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MIDEAST STOCKS- #SaudiArabia up on banks, weak earnings hurt #Dubai - Reuters

MIDEAST STOCKS-Saudi Arabia up on banks, weak earnings hurt Dubai - Reuters:Saudi Arabia's stock market rosemoderately on Wednesday, lifted by its banking shares followingindex provider MSCI's decision to include multiple lenders,while Dubai was pressured by a string of disappointing corporateearnings.    Saudi Arabia's index increased 1.3% with Al RajhiBank gaining 2.1% and Alinma Bank rising2.6%, while National Commercial Bank was up 0.9%."The 10% to 15% correction in large caps especially the...
Tags: Travel, Saudi Arabia, Dubai, MSCI, Dubai Reuters, Rupert Neil Bumfrey, National Commercial Bank, Alinma Bank, Al Mal Capital, Vrajesh Bhandari, Al RajhiBank


MIDEAST STOCKS-Banks bolster #Saudi; most major Gulf markets mixed - Reuters

MIDEAST STOCKS-Banks bolster Saudi; most major Gulf markets mixed - Reuters:Saudi Arabia’s stock market rose on Wednesday buoyed by its banking stocks recovering from recent losses, while major Gulf markets were mixed in subdued trading.Saudi Arabia’s index increased 2.4% as all its banking stocks rose. Al Rajhi Bank and National Commercial Bank were up 3.1% each, while Samba Financial Group rose 3.5%.The index fell as much as 2.1% on Tuesday after drone attacks but recovered to close flat at 0....
Tags: Travel, Saudi Arabia, United Arab Emirates, Gulf, Reuters, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Al Rajhi Bank


Arabian Centers IPO priced at lower end, books covered: sources - Reuters

Arabian Centers IPO priced at lower end, books covered: sources - Reuters:Mall operator Arabian Centers has priced its initial public offering at the lower end of an indicative price range and is set to raise 2.47 billion riyals ($659 million), two sources said.That would make it the second biggest IPO in Saudi Arabia since National Commercial Bank raised $6 billion in 2014, Refinitiv data showed.The company priced its IPO at 26 riyals per share, the sources said, against a price range of 26 to ...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey, National Commercial Bank, Arabian Centers IPO, Arabian Centers


Banks Drag #Saudi Stocks Down by Most This Year Ahead of Ramadan - Bloomberg

Banks Drag Saudi Stocks Down by Most This Year Ahead of Ramadan - Bloomberg:Saudi Arabian stocks fell the most since December as investors locked in gains ahead of the holy month of Ramadan, when trading volumes in the kingdom typically decline.Al Rajhi Bank and National Commercial Bank, which account for about a quarter of the index, were the biggest contributors to the Tadawul All Share Index’s 1.7 percent loss. About 160 stocks retreated as of 12:18 p.m. in Riyadh, the most on a closing basis...
Tags: Travel, Riyadh, Rupert Neil Bumfrey, Riyad Capital, Al Rajhi, National Commercial Bank, Al Rajhi Bank, Muhammad Faisal Potrik, Ramadan Bloomberg


MIDEAST STOCKS-Q1 results boost #Saudi, most major Gulf markets mixed - Reuters

MIDEAST STOCKS-Q1 results boost Saudi, most major Gulf markets mixed - Reuters:Saudi Arabia’s stock market inched higher on Wednesday bolstered by first-quarter results, while major Gulf markets were mixed in subdued trading. Saudi’s index was up 0.1 percent, with Al Rajhi Bank adding 0.5 percent and National Commercial Bank rose 0.8 percent. Both companies reported an increase in their first-quarter net profit.Saudi banks’ performance in 2019 is xpected to be boosted by a surge in liquidity and...
Tags: Travel, Saudi Arabia, Gulf, Reuters, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank


MIDEAST STOCKS- #Saudi's SABIC loses steam, ex-dividend stocks hit #AbuDhabi | Reuters

MIDEAST STOCKS-Saudi's SABIC loses steam, ex-dividend stocks hit Abu Dhabi | Reuters:Saudi Arabia's stock market rose on Thursday aided by its banks, even as Saudi Basic Industries (SABIC) gave up most of its early gains spurred by news of Aramco's purchase of a large stake in the petrochemicals group.Abu Dhabi edged down as some stocks traded ex-dividend.Saudi Arabia's index was up 0.3 percent with Al Rajhi Bank adding 1 percent and National Commercial Bank rising 2 percent. [Author: noreply...
Tags: Travel, Saudi Arabia, Abu Dhabi, Reuters, Aramco, SABIC, Rupert Neil Bumfrey, Saudi Basic Industries SABIC, Abudhabi, National Commercial Bank, Al Rajhi Bank


