Saudi Arabia's cabinet has given permission to the country's financial regulator, the Capital Market Authority (CMA), to open the stock market to direct investment by foreign financial institutions, the cabinet said in a statement on Tue
Shares in Dubai builder Arabtec plunged in early trade on Sunday after Aabar Investments, one of its major shareholders, did not confirm a report which said Aabar was in talks to increase its stake.
Arabtec tumbled its daily 10 pe
World financial markets became reacquainted with fear last week, and even if it was short-lived, the ructions in some riskier assets looked to some like a precursor to a much rougher ride down the road.
Concerns that Portugal'
World stocks were enjoying the view at an all-time high on Friday, lifted by a week of strong U.S. economic data and promises from the European Central Bank that cheap money will be sloshing around for years.
Major Dubai construction firm Arabtec will hold a news conference on Wednesday to respond to market rumours about the company, it said in a bourse statement on Tuesday.
The news conference will be held at the Abu Dhabi offices of
Stock markets in the UAE and Qatar bounced back on Tuesday after a steep slide over the past month made some valuations attractive again.
Fund managers said it was not clear that any extended uptrend in the markets was starting; a
Middle East funds have become more cautious about investing in equities after sharp pull-backs in some markets underlined how high valuations had left them vulnerable, a monthly Reuters survey showed.
The latest survey of 15 leadi
Gold hit a two-month high on Tuesday and silver reached its highest since mid-March as a drop in European shares after soft German economic data and a weaker dollar helped the metal build on last week's gains.
Spot gold hit a
Dubai's bourse remains vulnerable to selling pressure on Tuesday after builder Arabtec Holding said it had laid off some staff, partly confirming reports that contributed to the stock's plunge in the last session.
Uncertainty over the fate of Dubai's most heavily traded stock, construction firm Arabtec, as well as the fighting in Iraq and the approach of the Ramadan lull depressed most share markets across the Gulf on Monday.