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Doha market adds slightly in dull trading
July 4, 2013--The summer blues engulfed the stock market in Doha on Thursday, sending the QE 20 Index up by 0.05% to reach 9,372.17 points.
Doha Insurance ganed the most (up 2.57%), while market leaders Industries Qatar and Qatar National Bank declined by 0.19% and 0.12%, respectively. Telecom giant Ooredoo (formerly Qtel) slipped 0.16%. Earlier in the day, Ooredoo said that Qtel International Finance Limited, its wholly owned subsidiary, pursuant to the terms and conditions of the notes and the final terms, will pay its global medium term note (GMTN) holders interest payments on 31 July 2013.
Abu Dhabi shares swing between gains and losses
July 4, 2013--The ADX General Index sliped 0.04% to 3,562.69 points.
Aldar Properties gained 0.90% to hit Dhs2.26. Dana Gas fell 1.79% to Dhs0.55. Some 91m shares were traded, valued at Dhs193m.
Little relief at Dubai market over Egypt
July 4, 2013--The DFM General Index added 0.20% to reach 2,264.14 points after the Egyptian armed forces put president Morsi under house arrest and installed Adly Mansour, the head of the Supreme Constitutional Court as interim president.
The vision of an end of political deadlock in the biggest Arab country by population triggered a relief rally at Middle Eastern markets. Emaar as the most liquid share ended flat at Dhs5.32. Logistics specialist Aramex gained the most (up 5.70
Regional woes weigh on Tadawul bourse
July 3, 2013--The Tadawul All-Share Index closed on Wednesday 0.45% lowe at 7,586.31 points.
The turmoil in Egypt which was ongoing during trading on late Wednesday added uncertainty to the market. Egypt's army put president Morsi under house arrest overnight and declared the head of the Supreme Constitutional Court Adli Mansour caretaker leader Sabic slipped by 0.27% to SR92.25. Etihad Etisalat, known as Mobily, closed 0.63% lower at SR80.25. Earlier in the day, Mobily announced the signing of strategic contract with Emaar Economic City (off 1.50% at SR9.95) on Tuesday, July 02, 2013 to deploy, operate, and maintain communication networks within King Abdullah Economic City. Meanwhile, Saudi Arabia's King Abdullah has sent a cable of congratulation to Mansour. "In his message to Mansour, King Abdullah appeal to God to help him "shoulder the responsibility' given to him and to achieve the hopes of his people," Arab News reported.
DGCX launches Sensex 30 Futures, its first ever equity index product
Region's Indian diaspora expected to drive volumes
July 3, 2013--
With the announcement of the launch of BSE Sensex Futures on Wednesday, the first ever equity index product offered by the Dubai Gold and Commodities Exchange (DGCX), investors of the Middle East and North Africa (Mena) region can now access the Indian stock market.
The S&P BSE Sensex 30, considered the benchmark stock index of India, comprises 30 bluechip companies, based on its free float market capitalisation methodology. It covers 10 sectors and has over 48 per cent of the market coverage.
Growth of Saudi foreign assets seen to slow
July 2, 2013--According to a study by Jadwa Investments, Saudi foreign assets are forecast to grow at a slower pace in the coming months after a rapid increase through 2012, mainly due to lower oil prices and infrastructure development spending, Saudi Gazette has reported. The kingdom's net foreign assets, controlled by the Saudi Arabian Monetary Agency (SAMA), are estimated at SR2.7trn at the end of May 2013, compared with nearly SR2.6trn at the end of April, the report said.
“We maintain our view that the positive momentum in SAMA’s foreign assets is likely to slow over the coming few months relative to their strong growth last year as oil prices shift to below $105 per barrel and the kingdom adjusts its production to an average of 9.6 mbpd this year,” Jadwa said.
Saudi Stock Exchange on steady recovery ahead of earnings season
July 2, 2013--The Tadawul All-Share Index gained 0.71%, closing at 7,620.83 points.
Sabic continued its yo-yo trading, ending up 0.27% at SR92.50. Since mid-April, the world's biggest manufacturer of petrochemicals has been trading in a range between SR90.75 and SR94. Saudi Arabian Cooperative Insurance Company finished unchanged at SR54.50. Earlier in the day, the insurance company said it obtained on July 1st from the Saudi Arabian Monetary Agency temporary approval to use of insurance products for 4 months for Motor Third Party Liability.
SABB advances as lender upgrades corporate governance
July 1, 2013--The Tadawul All-Share Index added 0.95%, finishing at 7,567.43 points.
The Saudi British Bank (SABB) gained 1.35%, finishing at SR37.60. Earlier in the day, SABB announced that in line with the regulatory directives and the provisions of the Corporate Governance Regulations issued by the Capital Market Authority (CMA), which required some provisions of the regulations to be implemented by all listed companies including Paragraph (d) of Article (10) thereof which stipulate that among the main functions of the Board of Directors is laying down specific and explicit polices, standards and procedures, for the membership of the Board of Directors and implementing them after they have been approved the General Assembly. SABB added "In view of that, the bank's management finalized during the first half of 2013, an inclusive draft of policies and procedural standards regarding membership of the bank's board which included all related regulatory requirements and the best local and international practices."
Qatar's Nakilat soars on refinancing, fleet expansion
July 1, 2013--The QE 20 Index closed on Monday 0.60% higher at 9,330.54, as shares performed mixed in Doha.
Qatar Gas Transport Company, known as Nakilat, advanced 0.55% to reach QR18.40. Earlier in the day, Nakilat said that Maran Nakilat Co. Ltd., a joint venture (JV) between Nakilat and Maran Ventures, signed a $662.4m Islamic refinancing agreement in order to expand the fleet of LNG carriers from four vessels to six, with the delivery of two new LNG carriers scheduled for early 2014. The Murabaha refinancing agreement agreement was signed with Qatar Islamic Bank and Barwa Bank.
Investors thrilled by Dana Gas's new Egypt discovery
July 1, 2013--The ADX General Index surged 1.66% to reach 3,610.22 points on the first trading sesion of the second half of 2013. Dana Gas jumped 3.70% to hit Dhs2.13.
On Monday, the Sharjah-based energy company said it had discovered new gas fields in Egypt's Nile Delta. 9.4m cubic feet per day were explored during initial tests, added Dana Gas.
