Gulf Stock Markets Fall Sharply
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turmoil
Esquecemo-nos sempre que o nosso Sabado e Domingo corresponde a Sexta e Sábado por lá! portanto hoje é dia normal de trabalho.
Não sei se isso poderá afectar a Ásia ou a Europa. Não faço ideia nenhuma da exposição das empresas europeias ou asiaticas ao Egipto.
O contágio das quedas poderá ser pela incerteza que este turmoil pode vir a causar se os Irmãos Muçulmanos tomam conta do assunto ou se isto se alastra pelo Norte de Africa.
Curioso o Hamas ter fechado a fronteira com o Egipto...
Abraço
Clinico
Não sei se isso poderá afectar a Ásia ou a Europa. Não faço ideia nenhuma da exposição das empresas europeias ou asiaticas ao Egipto.
O contágio das quedas poderá ser pela incerteza que este turmoil pode vir a causar se os Irmãos Muçulmanos tomam conta do assunto ou se isto se alastra pelo Norte de Africa.
Curioso o Hamas ter fechado a fronteira com o Egipto...
Abraço
Clinico
- Mensagens: 6662
- Registado: 1/6/2003 0:13
Gulf Stock Markets Fall Sharply
Gulf Stock Markets Fall Sharply
January 30, 2011, 3:05 AM ET
By Nikhil Lohade
Most stock markets in the Persian Gulf region closed sharply lower Sunday, spooked by the political turmoil in Egypt that escalated over the weekend.
After mostly shrugging off the political upheavals in North Africa in recent weeks, regional investors finally began dumping stocks, especially of companies with significant exposure to Egypt.
Dubai’s stock market plunged 4.3% to 1543.02 Sunday, while in neighboring Abu Dhabi the benchmark gauge dropped 3.7% to 2561.06. Doha, the region’s top performer last year, fell 3% to 8709.77. Kuwaiti shares finished 1.8% lower at 6822. The stock markets in Bahrain and Oman also ended in the red.
The fall was unsurprising given the negative impact Friday’s events in Egypt had on Wall Street and other major markets. The Dow Jones Industrial Average closed down 1.39% at 11823.70, marking its largest one-day drop since Nov. 16.
The Egyptian government on Friday was forced to deploy the army after demonstrators fought pitched battles with police, beating them back and setting fire to the headquarters of the Egyptian ruling party.
“Egyptian President Hosni Mubarak’s Jan. 29 speech and his appointments of Omar Suleiman as vice president and Ahmed Shafiq as prime minister represent a hard line that will stoke protestor anger,” said Eurasia Group analyst Hani Sabra in a note.
The region’s stock markets may face further pull-backs as investors become more risk averse, an analyst at NCB Capital said. “However, general market weakness could offer buying opportunities on high quality stocks,” he added.
The Saudi stock market, the largest and only regional market that trades on a Saturday, ended 2.5% higher Sunday at 6421.97, after losing more than 6% in the previous session.
Analysts said the selling of Saudi stocks Saturday had been overdone but added that the kingdom’s financial markets are expected to remain volatile in the current period of regional political unrest.
Saudi Arabia’s one-year exchange-rate forwards rose to the highest level in two years, while the cost of insuring the kingdom’s debt against default also jumped over the Saudi weekend as investors cut their risks.
One-year forwards stood at 0.2 basis points, versus -0.29 bps on Thursday and -0.0735 bps on Wednesday, according to an analyst at Riyadh-based Jadwa Investment. He said Saudi sovereign credit-default swap spreads widened to 1.098 percentage points, the highest level since August 2009, versus 0.752 percentage point on Thursday.
Investment bank Al Mal Capital’s regional strategist Akram Annous noted that the Saudi market’s hammering across the board Saturday wasn’t surprising given that the kingdom’s population is large and young, which “it seems in this environment that is all it takes to scare people.”
