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Khaleeji Commercial Bank dives on Q2 profit decline
August 13, 2013--Manama-listed shares were swinging between gains and losses on Tuesday, pulling the Bahrain All-Share Index down by 0.12% to 1,198.33 points.
Khaleeji Commercial Bank lost 2% to hit BD0.049. Earlier in the day, the lender said it generated in the second quarter a profit of BD148k, down from BD463k in the same period last year. However, the half-year profit increased to BD450k, up from a loss worth BD128k in H1 2012. [AMEInfo.com]
Egypt: Cabinet-Economic Road Map Ready By End of August
August 12, 2013--Egypt's cabinet said it has started drafting a document for an economic road map to formulate a strategic vision of the country's future and make timetables for short and long-term projects.
In a meeting headed by Prime Minister Hazem al-Beblawi on Monday, the cabinet agreed that the document should pertain to the current economic situation and the biggest challenges of this phase.
Laws of gravity pull Abu Dhabi bourse down
August 12, 2013--The ADX General Index closed 0.57% to 3,877.16 points on Monday amid dull trading.
Fujairah Building Industries lost the most (down 8.60%). Ras al-Khaima White Cement posted the biggest advance (6.67% higher). The Abu Dhabi market measure gained 47 percent year to date, triggering worries the rise might indicate an overheating against the backdrop of the MSCI euphoria. In mid-June, global index developer MSCI uupgraded the UAE to Emerging Market status from Frontiert Market, a move that is expected to attract more liquidity from fund managers worldwide covering emerging markets like theb BRIC, South Korea or Turkey.
Dubai market drops as crash warnings loom
August 12, 2013--The DFMGI lost the second day straight, closing 1.67% lower at 2,621.94 points on Monday.
Earlier last week, investment guru Marc Faber, also known as Dr. Gloom-Doom-Boom said the threat of a stock market crash in the U. S. was rising as the number of stocks hitting a 52-week low in the S&P 500 was rising sharply. The DFMGI rose over 60 percent in the first seven months, while the S&P 500 index had been flat during the same period of time. But the U. S. bellwether gauge Dow Jones Industrial average, which measures the performance of 30 American blue chips, rose to an alltime high at 15,658 points on Aug. 2nd on the backdrop of a U. S. economic recovery, triggering fears of an overheating. Fabe told CNBC he saw parallels to the months before the Oct. crash ("Black Monday") in 1987. In Dubai, logistics specialist Aramex was the only blue chip that gained (up 0.38%), while 24 shares lost value. Emaar dived 2.24%, while the DFM, the only Arab bourse that is listed on a market, lost the most, finishing down 3.27%
Qatar market index flirts with 10,000 points
August 7, 2013--The QE 20 Index closed 0.45% higher at 9,847.62 points on Wednesday, makring the last trading session before holidays on the occasion of Eid ul-Fitr.
Marker bellwether shares Industries Qatar and Qatar National Bank added 0.44% and 1.10%, respectively. Medicare gained the most (up 2.26%), while Al Ahli Bank posted the largest drop (down 3.78%). All other GCC markets remained closed today. Trading will resume after Eid, on Monday August 12.
Saudi stock market up and away
August 5, 2013--The Saudi Tadawul index gained over 100 points or 1.26% to reach 8,072.3 points on Monday.
At the closing, Islamic bank Alinma ended as the most liquid share (up 1% at SR15.05). Islamic insurance firm Jazira Takaful jumped 9.93% to hit SR31. Advancing shares outnumbered declining shares by the factor 2 to 1. Saudi Enaya Cooperative Insurance Company dived 3% to finish at SR39.20. The Saudi gauge gained 20% in the last 12 months but is still 900 points away from its 5-year high.
Abu Dhabi bourse takes cover below 4,000 points
August 5, 2013--The ADX General Index fell 0.05% to 3,929.42 points on Monday.
Developers Aldar and RAK Properties lost 2.17% and 1.70%, respectively. Union Cement Co. gained the most, finishing up 8.41% at Dhs1.16. 11 shares advanced, while 13 declined, 7 stocks ended flat.
Bahrain market switches into higher gear
August 5, 2013--The Bahrain market index closed 0.64% higher at 1,199.38 on Monday.
Esterad Investment Company jumped 6.18%, finishing at BD0.189. No share declined in value. Al Baraka Banking Group ended flat at $0.755. The oldest Islamic bank in the kingdom said yesterday its achieved in the first six months of 2013 a net profit of $140m, a 16% increase over the same period last year.
Tadawul bourse summer rally halted
August 1, 2013--The Saudi Stock Exchange's Tasi index slipped 0.06% to 7,910.66 points.
Market breadth was neutral as 66 shares advanced, while 63 declined. However, market bellwether Sabic fell 0.53% to SR93.25. Islamic insurance firm Jazira Takaful gained the most, finishing Thursday trading 9.83% higher at SR25.70.
Barwa shares dive on real estate profit decline
‎August 1, 2013--The QE 20 Index closed unchanged at 9,706.57 points on Thursday.
Barwa ended down 2.86% at QR25.50. Earlier in the day, Barwa said it posted in the first six months of 2013 a net profit of QR199m compared to QR593m in H1 last year. Barwa said the drop in net profits was attributed to delays in sealing certain deals which were announced earlier this year by the group.. "However, the results also show an improvement in operational efficiency leading to a 25% increase in revenues from rents," the firm added
