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Dubai blue chips soar at start of second half-year
July 1, 2013--The DFM General Index closed 2.47% higher at 2,277.56 points amid modest turnover on Monday.
Shares of the DFM, the sole Arab bourse being floated, were the most liquid securities, finishing 4.68% to reach Dhs1.79. Emaar added 3.28%, closing at Dhs5.35. Emirates NBD was the top loser, plummeting 6.57% to Dhs4.41. Som 281.5m shares were traded, value at Dhs379m. Earlier in the day, Neil Mellor, currency strategist at BNY Mellon said an important week lies ahead (...), "with the calendar book-ended by the June ISM and non-farm payrolls reports; but as H2 unfolds, we feel sure that Fed officials will have to employ all the verbal dexterity at their disposal if they are to rationalise economic information within the context of tentative plans for tapering and, hence, retain a firm hold on market stability."
Bahrain Bourse falls to one-month low
July 1, 2013--The Bahrain All-Share Index declined by 0.25% to 1,184.84 points on Monday.
Ahli United Bank dived 2.21% to $0.665. BMMI Shops gained the most, advancing by 6.12% to hit BD0.78. Earlier in the day, the research department of National Bank of Abu Dhabi said Bahrain's economy grew by an estimated +4.2% year-on-year in the first quarter of 2013 "driven by the restoration of output in the oil sector." NBAD added: "Growth in non-oil activity was slower at +3.3% year-on-year, in part, due to a high baseline effect and led by financial services, government services, restaurants/hotels, transport/communication, and manufacturing. 12 month rolling sum nominal GDP rose to $30.8bn (+3.6% year-on-year).
Bank shares stabilise Bahrain Bourse
June 27, 2013--The Bahrain All-Share Index halted a 3-day losing streak on Thursday by adding 0.05%, closing at 1,188.78 points.
National Bank of Bahrain or NBB and preferred shares of Ahli United Bank gained 1.67% and 1.25%, respectively. Al Baraka Banking Group, the oldest Islamic Bank (founded in 1978) in the kingdom, lost 1.41%.
Qatar's UDC gains as developer announces new exec committee
June 27, 2013--The Qatar Exchange 20 Index rose for the second day, closing 0.40% higher at 9,298.75 points on Thursday.
Shares of United Development Company, known as UDC, closed 0.40% higher at QR23.10. Earlier in the day, the developer of the iconic man-made island The Pearl Qatar on the coastline of Doha announced the formation of new executive committe by the board of directors. Its members are H.E. Sheikh Ahmed bin Nasser Faleh Al Thani (chairman), Mr. Turki Mohamed Khaled Al Khater (vice chairman), Mr. Abdulrahman Abdullah Abdulghani (member), and Dr. Thani Abdul Rahman Al Kuwari (member). "The main function of the committee is to assist the CEO in fulfilling his duties," said UDC in a statement to the QE. UDC added that the powers of the committee shall be defined via a charter approved by the board of directors.
Dubai-listed shares advance amid roller-coaster trading day
June 27, 2013--The Dubai market equity index added 0.37% to reach 2,222.46 points on Thursday due to backwinds from most Asian markets.
Emaar closed 1.96% higher at Dhs5.20. With market breadth ending only slightly in the green, not all shares benefitted from the rebound. Islamic home financing company Tamweel fell 3.48% to Dhs1.11, while Emirates NBD declined 1.25% to Dhs4.74. some 161m shares were traded, valued at Dhs266m.
Aldar Sorouh's first listing price will be Dhs2.14
June 27, 2013--Thursday trading in Abu Dhabi, which pushed the market index ADXGI up by 0.96% to 3,540.47 saw the last trading day of Sorouh
Real Estate (4.62% higher at Dhs2.72) due to the merger with the emirate's biggest developer Aldar Properties, gaining 2.88% at Dhs2.14. The latter price will also be the first listing price of the new entity Aldar Sorouh which will be initially floated on the ADX on Sunday, June 30, as the bourse and both developers stated earlier in the week.
Saudi stock market adapts trading days to new weekend rule
‎July 27, 2013--The Tadawul bourse in Riyadh, which remained closed today on Thursday June 27, will resume trading on Sunday June 30 as the GCC's biggest exchange by market capitalisation adapted its trading timings to the news Saudi work week which runs from June 30 on from Sunday through Thursday.
This is line with the work week other 5 GCC states Kuwait, Bahrain, Qatar, UAE and Oman. The new weekend on Friday, Saturday was implemented through a riyal decree by Saudi King Abdullah, Custodian of the Two Holy Mosques, earlier in the week.
Bank shares stabilise Bahrain Bourse
June 27, 2013--The Bahrain All-Share Index halted a 3-day losing streak on Thursday by adding 0.05%, closing at 1,188.78 points.
National Bank of Bahrain or NBB and preferred shares of Ahli United Bank gained 1.67% and 1.25%, respectively. Al Baraka Banking Group, the oldest Islamic Bank (founded in 1978) in the kingdom, lost 1.41%.
Kuwait market loses terrain ahead of half-year results
June 26, 2013--The KSE Market Index declined by 0.33%, finishing Wednesday trading at 7,899.77 points.
Renewed pressure on oil prices (off $0.11 at $98.82 per barrel) weighed on the sentiment. National Bank of Kuwait closed even, while Islamic bank Kuwait Finance House slipped 1.4% to end at KD0.660. After the closing, the government said the next parliamentary elections will be held on July 27 (a Saturday), during the second half of the Holy month of Ramadan.
Zain KSA expects 5-year extension of SR9bn Murabaha facility
June 26, 2013--The Saudi Stock Exchange dipped slightly in lackluster trading on Wednesday.
The Tadawul All-Share Index closed 0.17% lower at 7,504.38 points. Market bellwether Sabic, the world's biggest producer of petrochemicals and a rising metals producer, closed flat at SR91.50. Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, lost 1%, finishing at SR10.05. Earlier in the day, Zain KSA said that the group of creditors had extended the maturity date of the syndicated Murabaha facility of approximately SR9bn (S$2.4bn) (for the umpteenth time) to 31 July 2013. Zain KSA said in a statement to the Tadawul bourse it was currently in discussions with investors to finalize the arrangements of the new long-term financing agreement that is intended to replace the existed Murabaha facility and intends to use the extension period to finalise such long-term financing arrangements. "Zain KSA expects that the new Murabaha facility will enjoy five (5) years term in addition to lower financing cost. Subject to the further consent of the Financiers, the maturity date may be further extended. Further announcements will be made in due course," said the telecom provider. Murabaha is a Shari'ah-compliant alternative to the conventional loan. Under Murabaha, the bank or the group of financiers buy(s) goods and re-sell(s) them to the customer at a higher price over a defined period of time in order to avoid interest based on the prohibition of interest or riba as state in the Hily Quran in Sura 2:275. [AMEInfo.com]
