UAE's NBAD, FGB finalise senior management team for merged lender | Reuters:
"National Bank of Abu Dhabi and First Gulf Bank said on Thursday they had finished picking the senior management team to run the combined bank.
The Abu Dhabi-based duo announced in July they would merge to form one of the largest banks in the Middle East and Africa, with assets of around $175 billion, at a time when the emirate is seeking to revamp its economy to meet the challenges of lower oil prices.
First Gulf Bank (FGB) board member and managing director Abdulhamid M. Saeed had already been tapped to lead the new bank, with National Bank of Abu Dhabi (NBAD) chief financial officer James Burdett assuming the same role at the merged entity."
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Thursday 13 October 2016
MIDEAST STOCKS-Egypt rallies on $2 bln Saudi deposit; Gulf mixed | Reuters
MIDEAST STOCKS-Egypt rallies on $2 bln Saudi deposit; Gulf mixed | Reuters:
"Egypt's stock market surged on Thursday as local investors welcomed news that Saudi Arabia had deposited $2 billion in the Egyptian central bank. Gulf markets were mixed.
Cairo's index of the 30 most valuable companies rallied 3.9 percent to 8,505 points in its heaviest trade since early August.
Global Telecom soared 11.6 percent to 5.20 Egyptian pounds. Investment bank EFG Hermes jumped 4.4 percent."
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"Egypt's stock market surged on Thursday as local investors welcomed news that Saudi Arabia had deposited $2 billion in the Egyptian central bank. Gulf markets were mixed.
Cairo's index of the 30 most valuable companies rallied 3.9 percent to 8,505 points in its heaviest trade since early August.
Global Telecom soared 11.6 percent to 5.20 Egyptian pounds. Investment bank EFG Hermes jumped 4.4 percent."
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Dubai stocks face renewed selling | GulfNews.com
Dubai stocks face renewed selling | GulfNews.com:
"Dubai stocks witnessed renewed selling led by Emaar Properties due to general lack of confidence among investors.
The Dubai Financial Market General Index closed 1.05 per cent lower at 3,354.84.
“Traders may look to sell the rally and buy it back on the lower support levels,” said Shiv Prakash, senior analyst, National Bank of Abu Dhabi Securities in a daily note."
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"Dubai stocks witnessed renewed selling led by Emaar Properties due to general lack of confidence among investors.
The Dubai Financial Market General Index closed 1.05 per cent lower at 3,354.84.
“Traders may look to sell the rally and buy it back on the lower support levels,” said Shiv Prakash, senior analyst, National Bank of Abu Dhabi Securities in a daily note."
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UPDATE 1-Egypt's $2 bln deposit from Saudi Arabia showed in September reserves | Reuters
UPDATE 1-Egypt's $2 bln deposit from Saudi Arabia showed in September reserves | Reuters:
"Egypt received a $2 billion central bank deposit from Saudi Arabia in September, the prime minister told Reuters on Thursday, confirming it had been accounted for in the previous month's foreign reserves total, which stood at $19.6 billion.
The timing of the deposit makes clear it was received before a suspension of petroleum aid by Saudi Arabia, which began on Oct. 1 and had raised questions over the fate of Saudi aid destined for Egypt.
Egypt's central bank said late on Wednesday that it had received a $2 billion deposit that could bring it closer to clinching a $12 billion IMF lending programme aimed at plugging the country's deficit and balancing its currency markets but had not clarified when the money was received."
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"Egypt received a $2 billion central bank deposit from Saudi Arabia in September, the prime minister told Reuters on Thursday, confirming it had been accounted for in the previous month's foreign reserves total, which stood at $19.6 billion.
The timing of the deposit makes clear it was received before a suspension of petroleum aid by Saudi Arabia, which began on Oct. 1 and had raised questions over the fate of Saudi aid destined for Egypt.
Egypt's central bank said late on Wednesday that it had received a $2 billion deposit that could bring it closer to clinching a $12 billion IMF lending programme aimed at plugging the country's deficit and balancing its currency markets but had not clarified when the money was received."
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MIDEAST STOCKS-Petchems support Saudi, other Gulf bourses slip | Reuters
MIDEAST STOCKS-Petchems support Saudi, other Gulf bourses slip | Reuters:
"Positive third-quarter earnings from affiliates of Saudi Basic Industries supported Saudi Arabia's stock index in early trade on Thursday but the rest of the Gulf was weak, following global shares lower.
Yanbu National Petrochemical (Yansab) climbed 2.0 percent after it reported a third-quarter net profit of 607.6 million riyals ($162.1 million), more than double the year-earlier figure. The result was broadly in line with the 624.7 million riyal average forecast of analysts.
Saudi Kayan Petrochemical jumped 4.1 percent after it swung to a net profit of 156.32 million riyals from a year-earlier loss of 13.81 million riyals; SICO Bahrain had forecast a profit of 105.00 million riyals and NCB Capital, a profit of 95.00 million riyals. Analysts attributed Kayan's results to higher-than-expected sales and gross margins."
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"Positive third-quarter earnings from affiliates of Saudi Basic Industries supported Saudi Arabia's stock index in early trade on Thursday but the rest of the Gulf was weak, following global shares lower.
Yanbu National Petrochemical (Yansab) climbed 2.0 percent after it reported a third-quarter net profit of 607.6 million riyals ($162.1 million), more than double the year-earlier figure. The result was broadly in line with the 624.7 million riyal average forecast of analysts.
Saudi Kayan Petrochemical jumped 4.1 percent after it swung to a net profit of 156.32 million riyals from a year-earlier loss of 13.81 million riyals; SICO Bahrain had forecast a profit of 105.00 million riyals and NCB Capital, a profit of 95.00 million riyals. Analysts attributed Kayan's results to higher-than-expected sales and gross margins."
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