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Egypt reports 2.2% GDP growth in Q2
July 28, 2013--Egyptian finance ministry has said the second quarter of 2013 saw a 2.2% growth of the country's gross domestic product (GDP), Daily News Egypt has reported.
The increase, however, was less than the first quarter, which saw an increase of 2.4% of the GDP, the ministry said. "Between May and July 2013, the budget deficit rose to 11.8% to reach EGP204.9bn, compared with EGP136.5bn during the same period last year," it said. "In addition, it is expected that the budget deficit reaches 9.1% as a percentage of GDP during the fiscal year budget 2014/2013, to become approximately EGP186bn," the ministry said in its report.
CFTC Announces that Mandatory Clearing of iTraxx CDS Indices for Category 2 Entities Begins Today
July 25, 2013--The Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission (Commission) announces that the second phase of required clearing for certain iTraxx credit default swap (CDS) indices begins today for Category 2 Entities.
Category 2 Entities include commodity pools, private funds, and persons predominantly engaged in activities that are in the business of banking, or in activities that are financial in nature, except for third-party subaccounts. These entities are required to begin clearing iTraxx CDS indices that are subject to the clearing requirement under section 2(h) of the Commodity Exchange Act (CEA) and Regulations 50.2 and 50.4(b) executed on or after July 25, 2013.
Tadawul bourse, SABIC finish the week flat
July 25, 2013--The Tadawul All-Share Index closed on Thursday insignificantly lower at 7,770.45 points.
Market breadth turned in to the red as 44 shares advanced while 95 declined. The world's first producer of petrochemicals (and metals) Sabic closed unchanged at SR93.50. Islamic insurance firm Al Jazira Takaful gained the most (up 9.93% at SR16.05). Gulf Union Cooperative Insurance Company posted the biggest drop (off 7.31% at SR27.90).
CBQ shares under pressure as provisions weigh on Q2 profit
July 25, 2013--The Qatar Exchange 20 Index gained 0.46% to reach 9,694.70 points on Thursday.
Market bellwethers Industries Qatar and Qatar National Bank (QNB) gained 0.95% and 0.49%, respectively. Commercial Bank of Qatar (CBQ) fell 1.28% to QR69.40. Earlier in the day, the gas-rich gulf state's second lender said the half-year net profit was QR1.024bn, up 1% against the same period in 2012. Net profit for the second quarter of 2013 was up by 2.5% to QR518m compared with the first quarter of 2013. However, year-on-year the Q2 net income was down 5.6%, reflecting a rise in provisions. "The bank’s net provisions for loans and advances were QR194m for the six months ended 30 June 2013, up from QR32m provided in the same period for 2012," said CBQ. "Net provisions and non-performing loans have been impacted in the second quarter of 2013 by a prudential provision taken on a domestic real estate loan; the first half of 2012 included the recovery of provisions of QR89m."
Sharjah Islamic Bank soars as CI affirms financial strength ratings
July 25, 2013--The Abu Dhabi bourse advanced 0.85% to reach 3,899.82 points on Thursday.
Sharjah Islamic Bank (SIB) jumped 2.74%, closing at Dhs1.50. Capital Intelligence (CI) said earlier in the day that it has maintained SIB's financial strength rating at 'BBB+', "with SIB's exceptionally sound capital adequacy ratio (CAR) and good liquidity being major supporting factors." The bank's outlook was 'stable', said CI. Shares of Etisalat added Dhs0.05 to hit Dhs12, a 2.5-month high. United Arab Bank lost the most, ending off 5.36% at Dhs5.30.
Du half-year results affirm share price rally
July 25, 2013--Despite negative input from sluggish Asian markets, the Dubai market index DFMGI rose 0.16% to close at on Thursday.
Emaar gained 0.70% to hit Dhs5.74. Emirates Integrated Telecommunications Co., known and branded as Du, closed 0.45% higher at Dhs6.73. Earlier in the day, the UAE's second telecom operator said it recorded in the second quarter a net profit of Dhs473.9m (up 45.58% year-on-year), while half-year net income increased by 43% to reach Dhs941.81m. Du shares rose a whopping 127% in the last 12 months. The DFM saw some 380m shares being traded today, valued at Dhs576.6m. GGICO posted the largest loss, finishing off 2.90% at Dhs0.504.
Bahrain Bourse rebounds as key support level holds
July 25, 2013--The Bahrain All-Share Index closed 0.28% higher at 1,188.63 points after the gauge successfully tested the support level at 1,185 points (touched on July 1, July 14 and yesterday).
National Bank of Bahrain or NBB gained the most, the lender was yup 2.50% at BD0.615. Bahrain Telecom, better known as Batelco, added 0.56% to reach BD0.36. No traded share lost value on Thursday in Manama.
Arabian Pipes advance on Saudi Aramco contract
July 24, 2013--The Saudi Arabian equit market measure Tasi closed 0.34% lower at 7,774.51 points on Wednesday.
Arabian Pipes Company gained 0.48% to finish at the closing bell at SR20.75. In a filing to the Tadawul market the company said it was awarded a contract valued at SR14m for supply welded steel pipes to Saudi Aramco, th the world's biggest oil exploration company. "Production and supply of the project pipes will be during last quarter of 2013 from Riyadh factory and the financial impact will appear in last quarter of current year," said Arabian Pipes.
NBK fails to attract attention despite H1 profit rise
July 24, 2013--The Kuwait Stock Exchange market index rose 0.24% to close at 8,066.24 points on Wednesday.
National Bank of Kuwait, the first lender in the northern Gulf state, a major oil supplier, closed unchanged at KD0.920. NBK has a 6.4% growth in net profits for the first half of 2013 to $450.3m, compared with $423.2m for the same period a year ago, Kuna has reported earlier in the day. The largest Kuwaiti bank said its total assets jumped 25.3% year-on-year to $62.8bn, while total shareholders' equity increased by 3.9% year-on-year to $8.4bn, said NBK.
Qatar Insurance gains as H1 profit soars
July 24, 2013--The Doha-based QE 20 Index declined 0.22% to 9,650.12 points on Wednesday.
Qatar Insurance Company added 0.33%, finishing at QR60.90. Earlier in the day, the firm said it generated a net profit of QR415.3m in comparison to QR302.8m for the same period last year. The company’s earning per share (EPS) amounted to QR3.48 as of June 30, 2013 versus QR2.78 for the corresponding period in 2012.
