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Selling pressure keeps Doha market at bay
September 3, 2013-The QE 20 Index ended off 0.85% to 9,536.12 points on Tuesday.
Qatar National Bank, the biggest lender in the GCC by assets, finished as a lonely gainer among the financial shares, closing 0.42% higher at QR168. Islamic Holding lost the most, ending down 4.30% to QR39. Gulf Warehousing Company posted the largest increase, ending up 1.75% at QR40.80.
Abu Dhabi bourse loses 1.83%
September 3, 2013--The ADX General Index closed 1.83% lower at 3,733.96 points on Tuesday.
Green Crescent Insurance Industry gained the most, closing 6.67% higher at Dhs1.28. Aldar Properties dived 5.81% to Dhs2.43. Market bellwether Etisalat lost Dhs0.25, finishing at Dhs11.50. Around 200m shares were traded, valued at Dhs281m.
Dubai market plummets on flat HSCB UAE Purchasing Managers' Index
September 3, 2013--The Dubai Financial Market General Index failed to crack the 2,600 resistance barrier in the first hours of trading and eventually closed 3.72% lower at 2,489.38 points on Tuesday.
Three shares advanced, while 25 declined in value. Earlier in the day, the seasonally adjusted HSBC United Arab Emirates PMI™ – a composite indicator designed to provide a single-figure snapshot of the performance of the non-oil private sector – was released, showing the gauge stood at 54.5 in August, unchanged from July’s reading. An HSBC UAE PMI index above 50 indicates an expanding economy and vice versa. Nevertheless, HSCB said that the job market was expanding and that inflationary pressure remained low. Shares of Islamic financial institution Ajmanbank and Shuaa Capital gained 1% and 0.70%, respectively. Union Properties, Dubai's second developer dived 5.46%, while market bellwether Emaar plummeted 5.43% to Dhs5.57. Trading volumes reached a record of 1.4bn shares being traded, valued at Dhs1.4bn.
Bahrain bourse hit by all losers trading day
September 3, 2013--Like all other GCC markets, the Manama-based Bahrain Bourse ended in the red on Tuesday after reports about a joint US/Israeli missile test in the Mediterranean which Russia made public spoiled the investors' mood.
The Bahrain All-Share Index declined by 0.36% to 1,184.40 points on Tuesday. Islamic bank Al Salam Bahrain lost the most (off 4.30% at BD0.089. Not a single stock gained value in Manama.
Tadawul bourse re-flirts with 8,000 points
September 2, 2013--The Saudi Arabian equity market measure Tasi gained 0.7% to hit 7,933.95 points, a one-week high after the Syria tensions pulled the gauge down to 7,722.
On Monday, Sabic added 0.26% to close at SR96.50. The Saudi market bellwether has been trading in a range between SR90 to SR98 for the last six months. Abdullah A. M. Al-Khodari Sons Company soared two percent, finishing at SR35.60. Earlier in the day, the contracting firm said the financial impact of a project for a 300 bed maternity hospital awarded by the Ministry of Health, valued at SR245m is expected to start in the third quarter of the financial year 2013.
Kuwait Stock Exchange falls below 7,600
September 2, 2013--Despite easing tensions in the crisis in Syria, the KSE Market Index head down by 27.6 points to close at 7,595.8 points on Monday.
Osoul Investment Co. gained the most (up 8%). IFA Hotels and Resorts ended as the top losing shares, finishing off 7.14% at KD0.650.
Tadawul bourse consolidates rebound and leaves Syria shock behind
August 29, 2013--The Tadawul All-Share Index closed 0.20% higher at 7,766.52 points on Thursday.
Earlier in the day, National Bank of Abu Dhabi's research department said that in July 2013 oil production in KSA edged up to 9.47 million barrels per day. "Saudi Arabia benefited from the instability in some of the oil producing countries and trade restrictions," said NBAD. Whilst market bellwether Sabic lost 0.52%, liquid shares such as Saudi Hollandi Bank (up 3.66%, top gainer), Yanbu Cement (2.70% higher) or Islamic financial institution Alinma Bank (gaining 0.36%) helped the gauge to finish in the green. Saudi International Petrochemical Co., better known as Sipchem, finished the month of August flat at SR23.75. Earlier in the day, Sipchem announced the start-up of its ethyl acetate and butyl acetate plant owned by Sipchem Chemicals Company (fully owned by Sipchem) at its complex in Jubail Industrial City. Production will kick off on Sunday Sept. 1. "The financial impact of the operations will be shown in the financial statements for the third quarter of this year," said Sipchem.
Kuwait market index falls to 4-month low
August 29, 2013--The sellout continued in Kuwait City on Thursday, as the KSEMI fell by 75 points to 7,632.57, the lowest level since May this year.
In contrast to the exchanges in Doha and Rirahd, the market sentiment in the northern Gulf state failed to recover from the 'Syria panic'. Shares of Kout Food Group gained the most (up 6.76%). Gulf North Africa Holding posted the largest downtick, finishing the "week to forget" 8.47% lower at KD0.054.
DP World shares not rewarded for semi-annual results
August 29, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.30% lower at 2740.88 Thursday, representing a six-week low.
Market bellwether Dubai Ports (DP) World closed unchanged at $15.50. Earlier in the day, the world's third biggest maritime port operator in relation to assets, said it earned in the first six months a profit attributable to the owners of the company of $264m, up from $242m in H1 2012 a 9.1% increase. The like-for-like profit (i. e. the profit adjusted for new or divested businesses) rose 26% year-on-year. While business in the Middle East, Africa, the Americas and Australia outperformed, DPW said "the slowdown in some of the emerging market economies has been well documented; particularly China and India, and this has had some impact on our Asia Pacific and India business." DP World said its headquarter port in Dubai-Jebel Ali added 1 million TEU (twenty-foot containers) capacity in Q2, while Embraport (Brazil) and London Gateway (UK) remained on track "to open later this year as scheduled." DP World shares showed resilience during this volatile week when investors fled Middle Eastern Markets due to fears the Syria crisis could escalate. While many UAE-listed blue chips hit multi-month lows DP World fell by 3.125% during the week.
Bargain hunters take their picks at Doha bourse
August 29, 2013--The Qatar Exchange (20) Index closed 0.75% higher at 9,619.04 points on the last trading day of the month as shares advanced across the board.
Since Aug. 22, the gauge lost 4.8% due to fears that recent threats by the U. S. to attack Syria could escalate geopolitical tensions in the region. Shares of Qatar Gas Transport or Nakilat topped the charts by closing 8.37% higher at QR19.29. Cinema lost the most, finishing of 2% at QR49.10.
