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Saudi stocks achieve yearly gains in two weeks

Tuesday, 15 January 2019

The Tadawul stock market ended Tuesday’s trading with a good gain of 76.70 points to close at 8347.25 points up 0.93%, with trades worth more than 3.1 billion riyals. By today’s closing, the Saudi market has achieved gains in just two weeks, equivalent to the one achieved in a year. More than 117 million shares were traded, with shares in 98 companies showing gains while shares in 76 companies closed lower. Saudi Cable company, Buruj Insurance, Savola, Saudi Cement and Saco were ...

First Abu Dhabi Bank plans to raise $750 mln in sukuk

Tuesday, 15 January 2019

First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates, is expected to raise $750 million in Islamic bonds, according to a document issued by one of the banks leading the deal. The five-year sukuk offer buyers 130 basis points over mid-swaps, 20 basis points below the indicative price FAB proposed when it started marketing the notes earlier on Tuesday. FAB is the largest bank by assets in the UAE, formed in December 2016 through the merger of First Gulf Bank (FGB) and the ...

Nissan plans to file for damages against Ghosn in future - source

Tuesday, 15 January 2019

Nissan plans to file a civil suit against ousted chairman Carlos Ghosn to claim for damages resulting from alleged misuse of company funds, a person with knowledge of the issue said, which would add to the high profile executive’s legal headaches. Ghosn, who remains chairman and chief executive of Nissan partner Renault, has already been charged with three counts of financial misconduct and has been held at a detention centre in Tokyo for nearly two months. On ...

Turkish lira weakens after Trump comment on economic devastation

Monday, 14 January 2019

Turkey’s lira weakened against the dollar on Monday after U.S. President Donald Trump warned it would devastate Turkey economically if it attacks a Kurdish militia in Syria. According to Reuters, the lira, which lost nearly 30 percent of its value against the dollar last year, eased to 5.49 against the U.S. currency by 0454 GMT from a close of 5.4540 on Friday. “Starting the long overdue pull-out from Syria while hitting the little remaining ISIS territorial caliphate hard, and from ...

Dubai’s DP World to buy major stake in Chile firm for $502 million

Sunday, 13 January 2019

Dubai based port operator DP World says it will buy a 71.3 percent stake in Chile’s Puertos y Logistica SA, a port services firm in the South American nation.Sunday’s announcement says DP World would pay $502 million for the stake in the port operator, which has a long term concession for Puerto Central in San Antonio and owns and operates Puerto Lirquen in Chile’s southern region.The statement quoted DP World Group chairman and CEO Sultan Ahmed bin Sulayem as saying the deal ...

Nasdaq Dubai launches 12 Saudi futures

Thursday, 10 January 2019

The Nasdaq Dubai has launched futures trading on shares of 12 Saudi Arabian companies, its first single stock futures outside of the United Arab Emirates. The move aims to diversify financial offerings to regional and international investors, allowing them to both invest in and trade Saudi companies on the Emirati exchange. The companies now available for futures trading on the Dubai exchange comprise a market capitalization of 794 billion Saudi riyals ($212 billion) and cover sectors ...

Saudi dollar bonds eagerly snapped up by overseas investors

Thursday, 10 January 2019

Foreign investors flocked to buy Saudi Arabia’s first dollar bonds in a clear vote of market confidence in the Kingdom. The finance ministry in Riyadh said on Thursday the order book for the $7.5 billion sale of longer-term debt sale peaked at $27.5 billion, with final pricing only a few basis points above corresponding secondary market yields. Almost all the paper was bought by foreign investors, with US-based buyers in particular snapping up 40 percent of the bond due in 2029 and 45 ...

Amazon becomes the most valuable US firm amid market turmoil

Tuesday, 8 January 2019

Amazon has eclipsed Microsoft as the most valuable publicly traded company in the US as a see-sawing stock market continues to reshuffle corporate America’s pecking order. The shift occurred Monday after Amazon’s shares rose 3 percent to close at $1,629.51 and lifted the e-commerce leader’s market value to $797 billion. Meanwhile, Microsoft’s stock edged up by less than 1 percent to finish at $102.06, leaving the computer software maker’s value at $784 billion. It ...

Saudi Arabia’s Al Rajhi Bank leads stocks, other markets rise

Sunday, 6 January 2019

Saudi Arabia’s stock market jumped in early Sunday trade on positive investor sentiment, higher oil prices and solid gains by blue chips, led by Al Rajhi Bank which announced a capital increase, while other markets rose slightly. Oil rose nearly 2 percent on Friday after proposed trade talks between the United States and China eased some fears about a global economic slowdown. The Saudi index, the region’s biggest, jumped 1.2 percent to almost a three-week high. Out of 165 traded ...

Nikkei hit by Wall Street sell-offs amid worries over US economy

Friday, 4 January 2019

Tokyo's key Nikkei index plunged more than two percent on Friday, hit by a surge in the yen and sell-offs on Wall Street amid worries over the US economy. In its first trading session of 2019, the benchmark Nikkei 225 lost 2.26 percent or 452.81 points to close at 19,561.96 as it was catching up with other markets after the New Year's break. The broader Topix index lost 1.53 percent or 22.93 points to 1,471.16. ANALYSIS: Economic situation of the Middle East continues to be complicated Since the ...

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