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South Korean, Iranian stock exchanges to ink cooperation pact
September 16, 2013--The Central Securities Depository of Iran (CSDI) has said a memorandum of understanding is set to be signed today with South Korea, paving the way for cooperation between stock exchanges of the two countries, Fars news has reported.
The agreement between CSDI and Korean Stock Depository (KSD) "will cover cooperation in vast areas such as training, manpower development, consultation and exchange of information," said head of the CSDI, Hamed Soltaninejad. The volume of non-oil trade transactions between Iran and South Korea stood at $6.2bn in 2012.
Saudi Stock Exchange consolidates above 8,000 points
September 16, 2013--The Tadawul All-Share Index gained 0.45% to reach 8,070.59 points on Monday.
Aljazira Takaful Taawuni Company was the most liquid share, closing 0.80% higher at SR64. Market bellwether Sabic dipped 0.51% to SR98.25. The shares of United Electronics Company or Extra fell 0.63% to SR118.50. Earlier in the day, Extra announced the opening of two new stores in Riyadh and Makkah City, bringing the total store network to reach 34 in the Kingdom.
Qatar bank shares post losses
September 16, 2013--The QE 20 Index slipped 0.20% to 9,762.70 points on Monday.
The two biggest lenders in the gas-rich Gulf state Qatar National Bank, Commercial Bank of Qatar and Qatar Islamic Bank all lost 0.30% in value. United Development Company advanced 0.42% to hit QR21.72.
ADCB buys more shares back
September 16, 2013--The ADX General Index closed a lackluster trading session on Monday 0.10% lower at 3,783.87 points.
Developers weighed on the gauge as Aldar Properties (down 0.75%), Eshraq Properties (off 2.63%) and Ras al-Khaima (RAK) Properties (1.61% lower) posted losses. Financial performed overall a bit better with National Bank of Fujairah (up 14.77%) and leasing specialist Waha Capital (2.17% higher) posted gains. Abu Dhabi Commercial Bank, better known as ADCB, closed unchanged. Earlier in the day, ADCB said in a filing to the ADX that since its share buyback program approved by the Emirati securities regulator SCA in Jan. 2013, a total of 342,826,737 shares have been bought back. 1,426,063 shares have been bought back today on Sept. 26. The purchase price for every deal was Dhs4.98. The remaining number of shares as per SCA approval stands at 216,733,001, said ADCB.
Emaar, Arabtec dip and drag Dubai market down
September 16, 2013--Despite backwind from Asian markets, the DFM General Index fell by 0.52% on Monday to close at 2,646.10 points amid volatile trading.
Market bellwether Emaar Properties declined by 1.16% to Dhs5.95. Arabtec Holding fell 1.20% to Dhs2.47. Drake and Scull International or DSI gained 1.70% to reach Dhs1.21. Earlier in the day, DSI said it has secured a construction contract worth Dhs1.28bn ($350bn) in Algeria. DSI Chief Corporate Affairs Officer Zaina Tabari said further details on the project would be given shortly. As of June 30 2013, DSI has built up a record backlog of Dhs11.7bn ($3.19bn). Market breadth turned bearish at the DFM as 7 shares advanced, while 20 declined in value.
Batelco expands network services in Europe
September 16, 2013--The Bahrain All-Share Index gained 0.45% to reach 1,191.01 points on Monday.
Bahrain Telecom or Batelco closed 0.60% higher at BD0.34. Earlier in the day, Batelco said it established a direct interconnection with Epsilon's Global Network Exchange in London and Paris. "With Batelco preconnected, Epsilon can offer its customers network connectivity to the Middle East via the Batelco network as well as carrying Middle Eastern telecoms traffic globally. Customers of Batelco in turn have access to Epsilon's 500+ preconnected network operators around the world," said the firm in a filing to the market in Manama.
Tadawul market regains momentum
September 12, 2013--Like the Kuwaiti equity index, the Tadawul All-Share Index closed 0.50% higher on Thursday, reaching 7,893.67 points.
Market breadth switched back to the bullish mode as 117 advanced, while 23 declined in value. Sabic, the world's biggest producer of petrochemicals and a local and regional bellwether, added 0.26% to hit SR97.50. ACE Arabia Co-operative Insurance Company jumped 2.14%, finishing at SR59.75. Earlier in the day, ACE said it received approval for the renewal of its accreditation of the council of cooperative health insurance.
Kuwait market joins GCC rebound mood
September 12, 2013--The KSE Market Index gained 0.51% to hit 7,587.21 points on Thursday.
National Bank of Kuwait or NBK added one percent, closing at KD0.920.
Qatar market advances 0.33 pct
September 12, 2013-The QE 20 Index closed slightly higher at 9,619.84 points on Thursday.
Qatar Insurance gained the most (up 3.45% at QR60). General Insurance lost 3.41% to QR51, finishing as the top declining share. Qatar National Bank, known as QNB, finished flat at QR160.80. On Wednesday, Standard and Poor's affirmed QNB's 'A+/A-1' rating "despite weaker credit profile from overseas expansion". The outlook is stable.
Abu Dhabi blue chips regain ground
September 12, 2013--The ADX General Index rose by 1.10% to reach 3,719.83 points on Thursday.
Market bellwethers Etisalat (the biggest UAE telecom firm) and Aldar Properties advanced 0.85% and 2.50%, respectively. As falling prices of gold and oil indicated new market trust into a diplomatic solution of the Syrian crisis, investors cautiously re-entered stock markets in East Asia and the Middle East.
