Oliver Bell News
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Saudi Arabia’s benchmark stock index, the Arab world’s biggest, rose from a 10-month low on bets selling this month prompted by concern about the king’s health was overdone given the country’s economic prospects.
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Saudi Arabian banking and consumer stocks offer a buying opportunity after this month’s drops, due to succession concerns, were overdone given the nation’s growth outlook, T. Rowe Price Group Inc.’s regional fund manager said.
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Foreign investment to Egypt may slow as investors take a "cautious" view on the country before presidential election this year, said Oliver Bell , senior investment manager at Pictet Asset Management.
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As politicians around the world take steps to curb profits at the biggest lenders, Qatar National Bank SAQ is producing the best risk-adjusted returns by increasing ties with the government, its largest customer.
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Kenyan stocks, the worst performers in sub-Saharan Africa last year, are this year’s third-best worldwide as the central bank reins in inflation and spurs a rally in the currency.
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The cost of insuring against a default by Bahrain surpassed Lebanon for the first time since July 2009 as officials declared a state of emergency and Fitch Ratings lowered the Persian Gulf nation’s credit rating.
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Egypt’s credit risk is falling to the lowest level since anti-government protests began two weeks ago and international borrowing costs are dropping as the nation’s biggest political crisis in three decades eases.
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Egypt’s turmoil is having limited impact on global financial markets, where investors see few parallels with Iran’s 1979 revolution or the contagion that followed Thailand’s meltdown 13 years ago.
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The following are the day's top business stories:
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Arabtec Holding PJSC, the United Arab Emirates’ biggest construction company, climbed to a two-year high amid speculation the company will benefit from regional infrastructure spending.
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