SHARJAH, United Arab Emirates, April 10 (Reuters) -
S hareholders of Invest Bank have approved a proposal
to hand the Sharjah government a 50.07 percent stake in the
lender and allow it to merge with one or more other banks
without a vote.
DUBAI A Bahraini court sentenced 167 people arrested in 2017 at a sit-in outside the home of Bahrain's leading Shi'ite Muslim cleric to between six months and 10 years in prison at a trial in late February, court documents and lawyers said.
* Abu Dhabi stocks hurt by selling in banks
* Saudi loses early gains amid lower oil prices
* Egyptian stocks up, supported by IPOs
By Nafisa Eltahir
DUBAI, March 10 Gulf markets ended lower on
Sunday, weighed down by weak global markets and a drop in oil
price, but Egyptian stocks defied the trend, gaining on the back
of positive momentum generated by the initial public offering of
a state-owned company.
Abu Dhabi's stock index lost 0.9 percent, hurt mainly
by First Abu Dhabi Bank, which was down 1.6 percent,
while other banks were also lower.
FAB's shares were hit partly by technical factors, as the
stock fell through its fifty-day moving average on Thursday and
also below its 100 day moving average, an analyst said.
The Abu Dhabi index has had a weak March, falling 5.2
percent since the start of the month.
Dubai's stock exchange was down 0.6 percent ,
weighed down by Emaar Properties , which was down 0.8
percent and Dubai Islamic Bank, down 0.8 percent.
"Dubai is basically just giving up the funny little rally it
had in the second half of February," the analyst said. "The
rally was triggered by Aldar's super-duper dividend,
and everyone got excited and (then) everyone realised there
wasn't a reason to get excited."
Egypt's stock index was the only gainer on Sunday,
up 0.5 percent.
This was due to the initial public offering of state-owned
cigarette maker Eastern Company last week, as well as
another upcoming IPO, Karim Abdelaziz, general manager of
brokerage Miracle for Securities Transactions, said.
Saudi Arabia's main index was down 0.2 percent, hit
by a weak performance among banking stocks. Banque Saudi Fransi
was down 1.4 percent, while Samba Financial Group
was down 0.7 percent.
Banks had gained in early trading after Saudi authorities
said on Friday they had no current plans to increase Islamic tax
levels on the private sector.
The Saudi market is anticipating the Tadawul exchange's
impending entry into the FTSE Russell emerging market index next
week, which could bring billions of dollars of fund inflows.
Qatar's index lost 0.1 percent, trading at its lowest
in more than five months, weighed down by Qatar National Bank
, and Qatar International Islamic Bank, which
were down 0.7 percent and 2.5 percent respectively.
Qatar was one of 2018's best-performing markets globally,
with stocks gaining 21 percent, helped by a lifting of limits on
foreign ownership of shares. But it has lost 5.2 percent this
"Qatar was overdue for a small correction that would let the
valuation catch up with the price. And that decline is healthy,"
said Talal Samhouri, head of asset management at Amwal LLC.
SAUDI ARABIA The index slipped 0.2 pct to 8,466
DUBAI The index was down 0.6 pct at 2,578
QATAR The index fell 0.12 pct to 9,769 points
ABU DHABI The index lost 0.9 pct to 4,872 points
EGYPT The index was up 0.5 pct at 14,979
KUWAIT The index was down 0.4 pct at 5,577
OMAN The index lost 0.6 pct to 4,090 points
BAHRAIN The index dropped 0.2 pct to 1,406 points
(Reporting by Nafisa Eltahir. Editing by Jane Merriman)
DUBAI Egypt's EFG Hermes is working on a $500 million merger and acquisition in Saudi Arabia and expects more deals to come out of the kingdom this year, especially from the private sector, its head of investment banking told Reuters.
(Adds word costs, paragraph 13)
By Nafisa Eltahir
DUBAI, Feb 24 Dubai stocks rose to a more than
2-month high on Sunday after falling in the previous session,
helped by strong gains in property stocks, while financials
weighed on both the Saudi and Qatari markets.
Dubai's index was up 1.3 percent, supported by
Emaar Properties, which gained 3.2 percent, DAMAC
Properties surged 8.4 percent and Emaar Malls
rose 5.1 percent.
Emirates NBD Bank fell 5.3 percent after the bank
last week announced it has received approval from its
shareholders to issue new shares.
Property firms have led a recent rally after signs of
recovery in their fourth-quarter results and more construction
However they remain vulnerable to falling property prices.
Dubai residential property prices, which have fallen 25 to
33 percent in nominal terms since 2014, are likely to fall
another 5 to 10 percent this year, S&P Global Ratings said last
Saudi Arabia's Tadawul index fell 0.4 percent,
weighed down primarily by Al Rajhi Banking which fell
almost 1 percent. Market heavyweight Saudi Basic Industries
was down 0.7 percent.
The Saudi market is consolidating after a strong rally in
January due to an increase in foreign fund flows ahead of the
market's inclusion in key emerging market benchmarks later this
year. The index is up 9 percent year to date.
The Qatari index was flat with lender Masraf Al Rayan
up 2.5 percent, but the Gulf's biggest lender Qatar
National Bank was down 1.5 percent.
Mesaieed Petrochemical Holding, which index
compiler FTSE Russell said will still be included in its
emerging market index but with an increased free float, was down
The Abu Dhabi index was up nearly 1 percent with
First Abu Dhabi Bank gaining almost 1.7 percent.
Egyptian stocks, which have been Middle East's
biggest gainer this year, were down 1.3 percent with Commercial
International Bank Egypt down 2.2 percent.
Egyptian stocks are still up 14.7 percent so far this year
amid a recent recovery in emerging markets and an expected drop
in borrowing costs after the central bank recently cut interest
SAUDI ARABIA The index down 0.4 pct to 8,513 points
DUBAI The index up 1.3 pct at 2,669 points
ABU DHABI The index up 0.8 pct to 5,140 points
Qatar The index flat at 10,190 points
EGYPT The index down 1.3 pct to 14,955
KUWAIT The market was closed due to a public holiday
BAHRAIN The index up 0.80 pct to 1,415 points
OMAN The index flat at 4,053 points
(Reporting by Nafisa Eltahir; editing by Jason Neely)
CAIRO/DUBAI Sudanese authorities are blocking access to popular social media platforms used to organize and broadcast nationwide anti-government protests triggered by an economic crisis, internet users say. | Video
DUBAI, Dec 24 For over 25 years, expatriates
celebrating Christmas in Dubai have been able to buy large,
fragrant Christmas trees imported from Canada and the United
States - a seasonal treat in the desert Gulf state.
DUBAI Bahrain's new parliament is expected to swiftly pass sensitive austerity measures needed to secure a Gulf aid package, but the U.S.-allied government may implement the belt-tightening in stages to avoid provoking public anger.
DUBAI Bahrainis voted on Saturday in a parliamentary election from which opposition groups have been barred, amid a crackdown on dissent in the small Sunni-led, Western-allied kingdom.
DUBAI, Oct 16 Saudi Arabia's sovereign wealth
fund has pursued eye-catching investments abroad over the past
several years, part of reform plans to diversify the economy
beyond oil and transform the country into a high-tech investment