MIDEAST STOCKS-Global rally boosts most of Gulf, banks lift #Saudi | Reuters

MIDEAST STOCKS-Global rally boosts most of Gulf, banks lift Saudi | Reuters:Most major Gulf markets rose on Tuesday, lifted by financial and real estate stocks, mirroring a rally in global markets amid hopes for a U.S.-China trade deal and progress on Brexit.Saudi Arabia's index was up 0.2 percent with its largest lender, National Commercial Bank, gaining 1 percent and bank Samba Financial Group adding 1.1 percent.The index is up 7.8 percent this year, outperforming major Gulf markets, with big ...
Tags: Travel, Saudi Arabia, China, Gulf, Reuters, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Jamal Khashoggi, Brexit Saudi Arabia


#Saudi Stocks Advance Most in Mideast as Banks Recover: Inside EM - Bloomberg

Saudi Stocks Advance Most in Mideast as Banks Recover: Inside EM - Bloomberg:Stocks in Saudi Arabia climbed the most among Middle Eastern equity markets on Sunday, boosted by banking shares, after the government said it has no plans to increase an Islamic levy on local lenders.National Commercial Bank, the biggest Saudi bank by assets, rose 1.7 percent and trimmed a loss of 2.1 percent on Thursday. The stock contributed the most to the 0.3 percent increase of the Tadawul All Share Index on a wei...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Mideast, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank


MIDEAST STOCKS- #Saudi stocks up on banks, rest of the Gulf stagnates | Reuters

MIDEAST STOCKS-Saudi stocks up on banks, rest of the Gulf stagnates | Reuters:Saudi stocks rose on Sunday, helped by banks as authorities said there were no immediate plans to increase Islamic tax levels, while other Gulf equities fell due to weak global markets and a drop in oil prices.Saudi Arabia’s main index was up 0.3 percent, boosted by a better performance among banks. Al Rajhi Bank was up 1.1 percent, while National Commercial Bank , the kingdom’s largest bank, was up 1.9 percent.On Frid...
Tags: Travel, Saudi Arabia, Bloomberg, Gulf, Reuters, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank


MIDEAST STOCKS-Most Gulf markets fall, Egypt lifted by blue-chips | Reuters

MIDEAST STOCKS-Most Gulf markets fall, Egypt lifted by blue-chips | Reuters:Most major Gulf markets slipped sharply on Thursday, with a possible increase to Islamic tax pulling down Saudi Arabia's banks and Qatar hitting a five-month low.Saudi Arabia's index was down 0.6 percent due to a sell-off in its bank stocks, with Al Rajhi Bank shedding 2 percent and the country's largest bank, National Commercial Bank, declining 2.1 percent.The kingdom is considering plans to increase an Islamic tax paid...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, Egypt, Gulf, Reuters, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank


MIDEAST STOCKS-Property weighs on #Dubai, most major Gulf markets fall | Reuters

MIDEAST STOCKS-Property weighs on Dubai, most major Gulf markets fall | Reuters:Dubai stocks fell on Thursday when its property firms declined, while bank shares hurt the Saudi market.Saudi Arabia’s index was down 0.7 percent, with Al Rajhi Bank shedding 1.2 percent and the country’s largest bank, National Commercial Bank, declined 1.5 percent.Saudi International Petrochemical slipped 1.5 percent. The firm said potential synergies from a possible merger with Sahara Petrochemical is expected to b...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Reuters, EBITDA, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank, Saudi International Petrochemical, Sahara Petrochemical


#Saudi Banks Fall as Investors Fret Over Prospect of Higher Tax - Bloomberg

Saudi Banks Fall as Investors Fret Over Prospect of Higher Tax - Bloomberg:Saudi Arabian banks dropped on concern that the government may double the current rate they pay under an Islamic tax.The Tadawul Banks Index fell 1.1 percent as of 10:54 a.m. in Riyadh, as all but one of its 12 members declined. The gauge was set to end at the lowest level since Jan. 20. Al Rajhi Bank’s 1.7 percent drop was that biggest drag on the kingdom’s main stock gauge. National Commercial Bank and Riyad Bank lost a...
Tags: Travel, Riyadh, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank, Tadawul Banks Index


