Hong Kong shares are set to end their worst May performance in 14 years on a grim note on Thursday, as an escalating euro zone crisis coupled with fears about China's economy threaten to wipe out all of the Hang Seng Index's gains for the year.
The Hang Seng Index drifted briefly into the red for the year in early trade before paring losses to close down 1.2 percent at midday. It is up 0.1 percent for the year.
For the month of May, it is down 12.5 percent, its worst monthly showing since last September, when it lost 14 percent, and the worst May since 1998, when it also lost 14 percent.
Asry plans multimillion dollar floating dock
Bahrain-based Arab Shipbuilding and Repair Yard (Asry) plans to set up another floating dock entailing a multimillion dolalr investment, the company's chief executive said.
UAE’s non-oil job, output levels surge
While the UAE's non-oil producing private sector reported the fastest rise in employment levels in two years and a further boost in output levels during April, the rate of increase in new orders ease
Two Bahraini banks in merger talks as consolidation picks up
Bahrain's Al Salam Bank and BMI Bank, an affiliate of Oman's Bank Muscat, have announced plans to merge, a tie-up which would create the kingdom's third-largest bank by assets, the lenders said in a
Kuwait budget surplus may hit $52 billion
Kuwait is likely to have recorded another massive surplus during the last financial year of up to KD15 billion ($52.8 billion) as the price of Kuwait Export Crude (KEC) averaged $107 per barrel for