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Kuwait Stock Exchange retreats slightly
August 21, 2013--The KSE Market Index lost 20 points on Wednesday, ending at 8,080.38 points.
Losses in the oil and gas sector weighed on the gauge. National Bank of Kuwait, the biggest lender in the country in relation to market value and total assets, closed even. Al Safat Energy Holding Company fell 5% in value.
DP World extend trading below mid-Bollinger Band
August 21, 2013--The FTSE NASDAQ Dubai UAE 20 Index advanced 0.32% to close at 2918.49 points on Wednesday.
The gauge measures the performance of blue chips listed on the UAE's lcoal markets DFM in Dubai and ADX in Abu Dhabi and the NASDAQ Dubai. The shares of DP World declined 1.30% to $15.40. Several attempts by the DPW stock chart to cross the central Bollinger Band failed in recent days. Earlier in the day, DP World CEO Mohammed Sharaf welcomed Argentina vice president Amado Boudou who toured the world's third biggest port operator's headquarters at Jebel Ali free port. Argentina and the UAE have inceased their trade relations in recent years in the field of oil, food and alternative energies. DP World operates Terminales Rio de la Plata (TRP), the largest container terminal in Argentina, located in the heart of downtown Buenos Aires. The terminal handles container and general cargo, and cruise vessels.
Saudi Arabia's Mobily, GO rise as telcos update market on possible tie-up
August 21, 2013--The Tadawul All-Share Index closed 0.43% higher at 8,214.85 points on Wednesday.
Shares of telecom operators Etihad Etisalat Company, better known as Mobily, and Etihad Atheeb Telecommunication Co. or GO gained 0.87% and 1.28%, respectively. Earlier in the day, the two firms updated shareholders on the MoU Mobily signed on July 1st on acquiring a controlling interest in loss-making GO from certain founding shareholders. GO said in a statement to the Riyadh-based bourse, it received green light from some of the founding shareholders that Mobily's subsidiary Bayanat has signed MoU on Aug. 20 2013 with certain of its founding shareholders, namely Atheeb Trading Company, Al Nahla for Trading and Contracting Company, Traco Group for Trading and Contracting and the Saudi Internet Company. However, a possible buy-in by Mobily is subject to certain conditions being fulfilled prior to Nov. 30, 2013 "including required regulatory approvals including the Communication and Information Technology Commission, completion of a (commercial, financial, technical and legal) due diligence exercise satisfactory to Bayanat and the parties executing definitive agreements for the proposed transaction," said GO.
Kuwait Stock Exchange retreats slightly
August 21, 2013--The KSE Market Index lost 20 points on Wednesday, ending at 8,080.38 points.
Losses in the oil and gas sector weighed on the gauge. National Bank of Kuwait, the biggest lender in the country in relation to market value and total assets, closed even. Al Safat Energy Holding Company fell 5% in value.
Qatar market index, trading turnover on the way up
August 21, 2013--The Qatar Exchange 20 Index closed 0.21% higher at 10,065.20 points on Wednesday.
Trading volumes increased by 42% to reach over 12m shares which changed hands. Qatar Islamic Bank jumped 3.74%, finishing at QR72.10. Doha Insurance posted the biggest decrease, ending down 2.67% to QR25.50.
Brazil real at lowest level in 4 years
August 21, 2013--The Brazilian real has dipped to its lowest level against the dollar in four years, hurt by market expectations of higher US interest rates.
On Monday, the Brazilian currency closed at 2.4169 to the greenback, trading above the 2.4 mark for the first time since March 3, 2009.
Saudi Arabia's Bahri in MoU with Saudi Aramco
August 20, 2013--The Tadawul All-Share Index lost 0.28% to 8,179.9 points on Tuesday.
The National Shipping Co. of Saudi Arabia, better known as Bahri, closed 1.93% lower at SR22.85. Earlier in the day, Bahri said it entered into a Memorandum of Understanding MoU with Saudi Aramco, the kingdom's first energy company and also the biggest oil exploration firm globally, and Sembcorp Marine Ltd., a global marine and offshore engineering group based in Singapore. "Under this MoU the three parties will prepare a detailed feasibility assessment towards the development of a world class Maritime Yard in KSA," said Bahri. "The intended Maritime Yard will provide engineering manufacturing and repair services related to rigs platforms commercial vessels and offshore service vessels. Within Bahri this initiative will be managed by the Gas & Offshore Business Unit currently being established."
Lackluster Manama market dips 0.07%
August 20, 2013--The Bahrain All Share Index slipped to 1,201.86 points on Tuesday.
Seef Properties B.S.C surged 1.61% to reach BD0.126. Bahrain Telecom or Batelco dived 2.86% to BD0.34.
Abdullah A. M. Al-Khodari rises on backlog buildup
August 19, 2013--The Saudi Arabian Tadawul All Share Index jumped 2.87% to reach SR35 on Monday.
After Sabic reached a 1-year high on Sunday, the world's biggest producer of petrochemicals and metals slipped half a percent to close at SR98.75. Abdullah A. M. Al-Khodari Sons Co. jumped 2.87%, finishing at SR35.90. Earlier in the day, the Al-Khobar-based construction and property maintenance firm said it has received an award letter from the Ministry of Municipal & Rural Affairs (Riyadh Municipality) that has been accepted by the Company on Aug. 18 for Construction of Storm Water Drainage Network in Murooj, Massif and Nakhil Districts in Riyadh in 30 months from the date of site handing over valued at SR125.5m ($33.5m). A further announcement will be made upon contract signing including the expected start of the financial impact. Seventy-five shares advanced, while 63 declined.
More Dubai-listed shares head south on weak Asian, European markets
August 15, 2013--The DFM General Index declined by 0.63% to close at 2,631.98 points after the Nikkei 225 Index lost over 2% earlier in the day as the effect of the stronger Yen weighs on Nippon's top exporters such as Sony Corp.
At the DFM, Islamic home developer Deyaar gained the most, up 4.92% at Dhs0.448. After Arabtec Holding failed to crack the resistance level at Dhs2.60 for the second time in six months, the UAE's first construction firm headed down by 2.80% to Dhs2.43. Market breadth worsened again as five shares declined, while 17 advanced. Some 408m shares were traded, valued at Dhs380.2m.
