UK to support investment in Egypt with £13 million    Hong Kong reopens after weekend of clashes, protests    Oil majors curb FTSE losses as crude surges after Saudi attacks    Egypt's Tourism Minister Al-Mashat holds several meetings on sidelines of UNWTO session    Egypt court sentence 6 to death for joining terrorist group, manufacturing explosives; 8 acquitted    North Korea leader Kim invited Trump to Pyongyang in letter    Kessie and Lukaku subjected to more racism in Italy    Juventus 'ultra' fan leaders arrested in tickets probe    Trump says US ‘locked and loaded' for a potential response to Saudi oil attack    Iran says it's ready to work for Yemen peace with UN and others    Saudi markets claw back from losses as oil supply worries ease    Brexit will be delayed again when PM Johnson's deal falls: Nigel Farage    Egypt's transport start-up Swvl to expand in Africa, Asia    New academic building in Bahrain to be completed in Q4    New York moves to prohibit flavored e-cigarettes after Trump ban move    Blasphemy accusation in Pakistan sparks ransacking of Hindu temple, school    Dollar drops, oil-exporter currencies climb after Saudi attacks    Egypt's FM hopes for deal as new round of GERD talks kicks off    European markets to open lower on geopolitical tensions, weak Chinese data    Egyptian gov't working to remove trash in Ismailia    'Al-Daheeh' host Ahmed El-Ghandour shortlisted for IBC's first 'Young Pioneer' award    Egypt forces kill group of terrorists in North Sinai, four policemen wounded: Ministry    'We can't win all the time,' says glum Guardiola    Egypt's Zamalek suffer surprise 2-1 defeat at Senegal's Generation Foot    Egypt's Sisi discusses education, terrorism at national youth conference    Egypt's Sisi inaugurates the eighth National Youth Conference    Sisi to open 8th edition of the National Youth Conference Saturday    Spotify buys music production marketplace SoundBetter    In 'Women Make Film,' a 14-hr epic of an overlooked history    Egypt's Ahly striker Amr Gamal joins Talae El-Geish for 2 seasons    Shikabala left out of Egypt's Zamalek squad for Generation Foot clash    Egypt's Sisi issues four presidential decrees for private universities    Egypt, UK sign deal to establish branch of London School of Economics at New Administrative Capital    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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Gulf stocks rebound as U.S.-China trade war simmers
Published in Amwal Al Ghad on 07 - 08 - 2019

Gulf stocks rebounded on Wednesday, mostly on back of their financial shares, after U.S. President Donald Trump dismissed worries of a prolonged trade dispute with Beijing and China's central bank stepped in to stabilise the yuan.
The offshore yuan pulled back from an all-time low on Tuesday after Beijing appeared to take steps to prevent the currency from weakening further, following a sharp drop that prompted the U.S. government to declare China was manipulating its currency.
Dubai's index traded 1.3 percent higher in a boost from real estate stocks which all rose. Emaar Properties increased 1.7 percent and its unit Emaar Malls gained 3.1 percent.
Most Gulf markets had been subdued in the past days amid muted trading before the Eid holiday starting at the end of this week.
Qatar's index opened 1.7 percent higher after six days of straight losses as most of the companies traded higher. The Gulf's biggest lender, Qatar National Bank, increased 2.2 percent while petrochemical maker Industries Qatar advanced 2.4 percent.
In Saudi, the index rose 0.7 percent with Al Rajhi Bank adding 1.1 percent, while United Cooperative Assurance was up 3.5 percent after it reported a 136 percent surge in its second quarter net profit before zakat.
Gulf General Insurance hiked 3.6 percent as the insurer turned to profit from year ago losses.
In Abu Dhabi, the index gained 1.1 percent snapping a six-session losing streak. Market heavyweights First Abu Dhabi Bank and Emirates Telecommunications Group rose 1.5 percent and 1.9 percent respectively.
Aldar Properties advanced a further 1.3 percent, ahead of a board meeting later on Wednesday at which it will discuss the company's second-quarter financial performance. EFG Hermes forecasts a 7 percent rise in profit.
Source: Reuters


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