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Al Rajhi Bank net profit stagnates
July 10, 2013--In Riyadh, the Tadawul All-Share Index closed insignificantly lower at 7,706.01 points on Wednesday, the first day of this year's Ramadan.
Al Rajhi Bank closed likewise unchanged at SR76.50. The world's largest Islamic bank said earlier in the day it earned in the second quarter SR2.123bn, up 1.43% y-o-y, and up 3.46% q-o-q. The half-year net profit was surged 1.71% y-o-y to SR4.174bn. Sabic closed likewise flat, at SR95. Arab National Bank or ANB fell 0.94% to SR31.50. Earlier in the day, Capital Intelligence (CI), the international credit rating agency, said it has affirmed the ratings of ANB. The Financial Strength Rating (FSR) is affirmed at 'A+', supported by its very strong asset quality and the resultant reduced risk expense. For the same reasons, the Long-Term Foreign Currency Rating (FCR) is affirmed at 'A+' and the Short-Term Foreign Currency Rating at 'A1',
Abu Dhabi bourse hits highest since Oct. 2008
July 10, 2013--The ADX market index advanced the 4th session straight on Wednesday, closing at 3,702.18 points.
Rising oil prices helped to keep the momentum afloat. DME Oman crude added $0.70 to hit $103.67 per barrel, a near 3-month high. Abu Dhabi Ship Building Co. gained the most (up 5.59% at Dhs1.30). Market heavyweights Etisalat and Taqa lost 0.44% and 0.80%, respectively. Market breadth was neutral (10 shares advanced, 10 declined). Some 146m shares were traded, valued at Dhs542m.
Dubai market gains the fifth session straight
July 10, 2013--The DFM General Index ended up 1.02% at 2,367.77 points on Wednesday.
It is the gauge's longest gaining streak since end of May/start of June. Emaar and Dubai Islamic Bank closed both 1.80 higher at Dhs5.57 and Dhs3.37, respectively. The UAE's biggest bank Emirates NBD ended down 1.02% at Dhs4.85. Some 188m shares were traded, valued at Dhs223m.
Muscat Securities Market slips amid neutral market breadth
July 10, 2013--On the first day of Ramadan, the Omani MSM30 Index ended down 1.03% to 6,485.83 points.
Bank Muscat gained 0.52%, finishing at OR0.586. The Financial Corporation posted the biggest loss (off 5.26% at OR0.09.
Saudi Arabia instructs shops to give change in coins
July 9, 2013--Shops, pharmacies, groceries and other traders in Saudi Arabia have been instructed by the of commerce and industry ministry to give change in coins instead of chewing gum, disposable napkins, or bottled water, Saudi Gazette has reported.
The ministry said it will launch an awareness campaign under the title "take your change" to educate the consumers to take their change in coins, which represent part of the riyal and not to be content with other alternatives such as chewing gum.
Day of the Banks in Riyadh lifts stock market slightly
July 9, 2013--The Saudi Stock Exchange's equity index Tasi closed 0.17% higher at 7,708.52 points on Tuesday.
Saudi Hollandi Bank jumped 2.62%, closing at SR35.30. Earlier in the day, the lender said it earned in Q2 a net profit of SR374.8m, up 8.23% year-on-year. The net income for the first six months is SRSR721m, representing a y-o-y increase of 15.84%. Saudi Hollandi said the increase in operating income lifted the result for both Q2 and H1. Tadawul market bellwether Sabic advanced 0.53% to reach SR95, a one-month high. One day before the start of the Holy month of Ramadan, trading turnover melted down to 137m shares worth SR3.8bn. Market breadth was neutral as 67 shares advanced, while 66 declined.
Kuwait market investors book profits ahead of Ramadan
July 8, 2013--The Kuwait Stock Exchange 20 Index lost 52.48 points, closing Monday trading at 7,933.84 points.
IFA Hotels and Resports gained the most (up 4.50% at KD0.465. National Industries Co. posted the biggest decline (down 8.2% at KD0.280).
Sabic rises on dividend distribution announcement
July 8, 2013--The Tadawul All-Share Index slipped 0.30% to 7,695.25 points on Monday amid a bearish advance-decline ratio of 37 to 110.
The world's first producer of petrochemicals Sabic advanced 0.53% to reach SR94.50. Earlier in the day, Sabic said it would distribute a total amount of dividends worth SR6bn or SR2 per share. Shares of Mobile Telecommunications Company Saudi Arabia lost 0.51% to SR9.85.
Egypt coup d'etat lifts Tadawul exchange, Riyad Bank kicks off earnings season
July 4, 2013--The Tadawul All-Share Index advanced 1.08%, finishing at 7,668.58 points.
This was the first sesion on Thursday ever after King Abdullah issued a decree adapted the Kingdom's weekend to Friday and Saturday like in the other 5 GCC states. Earlier in the day, the monarch and custodian of the two holy mosques welcomed the ousting of Muslim Brotherhood president Mohammed Morsi in Egypt who was on Thursday replaced by the head of the constitutioanl court Adly Mansour by Egypt's military command after weeks of protests. In Riyadh, Sabic advanced 1.36%, closing at SR93.50. Riyad Bank finished flat at SR24.85. Earlier in the day, the lender said it earned in the second quarter SR968m, up 1.79% year-on-year amid a decrease in operating expenses. The net profit in H1 was SR1.919bn, up 5.67% y-o-y.
Bahrain Bourse recovers some ground
July 4, 2013--The Bahrain All-Share Index gained 0.21% to reach 1,191.32 points on Thursday, mostly driven by banks shares.
Al Salam Bank surged 2.08% to reach BD0.098. Aluminium Bahrain or Alba was one of the most liquid shares and closed even at BD0.525. Earlier in the day, Alba said it successfully completed the pot lines 1 and 2 of the Rectiformer Replacement project that was completed with over 1 million work hours without a single lost time injury. It is one of the first brown field projects of this magnitude anywhere in the world. The project
