Egypt rebounds from four-week low; Gulf stock markets mixed

Updated 31 January 2013
0

Egypt rebounds from four-week low; Gulf stock markets mixed

DUBAI: Egypt’s bourse recovered yesterday from a four-week low as bargain hunters shrugged off political unrest, while Gulf markets were mixed.
Cairo’s main index rose 1.5 percent, halting two sessions of sharp declines after the government declared a state of emergency in three cities on the Suez Canal.
“The market rebound today is a correction after a sharp decline yesterday, but we expect the bourse will break 5,500 again to target 5,300 next week,” said Ahmed Sharaby, Cairo-based technical analyst at Mawarid Egypt.
Heavyweight Orascom Construction Industries and Telecom Egypt each climbed 0.8 percent. Orascom Telecom gained 2.8 percent.
However, investor concerns still linger as two more protesters were shot dead before dawn near Cairo’s central Tahrir Square on the seventh day of a wave of unrest.
“There’s a psychological pressure (on investors) from the political situation,” said Sharaby.
Elsewhere, petrochemical stocks helped lift Saudi Arabia’s index as better-than-forecast European data spurred optimism for the global economy and drove oil prices higher.
Brent crude reached its highest level in three and a half months yesterday, passing $ 115 a barrel.
Saudi Basic Industries added 0.5 percent, National Industrialization (TASNEE) climbed 0.4 percent and Rabigh Refining and Petrochemical gained 1.2 percent.
Saudi petrochemical stocks tend to track oil prices, with crude impacting their bottom line. Oil is also seen as a proxy for global economic activity and therefore demand for petrochemical products.
The Kingdom’s index gained 0.2 percent, its third gain in the last five sessions.
In the UAE, Dubai’s Emaar Properties hit a 39-month high as investors bet the developer will announce market-pleasing earnings and dividends for 2012.
Emaar climbed 1.5 percent to AED 4.88, its highest close since October 2009. The intraday peak of that month — AED 5.01 — is a major resistance level for the stock.
“Foreign flows continue ... the market is predominantly led by Emaar — we will need to see earnings to see if the rally is justified,” said Anastasios Dalgiannakis, institutional trading manager at Mubasher.
Analysts polled by Reuters forecast Emaar to post a 23.8 percent drop in fourth-quarter profit. Some traders expect the developer will announce its results today, although it has not made an official announcement to that effect.
Shares in courier Aramex jumped 5.1 percent to AED 2.27, its highest close since October 2010, on a technical breakout. It broke through a resistance at AED 2.22, the peak of Dec. 4.
Dubai’s index rose 1.1 percent to — its highest close since March 2010 — while Abu Dhabi’s benchmark climbed 0.4 percent to reach a similar milestone.
First Gulf Bank gained 0.8 percent after posting an estimate-beating 12-percent rise in fourth-quarter profit. The bank proposed a cash dividend of 0.83 dirhams per share for 2012.
In Qatar, the index climbed 0.4 percent.
Elsewhere, Kuwait’s index slipped 0.1 percent, halting a 10-session rally.


Instagram moves into e-commerce with shopping button

Updated 20 March 2019
0

Instagram moves into e-commerce with shopping button

  • A new “checkout” button for instant purchasing launched in a beta version of the app in the US with a limited number of businesses
  • Facebook makes the bulk of its money from digital advertising but has dabbled with e-commerce in the past

SAN FRANCISCO: Facebook-owned Instagram on Tuesday made a move into potentially lucrative e-commerce by adding an option to buy products shown off in posts by selected brands.
A new “checkout” button for instant purchasing launched in a beta version of the app in the US with a limited number of businesses, according to the popular image-centric messaging service.
“We’re introducing Checkout on Instagram,” the Silicon Valley based division of Facebook said in an online post.
“When you find a product you love, you can now buy it without leaving the app.”
Tapping the checkout button will allow shoppers to select options such as size or color and then pay for items without leaving the Instagram app.
Previously, people inspired to buy products featured in Instagram posts had to follow links to outside online shopping sites.
Information entered for an initial purchase will be stored for future use, according to Instagram.
It remained to be seen how people would feel trusting information such as credit card details to a service owned by Facebook, which has been hit with waves of criticism for its handling of personal data.
Brands taking part in the checkout feature included Adidas, Burberry, Dior, H&M, Nike, Oscar de la Renta, Prada, and glasses retailer Warby Parker.
Facebook makes the bulk of its money from digital advertising but has dabbled with e-commerce in the past. It has pitched its Messenger service as a communication platform for shops or brands to connect with customers.