UPDATE 1- #Saudi c.bank governor says does not see more bank mergers | Reuters

UPDATE 1-Saudi c.bank governor says does not see more bank mergers | Reuters:Saudi Arabia’s central bank does not see more bank mergers for the time being beyond those already announced, its governor Ahmed al-Kholifey said on Sunday.His comments came after National Commercial Bank, the kingdom’s biggest lender by assets, and Riyad Bank said in December they had begun preliminary talks to potentially create a combined group with $183 billion in assets.That move came two months after Saudi British...
Tags: Travel, Saudi Arabia, Reuters, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, Alawwal Bank, Saudi British Bank SABB, Ahmed al Kholifey


Mideast Stocks: #Saudi slips on profit-taking, banks drag #AbuDhabi lower | ZAWYA MENA Edition

Mideast Stocks: Saudi slips on profit-taking, banks drag Abu Dhabi lower | ZAWYA MENA Edition:Saudi Arabia's stock market fell on Monday with most sectors turning red, led by the banks as investors focused on profit-taking after the market by far outperformed its major Gulf peers. Financial stocks also pulled Abu Dhabi down.Saudi Arabia's index was down 0.3 percent with its biggest lender, National Commercial Bank, decreasing 1.3 percent and Al Jazira Bank shedding 1.7 percent.The Saudi index ha...
Tags: Travel, Saudi Arabia, Abu Dhabi, Gulf, Rupert Neil Bumfrey, National Commercial Bank, Al Jazira Bank


#Saudi stocks win big in FTSE EM index review

Saudi stocks win big in FTSE EM index review:Index provider FTSE Russell has added many Saudi stocks such as Saudi Basic Industries, and National Commercial Bank on its global equity index, a move that is expected to attract $500 million in passive flows.About 80 stocks have been added to the emerging market index, data from the index provider revealed. FTSE Russell is planning to add Saudi Arabia’s stocks in the emerging market index in five phases“The Phase 1 inclusion of Saudi Arabia is along...
Tags: Travel, Saudi Arabia, Russell, Rupert Neil Bumfrey, Saudi Basic Industries, National Commercial Bank, Al Mal Capital, FTSE Russell, Vrajesh Bhandari


Aramco picks banks for debut international bond: sources | Reuters

Aramco picks banks for debut international bond: sources | Reuters:Saudi Aramco has selected banks to arrange its first international debt sale, which will help it finance the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter said on Thursday.The state oil giant has picked a group of banks including JPMorgan, Morgan Stanley, Citi, HSBC and Saudi Arabia’s National Commercial Bank, the sources said.JPMorgan and Morgan Stanley have been appo...
Tags: Travel, Saudi Arabia, Morgan Stanley, Reuters, Saudi Aramco, Rupert Neil Bumfrey, National Commercial Bank, Saudi Arabian Basic Industries Corp SABIC, JPMorgan Morgan Stanley Citi HSBC


Mideast Stocks: Banks lead Saudi gains, Emirates NBD lifts Dubai | ZAWYA MENA Edition

Mideast Stocks: Banks lead Saudi gains, Emirates NBD lifts Dubai | ZAWYA MENA Edition:Saudi Arabia's stock market rose on Tuesday on the back of its blue-chip banks, while Dubai's gains were led by its top lender Emirates NBD.Saudi Arabia's index gained 0.4 percent, with Al Rajhi Bank climbing 0.6 percent after the Capital Market Authority approved an increase in capital. The bank proposed a capital increase of up to 25 billion riyals ($6.67 billion) from 16.25 billion riyals.National Commercial...
Tags: Travel, Saudi Arabia, Dubai, Emirates NBD, Moody s, Rupert Neil Bumfrey, Capital Market Authority, National Commercial Bank, Al Rajhi Bank, Emirates NBD Saudi Arabia


#Saudi's NCB set to pick JPMorgan to advise on bank merger talks: sources | Reuters

Saudi's NCB set to pick JPMorgan to advise on bank merger talks: sources | Reuters:Saudi Arabia’s biggest lender, National Commercial Bank 1180.SE, is set to pick JPMorgan (JPM.N) to advise on its merger talks with smaller rival Riyad Bank 1010.SE, several sources familiar with the matter said.NCB, the kingdom’s biggest lender by assets, and Riyad Bank said in December they have begun preliminary discussions to merge, in a move that would further extend NCB’s lead over its closest rivals by boos...
Tags: Travel, Saudi Arabia, Reuters, Jpmorgan, Riyad Bank, NCB, Rupert Neil Bumfrey, Goldman Sachs GS, National Commercial Bank


