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Aluminium Bahrain boost Bahrain Bourse
August 1, 2013--Teh Bahrain All-Share Index advanced 0.32% to reach 1,198.74 points on Thursday, the highest level in six weeks.
Aluminium Bahrain or Alba jumped 3.64% to BD0.57. Earlier in the week, Alba reported net profit of BD61.2m ($163m) for the first half of 2013, up by 7% from BD56.9m ($151m) for the same period in 2012 "due to strong overall operational performance, which was partially offset by lower LME prices," Alba said. Shares of Islamic bank Ithmaar fell by 1.90% to $0.26.
Tadawul bourse rises to near 5-year high
July 31, 2013--The Saudi Tadawul All-Share Index gained for the third consecutive session on Wednesday, closing 0.65% higher at 7,915.11 points.
This level represents the highest since September 7 2008, two weeks before Lehman Brothers' bankruptcy triggered the Great Recession. Shares of Sabic, the world's biggest manufacturer of petrochemicals, rose 0.27% to reach SR93.75. The National Shipping Co. of Saudi Arabia, known as Bahri, advanced 0.25%, finishing at SR20.05. Earlier in the day, Bahri said that in connection with the fleet replacement program for the general cargo the it has sold on July 30 its general cargo vessel (Saudi Hofuf) for scrapping after completing her useful life for a sum of SAR28.3m ($7.71m) generating a net gain of SR17.57m ($4.79m) after deducting its book value and all expenses associated with the sale. "The financial impact of this transaction will be reflected in the 3rd Quarter of 2013 results," the firm said.
Investors dump UDC shares despite half-year profit increase
July 31, 2013--The Qatar Exchange 20 Index closed 0.40% higher at 9,704.98 points on Wednesday.
United Development Company, one of the top developers in Qatar, plummeted 6.33% to QR22.48. UDC said the reviewed financial statements for the period ending June 30, 2013 revealed a net profit of QR325.4m in comparison to QR298.7m for the same period last year. Ooredoo, formerly Qatar Telecom, gained 1.67% to hit QR139.80. The reviewed financial statements for the six-month period revealed a net profit of QR1.7bn, up 30.7% year on year. Ooredoo (Arabic, meaning "I want") said the group revenue growth of 4.7% was fuelled by strong performances both in Qatar and across the international footprint, particularly in Algeria, Indonesia and Iraq.
KSA's Gulf General Coop Insurance with new acting CEO
July 30, 2013-The Tadawul All-Share Index rose 0.90% to reach 7,863.83 points on Tuesday.
Zain KSA was the most liquid share (up 0.50% at SR10.20). Gulf General Cooperative Insurance Company closed unchanged at SR44.90. Earlier in the day, the insurance firm said it appointed Geoffrey Blofeld as Acting CEO as of July 30 2013. "Mr. Blofeld has a great experience in the Insurance industry which allowed him to take over top executive levels in many insurance companies in the region such as the New Omani Insurance and Re-insurance Company, Omani Qatari Insurance Company and Saudi National Insurance Company," said the firm in a filing to the Tadawul bourse.
KSA's Gulf General Coop Insurance with new acting CEO
July 30, 2013--The Tadawul All-Share Index rose 0.90% to reach 7,863.83 points on Tuesday.
Zain KSA was the most liquid share (up 0.50% at SR10.20). Gulf General Cooperative Insurance Company closed unchanged at SR44.90. Earlier in the day, the insurance firm said it appointed Geoffrey Blofeld as Acting CEO as of July 30 2013. "Mr. Blofeld has a great experience in the Insurance industry which allowed him to take over top executive levels in many insurance companies in the region such as the New Omani Insurance and Re-insurance Company, Omani Qatari Insurance Company and Saudi National Insurance Company," said the firm in a filing to the Tadawul bourse.
Qatar bourse gains despite Industries Qatar share price dip
July 30, 2013--The Doha-based QE 20 Index ended up 0.28% at 9,667.36 points.
