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Al Salam Bank Bahrain soars as Islamic bank seals merger with BMI
September 9, 2013--The Manama-based Bahrain All-Share Index slipped 0.15% to 1,179.75 points on Monday.
Aluminium Bahrain lost 0.90%, while Ahli United Bank dipped 0.73%. Shares of Islamic financial institution Al Salam Bank Bahrain or ASBB jumped 3.53% in value, closing at BD0.088. On Saturday, ASBB said its boards of directors and that of BMI Bank have resolved to merge the two entities. The business combination will be carried out by way of exchanging 11 ASBB shares for each BMI Bank share, it was announced here today. Under the terms of the proposed business combination, ASBB will acquire 58.5m BMI Bank shares of BD1 each and issue 644 million ASBB shares of 100 fils each. The new entity will become the 4th largest lender in the Kingdom of Bahrain.
DGCX 2013 Volumes Cross 10 Million Mark
Milestone achieved in 164 trading days
Year-to-date volumes reach 10.37 million contracts, up 80% from 2012
August volumes climb 23% to total 1,159,293 contracts
September 8, 2013--Year-to-date volumes on the Dubai Gold and Commodities Exchange (DGCX) have surpassed the 10 million volume mark for the first time in the Exchange's history.
The milestone, reached on August 23, was achieved in a total of 164 trading days. Total 2013 volumes stood at 10.37 million contracts at the end of August, a rise of 80% from the previous year.
Sabic rebound not enough for sluggish Tadawul market
September 5, 2013--The Saudi Stock Exchange's Tasi index dipped 0.37% to 7,634.3 points on Thursday.
This session marked the third consecutive day ending in the red in Riyadh. The world's biggest manufacturer Saudi Basic Industries Corp. or Sabic advanced 0.26% to reach SR95.50. Shares of Abdullah A. M. Al-Khodari Sons Company finished unchanged at SR34.40. Earlier in the day, the contracting firm said it received an award letter from the ministry of municipal and rural affairs in Riyadh for the construction of storm water drainage channels, networks and clearing in Wadi Sulai in 540 days from the date of site transfer. The project is valued at SR52.096m.
Kuwait market falls to near 5-month low
September 5, 2013--The Kuwait Stock Exchange Market Index lost 49.86 points on Thursday, finishing at 7,217.96 points.
Kuwait Educational Services Co. gained the most (up 7.81% at KD0.138). Al-Dar National Real Estate Co. dived 8.50% to KD0.054, ending the week as a top loser.
Abu Dhabi bourse plummets as IMF warns on emerging markets
September 5, 2013--The ADX General Index dived 3.03% to 3,537.61 points on Thursday. Earlier in the day, the International Monetary Fund warned of a worsening economic cycle in the emerging markets, in particular in the countries of the BRICS.
The share of Ras al-Khaima Cement Company was the only gainer, closing 1.18% higher at Dhs0.86. Abu Dhabi National Energy Co., better known as Taqa, dived 3.15% to Dhs1.23. Earlier in the day, the National reported that Taqa was seeking the green light to pump 30,000 barrels per day from its field in the Kurdish region of Iraq.
No let-up in selling pressure at Dubai market
September 5, 2013--The DFM General Index fell for the 4th day straight on Thursday, ending down 2.50% at 2,337.17 points.
Investment company GGICO was one of the lonely three gainers and posted the largest increase (up 2.30% at Dhs0.537). Emaar dived 2.41% to hit a two-month low at Dhs5.27. As more investors ducked amid growing tensions in the Syria crisis, trading volumes fell by half during the week. Some 511m shares were traded, valued at Dhs656m.
Bahrain All-Share Index hits 3-month low
September 5, 2013--The sell-out continued at GCC markets on Thursday and sent the Bahrain Bourse in Manama down by 0.35% to 1,180.77 points, the lowest level since June this year.
Islamic bank Gulf Finance House (GFH) plummeted 8% to hit $0.115. Yesterday, GFH said Capital Intelligence's decision to assign its with long- and short-term rating with BB- and B, respectively, reflected "a significant reduction in leverage as a result of debt repayment and increases in equity."
Saudi Stock Exchange declines in lockstep with GCC peers
September 4, 2013--Like the market indices in Dubai, Abu Dhabi and Doha, the Riyadh-based Tadawul All-Share Index fell to a 2-month low on Wednesday, approaching the lower Bollinger band.
Signals sent from U. S. congress leaders of Democrats and the GOP that America's lower house might give a nod to Barack Hussein Obama's plans to launch a bombing campaign against the Syrians rose tensions at capital markets worldwide. Earlier in the day, Russian president Vladimir Putin sent a staunch warning to Washington, saying Moscow would oppose a U. S. attack without green light from the United Nations (UN) Securities Council. UN general secretary Ban Ki-moon also said he was opposing a new war in the Middle East. However, gold prices declined below $1,400 per ounce, indicating a de-escalating mood. In Riyadh, Arabian Shield Cooperative Insurance Company lost the most (off 6.42%), while Al Ahlia Insurance Company gained the most (up 7.43%). Sabic, the world's biggest producer of petrochemicals and - increasingly- metals, dipped 1.30% to SR95.25.
Lackluster Bahrain Bourse bucks sluggish global trend
September 4, 2013--Against all odds, the Manama-based market index added 0.04% to close at 1,184.92 points.
Trading activity was concentrated on the financial sector. Ahli United Bank advanced 0.74%, while Islamic bank Ithmaar closed unchanged. Al Salam Bank Bahrain dived 5.62%, finishing an unspectacular trading day as a top loser.
Missile maneuver drags Saudi market index down
September 3, 2013--The Tadawul All-Share Index closed 1.29% lower at 7,831.76 points on Tuesday.
Earlier in the day, Russia broke the news by saying that two missiles were launched in the Mediterranean Sea. Afterwards, Israel confirmed and said they were part of a joint maneuver with U. S. forces using live rounds. The incident rose tensions again around the civil war in Syria. Last week the U. S. threatened to attack the Syrians with military force. In Riyadh, Sabic closed flat, while Islamic banking giant Al Rajhi fell 0.64% to SR77.50. Islamic insurance operator Aljazira Takaful Taawuni Company jumped 4.76% to reach SR60.50 (top gainer).
