Banking shares help Gulf markets edge up; Egypt extend losses

Arabian Centres, the Saudi mall operator, on Wednesday obtained $1.4 billion in Shariah-compliant financing facilities with a syndicate of banks. (Reuters)
Updated 21 November 2019

Banking shares help Gulf markets edge up; Egypt extend losses

  • Dubai’s index edged up 0.1 percent supported by Emirates NBD and Emaar Malls

DUBAI: Bank stocks helped support markets in the UAE on Wednesday, while Egypt’s blue-chip index extended losses for a third straight session.

Dubai’s index edged up 0.1 percent supported by Emirates NBD and Emaar Malls, which were up 0.4 percent and 1.6 percent respectively.

Air Arabia closed up 1.4 percent, stretching its winning streak to a third day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.

However, the market’s gains were capped by losses at real estate sector with Arabtec Holding falling 4.7 percent, the biggest loser on the index. 

On Friday, the contractor swung to a third quarter loss, compared with a profit a year earlier. 

In Abu Dhabi, the index was also up 0.1 percent with First Abu Dhabi Bank adding 0.3 percent and International Holding Co. (IHC) soaring 8.9 percent, its biggest intraday gain since mid-October. 

On Tuesday, IHC called off an acquisition of SHUAA Capital International. 

Saudi Arabia’s benchmark index rose marginally to close up 0.1 percent as Saudi Basic Industries gained 0.7 percent and Savola Group climbed 3 percent.

Arabian Centres advanced 2 percent. The Saudi mall operator obtained $1.4 billion in Shariah-compliant financing facilities with a syndicate of banks.

The Qatari index traded flat with financial shares and petrochemical stocks moving sideways.

Qatar International Islamic Bank slid 3.2 percent, while Mesaieed Petrochemical gained 1.2 percent. 

Outside the Gulf, Egypt’s blue-chip index lost 0.6 percent.

The country’s largest lender, Commercial International Bank, dropped 1.6 percent and Madinet Nasr was down 2.2 percent. However, the index received some support from Eastern Company, which rose 0.9 percent.


Trump calls for World Bank to stop lending to China

Updated 07 December 2019

Trump calls for World Bank to stop lending to China

WASHINGTON: US President Donald Trump on Friday called for the World Bank to stop giving loans to China, one day after the institution adopted a lending plan to Beijing over Washington’s objections.
The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to “gradually decline” from the previous five-year average of $1.8 billion.
“Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!” Trump wrote in a post on Twitter.
Spokespeople for the White House and the World Bank did not immediately respond to requests for comment.
The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017.
But the fall in the World Bank’s loans to China is not swift enough for the Trump administration, which has argued that Beijing is too wealthy for international aid.