first time in its 226-year history will be led by a woman.Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board.Cunningham, who is the chief operating officer for the NYSE Group, becomes president Friday. Current NYSE President Thomas Farley, is leaving to head a special purpose acquisition company.The historically male-dominated financial industry has grappled with its own issues ...

Saudi Finance Minister: Aramco IPO in 2018 or 2019 depending on market

Tuesday, 10 April 2018

The hotly-awaited stock market debut of Saudi energy giant Aramco will be launched in 2018 if market conditions permit, otherwise in 2019, Saudi Arabia’s finance minister told AFP on Tuesday.“If the market is ready in 2018, we will go in 2018. If not, we will wait until 2019,” Mohammed al-Jadaan told AFP in an interview at a French-Saudi forum in Paris, referring to the planned initial public offering (IPO) of Aramco, tipped to be the world's biggest.“We are not desperate ...

Gulf mixed early on, Emaar Properties pulls up Dubai

Wednesday, 21 February 2018

Gulf stock markets were mixed in early trade on Wednesday but a rebound by real estate blue chip Emaar Properties lifted Dubai.The Dubai index gained 0.6 percent as Emaar, which had been trading near 14-month lows because of a slumping Dubai real estate market, surged 2.8 percent to 6.20 dirhams.The stock had reached a trailing price-earnings ratio of about 7.6 times, according to Thomson Reuters data - cheap by emerging market standards. Of 12 analysts rating it, 10 have a “buy” or ...

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 ...

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