“That being said, we would buy this dip. We don’t expect significant unrest in Saudi, and we believe the current political structure will remain in place,” Mr. Annous added.
In terms of stocks, Dubai bellwether Emaar Properties fell 8.3% to 3.11 dirhams and Air Arabia was down 6.1% at 0.786 dirhams; Abu Dhabi’s Dana Gas finished limit down 9.9% at 0.64 dirham, while heavyweight Industries Qatar fell 6.3% to 135.10 riyals.
The Cairo market was shut Sunday due to the political turmoil. It last traded on Thursday, when the local EGX30 index plunged nearly 11%.
http://blogs.wsj.com/dispatch/2011/01/3 ... l-sharply/
January 30, 2011, 3:05 AM ET
By Nikhil Lohade
Most stock markets in the Persian Gulf region closed sharply lower Sunday, spooked by the political turmoil in Egypt that escalated over the weekend.
After mostly shrugging off the political upheavals in North Africa in recent weeks, regional investors finally began dumping stocks, especially of companies with significant exposure to Egypt.
Dubai’s stock market plunged 4.3% to 1543.02 Sunday, while in neighboring Abu Dhabi the benchmark gauge dropped 3.7% to 2561.06. Doha, the region’s top performer last year, fell 3% to 8709.77. Kuwaiti shares finished 1.8% lower at 6822. The stock markets in Bahrain and Oman also ended in the red.
The fall was unsurprising given the negative impact Friday’s events in Egypt had on Wall Street and other major markets. The Dow Jones Industrial Average closed down 1.39% at 11823.70, marking its largest one-day drop since Nov. 16.
The Egyptian government on Friday was forced to deploy the army after demonstrators fought pitched battles with police, beating them back and setting fire to the headquarters of the Egyptian ruling party.
“Egyptian President Hosni Mubarak’s Jan. 29 speech and his appointments of Omar Suleiman as vice president and Ahmed Shafiq as prime minister represent a hard line that will stoke protestor anger,” said Eurasia Group analyst Hani Sabra in a note.
The region’s stock markets may face further pull-backs as investors become more risk averse, an analyst at NCB Capital said. “However, general market weakness could offer buying opportunities on high quality stocks,” he added.
The Saudi stock market, the largest and only regional market that trades on a Saturday, ended 2.5% higher Sunday at 6421.97, after losing more than 6% in the previous session.
Analysts said the selling of Saudi stocks Saturday had been overdone but added that the kingdom’s financial markets are expected to remain volatile in the current period of regional political unrest.
Saudi Arabia’s one-year exchange-rate forwards rose to the highest level in two years, while the cost of insuring the kingdom’s debt against default also jumped over the Saudi weekend as investors cut their risks.
One-year forwards stood at 0.2 basis points, versus -0.29 bps on Thursday and -0.0735 bps on Wednesday, according to an analyst at Riyadh-based Jadwa Investment. He said Saudi sovereign credit-default swap spreads widened to 1.098 percentage points, the highest level since August 2009, versus 0.752 percentage point on Thursday.
Investment bank Al Mal Capital’s regional strategist Akram Annous noted that the Saudi market’s hammering across the board Saturday wasn’t surprising given that the kingdom’s population is large and young, which “it seems in this environment that is all it takes to scare people.”
“That being said, we would buy this dip. We don’t expect significant unrest in Saudi, and we believe the current political structure will remain in place,” Mr. Annous added.
In terms of stocks, Dubai bellwether Emaar Properties fell 8.3% to 3.11 dirhams and Air Arabia was down 6.1% at 0.786 dirhams; Abu Dhabi’s Dana Gas finished limit down 9.9% at 0.64 dirham, while heavyweight Industries Qatar fell 6.3% to 135.10 riyals.
The Cairo market was shut Sunday due to the political turmoil. It last traded on Thursday, when the local EGX30 index plunged nearly 11%.
http://blogs.wsj.com/dispatch/2011/01/3 ... l-sharply/
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