Reuters Insider - Middle East End of Day Market Update January 20, 2015

Bourse Direct SA

21/01/2015 02:03

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        An afternoon roundup of Middle East market news   
 
 
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Transcript (May be auto-generated)

 While most Middle East markets goes flat or lower on the back of volatile oil 
prices today, Brent crude fell in early trade after the IMF cut its forecast for
global economic growth in 2015 because of the lower demand for fuel. But we saw 
prices rise above $49 per barrel later in the day, supporting Saudi Arabia's 
Bourse which- but still ended flat as petrochemicals giant Saudi Basic 
Industries, whose earnings are correlated with oil prices, rose 0.9%. Telecoms 
were some of the big losers. Saudi Telecom cut- tumbled 5.2%. 

The company's fourth quarter net profit slumped more than 32%. Most other Gulf 
markets pulled back as well. Dubai's index slipped about half a percent but we 
saw a glimmer of light with low cost carrier Air Arabia rising off the back of 
cheaper oil and gaining almost 2%. Logistics firm Aramex, which could see its 
fuel cost go down, added 1%. Meanwhile, Abu Dhabi's Bourse fell 1% as large 
lenders like Abu Dhabi Commercial Bank and First Gulf Bank all fell more than 
expected. Qatar's benchmark remained flat while, in a surprising twist, Egypt's 
Bourse jumped more than 2%, with property stocks leading those gains. Tala'at 
Mustafa Holding and Palm Hills Developments both gained more than 2%. Egypt's 
central bank also started allowing some depreciation of the Pound this week 
thanks to easing we're seeing in inflation and the slump in oil prices