MIDEAST STOCKS-Banks buoy #Saudi market, DAMAC drags down Dubai | Reuters

MIDEAST STOCKS-Banks buoy Saudi market, DAMAC drags down Dubai | Reuters:Saudi Arabia's stock market rose on Tuesday, as rebounding oil prices lifted all its banks, while the Dubai index was pulled down by a plunge in shares of DAMAC Properties.Saudi Arabia's index gained 0.9 percent to trade at a near six-month high, with Al Rajhi Bank adding 1.3 percent and the biggest lender National Commercial Bank climbing 1.4 percent.Riyad Bank rose 1.6 percent. The lender has picked Goldman Sachs to advis...
Tags: Travel, Saudi Arabia, Dubai, Goldman Sachs, Reuters, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank, National Commercial Bank Reuters, DAMAC Properties Saudi Arabia


MIDEAST STOCKS-Oil boosts #Saudi, banks weigh on Dubai | Reuters

MIDEAST STOCKS-Oil boosts Saudi, banks weigh on Dubai | Reuters:Saudi Arabia’s stock market rose in early trading on Tuesday, as rebounding oil prices lifted its banks, while real estate and banks pulled down the Dubai index for the third straight session.Saudi Arabia’s index gained 0.7 percent with Al Rajhi Bank adding 1.6 percent and its biggest lender National Commercial Bank increasing 1.6 percent.Riyad Bank has chosen Goldman Sachs to advise on its merger talks with National Commercial Bank...
Tags: Travel, Saudi Arabia, Dubai, Goldman Sachs, Reuters, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank, National Commercial Bank Reuters


Saudi's Riyad Bank selects Goldman to advise on merger talks with NCB: sources | Reuters

Saudi's Riyad Bank selects Goldman to advise on merger talks with NCB: sources | Reuters:Saudi Arabia’s Riyad Bank 1010.SE has picked Goldman Sachs (GS.N) to advise on its merger talks with National Commercial Bank 1180.SE, two sources familiar with the matter said.NCB, the kingdom’s biggest lender by assets, and Riyad Bank have begun preliminary merger discussions, the two banks said in December in a deal that could potentially create a combined bank holding $183 billion in assets.Riyad Bank di...
Tags: Travel, Saudi Arabia, Goldman Sachs, Goldman, Reuters, Riyad Bank, NCB, Rupert Neil Bumfrey, National Commercial Bank, Goldman Sachs GS N


Saudis Said to Seek Advisers for Biggest Bank Merger Since 2016 - Bloomberg

Saudis Said to Seek Advisers for Biggest Bank Merger Since 2016 - Bloomberg:National Commercial Bank and Riyad Bank are seeking advisers for a potential merger that would create the Gulf region’s third-biggest lender with $182 billion in assets, according to people with knowledge of the matter.The banks have sent out so-called request for proposals to firms including Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and UBS Group AG, the pe...
Tags: Travel, Bloomberg, Gulf, UBS Group AG, Riyad Bank, Rupert Neil Bumfrey, Public Investment Fund, National Commercial Bank


MIDEAST STOCKS-Wall Street surge buoys Gulf, #Saudi banks strong | Reuters

MIDEAST STOCKS-Wall Street surge buoys Gulf, Saudi banks strong | Reuters:Saudi Arabia and other Gulf stock markets gained on Thursday as the sharp rebound on Wall Street overnight and Brent oil's recovery from below $50 a barrel lifted investor sentiment.Saudi Arabia's index rose 0.5 percent with Al Rajhi Bank adding 1.1 percent.Riyad Bank climbed for a fourth straight day, adding 1.3 percent. The stock has been buoyed by news of merger discussions with National Commercial Bank, the kingdom's b...
Tags: Travel, Saudi Arabia, Gulf, Reuters, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank


Mideast Stocks: Wall Street surge boosts Gulf, real estate lifts #Dubai | ZAWYA MENA Edition

Mideast Stocks: Wall Street surge boosts Gulf, real estate lifts Dubai | ZAWYA MENA Edition:Saudi Arabia and most other major Gulf stock markets rose in early trade on Thursday, buoyed by the sharp rebound on Wall Street overnight and Brent oil's recovery from below $50 a barrel.Saudi Arabia's index rose 0.8 percent in the first 75 minutes with all 14 petrochemical stocks rising; Saudi Basic Industries increased 0.4 percent.Riyad Bank  climbed for a fourth straight day, adding 1.5 percent. The s...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Riyad Bank, Rupert Neil Bumfrey, Saudi Basic Industries, National Commercial Bank


