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Abu Dhabi Islamic Bank gains as CEO talks expansion
November 25, 2013--Like the Dubai bourse DFM, the Abu Dhabi market gauge ADXGI fell slightly, ending down for the third consecutive day at 3,815.16 (off by 0.15 per cent) points on Monday, November 25.
Abu Dhabi Islamic Bank (ADIB) declined by 1.06 per cent at Dhs4.68. Earlier in the day, Tirad Mahmoud, the CEO of the biggest Sharia-compliant bank in Abu Dhabi said that he wants to expand the company to Algeria and Saudi Arabia after successfully obtaining a banking licence in Iraq.
Transport sector stays in limelight
November 22, 2013--The Saudi stock market recorded nominal gains on Thursday, as the Tadawul All-Share Index (TASI) closed higher to 8,337.78, adding less than half point for the entire day.
After falling over 22 points earlier the index started a sideways walk and finally crossed the break-even line. Again market cap indices closed in mixed territories. Six out of Tadawul's fifteen sectors extended gains, reflecting an accumulation of 198 pointsview more
Oversold Bahrain bourse bounces back
November 21, 2013--The Bahrain All Share Index closed 0.71 per cent higher at 1,201.70 points on Thursday, November 21.
The oversold market erased losses from the entire week. National Bank of Bahrain surged by 3.20 per cent, hitting BD0.645. Khaleeji Commercial Bank dived by 4.10 per cent to BD0.047. Al Salam Bank ended one per cent lower at BD0.10. Ithmaar Bank, Batelco, Aluminium Bahrain and Bahrain Bank of Kuwait closed unchanged.
UAE markets end positively for the week
November 21, 2013--The Dubai and Abu Dhabi stock indices ended this week in the positive, gaining 2.33 per cent and 0.99 per cent respectively. A week ago, both had retreated.
The DFM General Index rose marginally to end 0.10 per cent higher to 2891.16. After three straight days of being the most active stock, when it climbed 4.60 per cent, Emaar Properties witnessed some profit booking yesterday. It remained the most active stock in terms of value traded, which was worth Dh132.09 million, but lost 0.32 per cent to end at 6.26.
Saudi Stock Exchange (Tadawul) and Abu Dhabi Securities Exchange (ADX) Sign Cooperation Agreement
November 20, 2013--The Saudi Stock Exchange (Tadawul) and the Abu Dhabi Securities Exchange (ADX) have today entered into a Memorandum of Understanding (MoU), which will serve to augment the already robust bilateral relationship between the two exchanges.
According to the MoU, signed by Rashed Al-Baloushi, the Chief Executive Officer of the Abu Dhabi Securities Exchange and Adel Saleh Al-Ghamdi, the Chief Executive Officer of the Saudi Stock Exchange, the two parties have formally agreed to enhance information and knowledge sharing with the aim of furthering communication, mutual understanding and cooperation. The signing ceremony was held at Tadawul's headquarters in Riyadh
UAE indices rise as volatility continues
November 20, 2013--UAE indices gained even though a majority of stocks ended lower yesterday as volatility continued on both markets.
Led by Emaar Properties, which was the most active stocks in terms of value traded, the Dubai Financial Market General Index closed 1.14 per cent higher to end at 2888.24.
UAE stocks decline
November 20, 2013--Majority of UAE shares declined yesterday as fluctuations continued a week before the Expo2020 decision is to be announced in Paris. The local indices had witnessed declines on Sunday and was followed by gains on Monday.
"For the UAE the market is trading sideways and it is so dependent on the Expo2020 [announcement] which not too far away," said Saleem Khokhar, head of equities at National Bank of Abu Dhabi. "That's a catalyst for some volatility. If we don't get it, it will be negative. And if we do get it, it will be positive, but you may see some profit taking going into that."
MSM inches up in range-bound trading
November 19, 2013--The general index of the Muscat Securities Market traded range bound and inched up 0.06 per cent to 6,768.82 on Monday. Regional markets closed mostly mixed.
Market capitalisation increased 0.061 per cent to RO13.79bn, while the market breadth stood in favour of advancers as of the 51 securities traded for the day 20 advanced while 14 declined and 17 stocks remained unchanged.
Domestic institutions' buy support lifts QE
November 19, 2013--Domestic institutions' hunt for stocks yesterday lifted the Qatar Exchange for the sixth consecutive session with its key index inching near the 10,500 mark.
Real estate, transport and consumer goods particularly came under severe buying pressure, which led to the 20-stock Qatar Index (based on price data) gain 0.73% to 10,359.41 points.
Middle East offers distant hope
November 18, 2013--At the end of October, the UK became the first non-Muslim country to host the World Islamic Economic Forum.
Not content with Middle Eastern money boosting the capital's property market and helping build iconic buildings such as the Shard, Chancellor of the Exchequer George Osborne wants London to become "the unrivalled western centre for Islamic finance".
