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Bank of Bahrain and Kuwait achieves ISO certifications
September 23, 2013--The Bahrain All-Share Index declined by 0.30% to 1,191.56 points on Monday.
Ahli United Bank ended off 1.44% at $0.658. The Bank of Bahrain and Kuwait or BBK closed unchanged at BD0.416. Earlier in the day, BBK said it achieved ISO 27001 and ISO 22301 certifications for its information security management systems and its business continuity management system from the International Organization. Standardization (ISO). BBK said both certifications had proven that it was operating in strict accordance with international standards.
Nasdaq Dubai on the move as market prepares for new listing
September 19, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 2.06% higher at 2,832.70 points on Thursday.
Market bellwether Dubai Ports (DP) World jumped 3.16% to hit $16. Earlier in the week, British Islamic bank Bank BLME (Bank of London and The Middle East) said it intended to list 195,733,691 shares on the Nasdaq Dubai with no new capital being raised and no new shares being issued. The listing price is expected to be $2.57 for each consolidated share, implying a market capitalisation of approximately $503m.
Qatar market's road to 10,000 points intact
September 19, 2013--The Qatar Exchange 20 Index advanced 0.38% higher at 9,870.90 points on Thursday.
Shares gained across the sectors after the U. S. Fed decided on Wednesday not to taper its monthly bond purchases of $85bn. Qatar Industrial Manufacturing Co. or QIMC closed unchanged at QR50. Earlier in the day, the firm said has it signed a contract with "Hill International" Co. to manage the design stage of the tower project, which QIMC intends to build on the Corniche Road, to replace its present headquarters, at an estimated cost of QR500m.
Tadawul market re-captures level above 8,000
September 19, 2013--The Tadawul All-Share Index closed 0.33% higher at 8,024.71 points on Thursday. Sabic advanced 0.52% to reach SR97.50.
Axa Co-operative Insurance posted the biggest loss, ending off two percent to SR38.60. Earlier in the week, Standard Chartered Bank head of global macro research Marios Maratheftis said in a presentation he held at the 35th Sibos summit on financial transactions that Saudi Arabia was experiencing a tremendous shift of its national economy from a public sector driven labour sector to a private non-oil economy. While the majority of Saudi nationals was employed in the government sector, the government had increased its spending for education to 25% of the kingdom's annual total budget. This would help the GCC's larges economy to transform itself to a diversified economy with thriving non-oil sector. Earlier in the day, Arab News reported that American firms are contributing to the $200bn infrastructure projects that the Saudi government has committed over the past two years, quoting US Secretary of Commerce Penny Pritzker. "Even more firms want to serve as partners in the next five years as Saudi Arabia spends $500bn more,' she told the US-Saudi Business Opportunities Forum in Los Angeles, Arab News reported.
Mid-cap shares drive Abu Dhabi bourse higher
September 19, 2013--The ADX General Index gained 1.16% to 3,812.09 points on Thursday despite losses among blue chips.
Market bellwether Etisalat dipped 0.43% to Dhs11.60. Abu Dhabi National Energy Co. or Taqa ended off 0.80% at Dhs1.26. Leasing and maritime/aviation financing specialist Waha Capital jumped 14.13% to reach a 5-year high at Dhs1.05. Dana Gas closed 3.51% higher at Dhs0.60. Around 380m shares were traded value at Dhs550m.
Mashreqbank hits limit-up after lender opens share to foreigners
September 19, 2013--The Dubai Financial Market General Index closed 2.18% higher at 2,666.14 points on Thursday.
Shares of Dubai-based Mashreqbank gained the most, closing 15% higher at Dhs66.70. Earlier in the day, the only UAE lender in which the state has no stake, said foreigner can own up to 20% of the bank with effect from the end of today's trading hours. According to data from the Dubai Financial Market, foreign investors currently own only 1.9% of the bank's shares. Mashreqbank CEO Abdulaziz Al-Ghurair said the opening was a "big chance" for foreign investors. Shares gained across the board at the DFM after the U. S. federal reserve announced yesterday not to reduce (taper) its monthly purchase of bonds worth $85bn as the economic recovery in the world's biggest economy was yet to become sustainable, as Fed chairman Ben Bernanke said. The unexpected continuation of monetary easing amid record-low interest rates triggered a buying spree at global financial markets. Emaar added 2.10% to hit Dhs5.86. Its smaller rival Union Properties closed at Dhs0.814 (up 4.90%), representing the highest level in 4 years. Some 884m shares were traded valued at Dhs1.02bn.
Sahara Petrochemicals closes higher, restores production at affiliate
September 18, 2013--The Tadawul All-Share Index closed 0.40% lower at 7,998.21 points.
Market heavyweight Sabic lost 1.10% to SR97. Shares of Sahara Petrochemical Co. advanced 0.62% to reach SR16.30. Earlier in the day, the firm said it successfully completed maintenance work at its affiliate Al Waha Petrochemicals after following a brief shutdown which started on Sept. 8. Sahara said in the filing to the Tadawul bourse that the production of Al Waha plant till August 2013 is over the plan with production of 306,000 tones.
Qatar Exchange advances slightly
September 18, 2013--The QE 20 Index added 0.27% on Wednesday, closing at 9,833.10 points.
In a lackluster session, Qatar National Bank added 0.17% to reach QR175. Market bellwether Industries Qatar slipped 0.10% to QR153.60.
Bahrain Bourse gains the fourth session straight
September 18, 2013--The Bahrain All-Share Index closed at 1,193.12 points on Wednesday.
Shares performed mixed with Seef Properties jumping 3.76% to BD0.138. Aluminium Bahrain added 0.90% to BD0.565. Bahrain Telecom, better known as Batelco, was flat at BD0.34. Earlier in the day, Batelco said it has signed signed a memorandum of understanding (MoU) at the Bahrain-China Business Forum in Beijing, China with Huawei, China's leading global information and communications technology (ICT) solutions provider "to further enhance their long standing relationship." Huawei has been a partner of Batelco for a long time and provides various ICT solutions to support Batelco's services to its customers, including work on the country's nationwide next generation network and high speed internet broadband, said Batelco in a filing to the stock market in Manama.
'Wait-and-see' -attitude drags Saudi bourse slightly down
September 17, 2013-The Tadawul All-Share Index closed 0.50% lower at 8,030.58 points on Tuesday, investors preferred to stay on the sidelines while the 2-day FOMC meeting of the U. S. Federal Reserve started, with market widely expecting a slight tapering of the monetary easing policy.
Sabic retreated to SR98 (off 0.25%). Filing & Packing Materials Manufacturing Co. or FIPCO posted the biggest uptick (up 5.40% at SR49.10.
