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Saudi Arabia (SABIC)’s shares slumped the most in almost eight months on investor concern that oil prices may retreat amid signs the global economic recovery is slowing and after first-quarter company earnings missed estimates.
Saudi Kayan Petrochemical Co. (KAYAN), the company 35 percent-owned by Saudi Basic Industries Corp., lost 6.5 percent after its first-quarter loss widened. Saudi Arabian Fertilizer Co. (SAFCO), the company known as Safco also part-owned by Saudi Basic, tumbled to the lowest since February after profit missed analysts’ expectations. Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 2.3 percent, the most since Aug. 20, to 7,348.33, at the 3:30 p.m. close in Riyadh.
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As Arabian Gulf nations march inexorably forward towards economic diversification, one sector is receiving particular attention.
Manufacturing is a growth-focus for several GCC governments
Abu Dhabi Securities Exchange (ADX), which has a market capitalisation exceeding Dh400 billion, said on Tuesday it had launched technical short-selling (TSS) services as part of efforts to boost wani
Emaar Properties and Dubai Islamic Bank (DIB) extended losses on Tuesday, pushing the Dubai Financial Market (DFM) index into negative territory. The DFM General Index shed 0.39 per cent to close at
Abu Dhabi Securities Exchange, (ADX), on Tuesday announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products prov
The Gulf Today
The development is significant in the light of the growing importance of the region as an attractive investment destination for international investors seeking exposure to high growth emerging market