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Taqa hits 1-year low
August 29, 2013--The Abu Dhabi market index ADXGI lost for fourth consecutive day, closing 0.07% lower at 3,734.55 points.
Trading action on Thursday saw more shares gaining (14) than losing (12), but sluggish blue chips weighed on the gauge. In the wake of this week's mini-crash, shares of Abu Dhabi National Energy, better known as Taqa, plummeted 4.76% to Dhs1.20, the lowest level since July 2012. The emirate's biggest developer Aldar, on the other hand, bounced back by 1.23% to reach Dhs2.46. 183m shares were traded, valued at Dhs400.3m.
Saudi exchange recovers while Royal troops put on full alert
August 28, 2013--The Riyadh-based Tadawul All-Share Index closed 0.37% higher at 7,751.32 points on Wednesday, in spite of a negative market breadth.
Earlier in the day, the Saudi ministry of defense said the kingdom's armed forces were put on full alert after the U. S. indicated it would launch an aerial strike on Syria on Thursday. Saudi Arabia said it would endorse a U. S. led campaign, Arab News reported. A sharp spike in oil prices (up 4% at $112.18 per barrel, DME Oman crude futures) also fueled the rebound in Riyadh. Shares of Sabic, the world's biggest producer of petrochemical products, edged up by 1.59% to hit SR95.50. Allianz SF lost the most, finishing 8.82% lower at SR62.
Bahrain Bourse digests 'Syria shock' and rebounds
August 28, 2013--As the sole GCC stock market measure on Wednesday as of 4.10pm), the Bahrain All-Share Index added 0.30% to reach 1,189.78 points.
Islamic bank Ithmaar gained the most (up 4.26%), followed by National Bank of Bahrain (2.52% higher) and Aluminium Bahrain (up 0.90%). Bahrain Telecom or Batelco fell 0.60%, whole Islamic bank Al Salam Bahrain declined the most (down 6.32%).
Bahrain Bourse hits one-month low on Syria escalation fears
August 27, 2013--The Bahrain All-Share Index closed on Tuesday 1.23% lower at 1,186.28 points as two shares gained, while eight lost value.
Bahrain Duty Free gained the most, trading 2.05% higher at the closing bell. Bahrain's oldest Islamic bank Al Baraka advanced 1.39%. Its rival Ithmaar Bank plummeted 9.62%. Islamic investment bank Gulf Finance House shed 7.41%. On Monday, rating agency Capital Intelligence (CI) concluded a rating exercise on the Bank and has accorded GFH a long‐term and short term corporate rating of BB‐ and B respectively with a 'positive outlook'.
Tadawul market dives 4.12 percent
August 27, 2013--The Tadawul All-Share Index closed at a 4-week low at 7,722.7 points on Tuesday amid worries a possible U. S. bombardment on Syrians could escalate into a regional all-out war.
Only 2 shares gained, while 155 declined in value. Four shares closed at a limit-down. Sabic dived 2.33% to finish the most bearish day in the GCC since the Dubai debt crisis in 2009 at SR94.25.
Bahrain Bourse hits one-month low on Syria escalation fears
August 27, 2013--The Bahrain All-Share Index closed on Tuesday 1.23% lower at 1,186.28 points as two shares gained, while eight lost value.
Bahrain Duty Free gained the most, trading 2.05% higher at the closing bell. Bahrain's oldest Islamic bank Al Baraka advanced 1.39%. Its rival Ithmaar Bank plummeted 9.62%. Islamic investment bank Gulf Finance House shed 7.41%. On Monday, rating agency Capital Intelligence (CI) concluded a rating exercise on the Bank and has accorded GFH a long‐term and short term corporate rating of BB‐ and B respectively with a 'positive outlook'.
Saudi shares trim summer advances
August 26, 2013--Riyadh-listed stocks lost across the board on Monday, sending the Tadawul All-Share Index 0.93% lower to 8,054.65 points.
During the trading session, data from the U. S. showing that durable goods orders in the world's largest economy retreated more than expected in July, weighing on the sentiment. On the global market outlook, BNY Mellon said earlier in the day that "Paper losses could become a drag on confidence, and begin undermining consumer spending this fall, just as the U. S. Federal Reserve begins to tighten monetary policy." In Riyadh, market bellwether Sabic dipped 1.28% to SR96.50. ACE Cooperative Insurance Company gained against the sluggish trend, closing 0.77% higher at SR65.25. ACE Coop said in a filing to the exchange, the Saudi Arabian Monetary Agency (SAMA) has approved 25 ACE insurance products for six months, starting from Sep. 12 2013 on. Market breadth remained bearish as 22 shares advanced in value, while 126 declined.
Abu Dhabi market fails to secure the 4,000
August 26, 2013--The ADX General Index fell 0.66% to 3,933.20 points whilst shares mostly performed mixed with no preference for any particular sector visible.
For real estate firms, Monday marked a black day. Developers Aldar and RAK Properties lost 1.75% and 4.48%, respectively. Eshraq Properties lost 2.13%. Sharjah-based Dana Gas and leasing specialist Waha Capital closed unchanged. Financial House led the group of 7 gainers, closing 5.11% higher. In contrast to Dubai, trading turnover remained in the lower range, with 150m shares worth Dhs245m changing hands.
Lackluster Bahrain Bourse ends Monday trading flat
August 26, 2013--The Manama-based Bahrain All-Share Index closed insignificantly higher at 1,201.10 points.
Khaleeji Commercial Bank posted the largest increase, ending up 4%. Inovest dived 7.58%. The Bank of Bahrain and Kuwait, better known as BBK, close even. Earlier in the day, BBK announced that it has renewed and expanded its partnership with American Express Middle East, which covers American Express bill settlements through BBK's Internet Retail Banking channel and BBK Branch network.
Politics delay link between Egyptian, Turkish bourses
August 25, 2013--Sherif Sami, the chairman of Egypt's Financial Supervisory Authority (FSA) has said political developments will delay the implementation of a linking of the Egyptian Stock market and Borsa Istanbul, Daily News Egypt has reported.
The Egyptian Exchange EGX and Borsa Istanbul signed a memorandum of understanding on June 26, 2012 to develop a framework of connectivity between the two markets. [AMEInfo.com]