Market bellwether Industries Qatar fell 2.90% to QR158.20. Earlier in the day, IQ said its reviewed semi-annual statement revealed a net profit of QR4.6bn in comparison to QR4bn for the same period last year. IQ has with interests in the production of petrochemical, fertiliser and steel products. Abdulrahman Ahmad Al-Shaibi, Chief Coordinator IQ said "The robust year-on-year financial results can be primarily attributed to strong sales volumes following the launch of the group’s new facilities in the petrochemical and fertiliser businesses, and resilient petrochemical and steel EBITDA margins."
Agthia shares up and away as sales boost H1 profit
July 30, 2013--The ADX General Index closed 0.40% higher at 3,822.40 points on Tuesday.
Agthia Group PJSC, one of the UAE’s biggest food and beverage groups, soared 1.83% to hit Dhs3.34. Agthia achieved in the first six months a net profit of Dhs87m, an increase of 56 percent from a year earlier, "due to higher sales and improved margins," the firm said in an e-mailed statement. Abu Dhabi National Hotels lost the most (down 9.24% at Dhs2.16). Some 123m shares worth Dhs258m changed hands.
IMF United Arab Emirates: Selected Issues Report
July 30, 2013--MACROPRUDENTIAL POLICY IN THE UNITED ARAB EMIRATES
A. Introduction
1. The global financial crisis triggered major changes in the approach to financial regulation with the recognition that in order to ensure macroeconomic stability, economic
policy has to include financial stability as an additional objective.
The crisis highlighted the need for a better understanding of macrofinancial linkages and underscored the importance of macroprudential policies in addition to microprudential regulation and supervision, as well as strong
fiscal and monetary policy frameworks.
A general goal of macroprudential policy is to limit the risk of systemwide distress that has significant macroeconomic costs (Borio and Drehmann, 2009). The other major objective is to strengthen the resilience of the financial system to shocks. It is important to note that macroprudential policy complements but does not substitute for sound microprudential and macroeconomic policies.
2. In small open economies with fixed exchange rate regimes in particular, risks are not easily contained by traditional monetary policy instruments. Instead, they require more targeted prudential intervention that acts more directly to constrain excessive credit and leverage as well as exposure to aggregate shocks, such as changes in exchange rates and asset prices. The challenge of containing financial risks is exacerbated in commodity-based economies that are subject to potentially large swings in commodity prices, thus the use of macroprudential tools can be particularly helpful.
view the IMF United Arab Emirates: Selected Issues Report
Kuwait bourse drops on post-election day
July 29, 2013--The KSE Market Index fell 0.38% to 8,080.18 points on Monday, the day after a new parliament was elected in the Northern Gulf state.
Yesterday's pols saw Shia deputies losing more than half of their seats, while liberals made slight gains. Shares of National Bank of Kuwait lost KD0.10, closing at KD0.910. Alnawadi Holding gained the most (up 8.47% at KD0.128).
Dubai property boom boosts Emaar Q2 profit
July 29, 2013--At the Dubai Financial Market (DFM), shares of market heavyweight Emaar Properties, builder of the world's tallest tower Burj Khalifa (828 meters) gained 0.17% on Monday, closing at Dhs5.74.
After the DFM's closing bell, Emaar said it clocked in the first half 0f 2013 a net profit of Dhs1.231bn ($335.7m), up 1% year on year. The Q2 net income amounted to Dhs675m ($184m), up 10 percent year on year, and 21 percent higher quarter on quarter. The divisions hospitality, leisure, shopping malls and retail businesses of Emaar contributed 45 percent to the group's total revenues of Dhs2.326bn ($633m). Mohammed Alabbar, chairman Emaar, said "The remarkable gains made by these three core businesses (real estate, hospitality, retail business) also underscore Emaar’s contribution to the socio-economic growth of Dubai by catalysing the key economic sectors including retail, hospitality, tourism and construction." Emaar shares posted an 80.61% 12-month return.