Four Charts That Show the Impact of #SaudiArabia's New Mega Bank - Bloomberg

Four Charts That Show the Impact of Saudi Arabia's New Mega Bank - Bloomberg:Two of Saudi Arabia’s biggest banks are exploring a merger that will dwarf their competitors and could prompt other lenders to combine and fight for market share in the oil-rich kingdom.The proposed merger of National Commercial Bank and Riyad Bank, the first and fourth biggest Saudi banks, would create an institution with $182 billion in assets. The giant lender could gain an edge against local and foreign rivals in an...
Tags: Travel, Saudi Arabia, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, New Mega Bank Bloomberg


Mideast Stocks: Riyad Bank jumps to 4-year high on deal talk, oil drags down Gulf | ZAWYA MENA Edition

Mideast Stocks: Riyad Bank jumps to 4-year high on deal talk, oil drags down Gulf | ZAWYA MENA Edition:The Saudi stock market fell on Tuesday, pressured by sliding oil prices, but Riyad Bank was one of the top gainers, hitting a four-year high after announcing merger talks with National Commercial Bank All major Middle Eastern markets dropped on weak oil prices and tepid global sentiment, with Dubai's index continuing to hover at a five-year low, weighed down by property stocks.Oil prices plunge...
Tags: Travel, Dubai, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank


Saudi Said to Weigh More Bank Mergers as NCB Announces Talks - Bloomberg

Saudi Said to Weigh More Bank Mergers as NCB Announces Talks - Bloomberg:Saudi Arabia is exploring potential mergers to boost its financial services industry after the combination of Saudi British Bank and Alawwal Bank, according to people with knowledge of the matter.The kingdom’s main sovereign wealth fund, which owns stakes in some of the biggest lenders, is weighing which banks could be merged to increase scale and competition, the people said, asking not to be identified because the talks a...
Tags: Travel, Saudi Arabia, Bloomberg, Alwaleed Bin Talal, Riyad Bank, NCB, Rupert Neil Bumfrey, Samba Financial, National Commercial Bank, Banque Saudi Fransi, Saudi British Bank, Alawwal Bank, Weigh More Bank Mergers, Kingdom Holding Co Al Rajhi Bank


Mideast Stocks: Saudi, other bourses gains marginally as oil edges up | ZAWYA MENA Edition

Mideast Stocks: Saudi, other bourses gains marginally as oil edges up | ZAWYA MENA Edition:Saudi Arabia's stock market gained marginally early on Monday as oil prices rebounded moderately after plunging nearly 8 percent at the end of last week. Most other Gulf bourses were also firm.The Saudi index was up 0.2 percent after an hour of trade; it had dropped 1.3 percent on Sunday. Top petrochemical producer Saudi Basic Industries was up 0.5 percent and National Commercial Bank added 0.4 percent.Tab...
Tags: Travel, Saudi Arabia, Yemen, Gulf, Rupert Neil Bumfrey, Saudi Basic Industries, National Commercial Bank, Tabuk Cement


MIDEAST STOCKS-Banks aid Saudi gain, most Gulf markets quiet | Reuters

MIDEAST STOCKS-Banks aid Saudi gain, most Gulf markets quiet | Reuters:Saudi Arabia’s stock market rose sharply on Thursday, boosted by rebounding bank shares, while most Gulf markets were little changed in quiet trade.The Saudi index rose 1.2 percent, with National Commercial Bank, the largest Saudi lender, adding 2.5 percent and Al Rajhi Bank gaining 2.3 percent.Anaam International Holding Group surged to its 10 percent limit in heavy trade after it signed a non-binding memorandum of understan...
Tags: Travel, Saudi Arabia, Gulf, Reuters, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank, Anaam International Holding Group, Abdullah Abbar Sons Cold Stores, Dar Al Abbar Co


Mideast Stocks: Saudi rises on banks, technical glitch hits Qatar | ZAWYA MENA Edition

Mideast Stocks: Saudi rises on banks, technical glitch hits Qatar | ZAWYA MENA Edition:Saudi Arabia's stock market rose in early trading on Thursday, boosted by bank shares, while the Qatar stock exchange suffered a technical failure and cancelled some trades.Saudi Arabia's main index  was up 0.6 percent after an hour. National Commercial Bank 1180.SE , the largest Saudi lender, added 1.3 percent.Anaam International Holding Group surged 4.6 percent in heavy trade after it signed a non-binding me...
Tags: Travel, Saudi Arabia, Qatar, Rupert Neil Bumfrey, Qatar Stock Exchange, National Commercial Bank, Anaam International Holding Group, Abdullah Abbar Sons Cold Stores, Dar Al Abbar Co, Anaam



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