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22 August 2017
Asian shares edged up on Tuesday following modest gains in the U.S. dollar and Wall Street despite cautious anticipation of the Fed’s annual meeting this week
In the Gulf region, most stock markets were sluggish on Monday and the Qatari bourse fell to its lowest trading volume this year. The Dubai and Qatari indices both lost 0.6 percent and 0.8 percent respectively. Both Saudi and Abu Dhabi indices, however, edged up slightly by 0.2 percent and 0.1 percent respectively.
In the UAE, Dubai builder Drake & Scull announced awaiting approval of its shareholders to convert into a sharia-compliant company and it fell 1.8 percent on Monday. Abu Dhabi’s Dana Gas, however, soared 8.1 percent.
Oil prices climbed up on Tuesday with growing indications that the market is gradually tightening, especially with the falling crude oil stocks in the U.S. along with the current output curbs by Russia and OPEC.
Gold prices dropped slightly on Tuesday as the U.S. dollar steadied and investors cautiously eyed the geopolitical developments.
Saudi Arabia announced plans to transfer its airports’ ownership to the Public Investment Fund, the kingdom’s main sovereign wealth fund, as it paves the way for selling stakes in airports’ companies under its privatisation programme.
After receiving an approval from Saudi regulator for an equities trading license, Goldman Sachs has hired a Saudi national and a former HSBC banker as head of its investment banking in Saudi Arabia.
Abu Dhabi’s Etihad Airways announced delaying the appointment of a new CEO till the end of 2017, and a source told Reuters that a new chief executive has already been hired and would be joining the group in three months.
In other news, the IMF warned that Bahrain’s central bank should discontinue lending to the government for covering its budget deficit, as this would undermine its local currency. The fund added that Bahrain may need to raise it market interest rates to build reserves and dampen capital outflows.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
Asian shares edged up on Tuesday following modest gains in the U.S. dollar and Wall Street despite cautious anticipation of the Fed’s annual meeting this week
In the Gulf region, most stock markets were sluggish on Monday and the Qatari bourse fell to its lowest trading volume this year. The Dubai and Qatari indices both lost 0.6 percent and 0.8 percent respectively. Both Saudi and Abu Dhabi indices, however, edged up slightly by 0.2 percent and 0.1 percent respectively.
In the UAE, Dubai builder Drake & Scull announced awaiting approval of its shareholders to convert into a sharia-compliant company and it fell 1.8 percent on Monday. Abu Dhabi’s Dana Gas, however, soared 8.1 percent.
Oil prices climbed up on Tuesday with growing indications that the market is gradually tightening, especially with the falling crude oil stocks in the U.S. along with the current output curbs by Russia and OPEC.
Gold prices dropped slightly on Tuesday as the U.S. dollar steadied and investors cautiously eyed the geopolitical developments.
Saudi Arabia announced plans to transfer its airports’ ownership to the Public Investment Fund, the kingdom’s main sovereign wealth fund, as it paves the way for selling stakes in airports’ companies under its privatisation programme.
After receiving an approval from Saudi regulator for an equities trading license, Goldman Sachs has hired a Saudi national and a former HSBC banker as head of its investment banking in Saudi Arabia.
Abu Dhabi’s Etihad Airways announced delaying the appointment of a new CEO till the end of 2017, and a source told Reuters that a new chief executive has already been hired and would be joining the group in three months.
In other news, the IMF warned that Bahrain’s central bank should discontinue lending to the government for covering its budget deficit, as this would undermine its local currency. The fund added that Bahrain may need to raise it market interest rates to build reserves and dampen capital outflows.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
