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Jadwa Investment-Saudi Monetary Update-Credit growth continues to rise
June 25, 2013--Net credit issued to the private sector increased by SR12.7
billion to record an annual growth of 16.5 percent in May. We expect the credit expansion momentum this year to contribute to an all-time high profit for the banks in 2013.
Total deposits increased by SR17.7 billion in May taking the
annual growth to 16.7 percent. The loan-to-deposit ratio was
broadly unchanged at 80 percent in May.
SAMA’s reserve assets continued to grow, adding SR31 billion in May. The additional FX reserves were entirely allocated to investment in foreign securities.
Bank excess deposits with SAMA remained elevated at SR79.9 billion in May, reflecting the strong liquidity position of the domestic banks.
view the Jadwa Investment-Saudi Monetary Update-Credit growth continues to rise
DGCX to list Sensex futures from July 5
June 25, 2013-- Dubai Gold & Commodities Exchange (DGCX) is set to launch on July 5 futures contracts of the Bombay Stock Exchange's benchmark index,
allowing overseas investors greater access to Indian equities, Zawya Dow Jones has reported. DGCX Sensex Futures, the first equities instrument to be traded on the bourse, will be listed on July 5, said DGCX.
Tadawul bourse on the gaining track
June 25, 2013--The Tadawul All-Share Index advanced 0.22%, finishing at 7,517.36 points on Tuesday.
the DME settlement price for the August 2013 Oman Crude Oil Futures Contract was $98.93 per barrel, up 1.49%, which helped the Riyadh-based gauge to stay afloat. Sabic fell 0.27% to SR91.50. Since the mid of April 2013, the market bellwether has been trading in a narrow range between SR90 and SR94. Middle East Specialized Cables Co. or MESC gained the most, finishing 6.57% higher at SR21.10.
DP World shares fall to one-month low despite NASDAQ Dubai rebound
June 25, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.17% higher at 2,557.87 from the previous close.
Shares of Dubai Ports (DP) World fell 0.65% to $15.45, the lowest level since May 26 2013. No other listed shares on the Middle East's only international market posted a price change on Tuesday.
Islamic banks drag Manama market down
June 25, 2013--The Bahrain All-Share Index declined 0.30% to 1,194.46 points on Tuesday.
Islamic financial institutions Gulf Finance House and Ithmaar Bank lost 6.67% and 4%, respectively. Bahrain National Holding jumped 5.88% to reach BD0.36.
Saudi Arabia Aligns Weekend in Next Step Toward Opening Market
June 24, 2013--Saudi Arabia will shift its weekend to Friday and Saturday starting next week, taking the biggest Arab economy a step closer to opening its stock market to foreign investors.
Government ministries and monetary agencies will adopt the new weekend from June 29, aligning Saudi Arabia with the other five Gulf Cooperation Council countries, according to a royal decree yesterday. The decision was taken based on “the economic position of the kingdom and its international and regional obligations,” it said. The Saudi weekend has been Thursday and Friday.
KSA's Tourism Enterprise rises ahead of summer season
June 24, 2013--The Tadawul All-Share Index declined 0.80% to 7,500.69 points on Monday.
Sabic, the most liquid share, closed 0.81% lower at SR91.75. Tourism Enterprise or Shams surged 2.30%, finishing at SR100.25. The tourism industry in the kingdom expects a rush of domestic travellers within the next two months despite the ultra-hot summer season in the kingdom. With the Holy month of Ramadan starting on July 10 and the Eid festivities taking place from August 8 on hotel resorts would have little issues in keeping up occupancy rates, tourism experts said at the Arabian Travel Market 2013 which took place from May 5-8.
Saudi market bucks regional downtrend as King introduces new weekend
June 23, 2013--The Riyadh-based Tadawul All-Share Index (Tasi) added 0.45%, closing at 7,561.50 points on Sunday.
Earlier in the day, Saudi Arabia's ruling King Abdullah, Custodian of the Two Holy Mosques, ordered to the shift of the official weekend to Friday and Saturday (instead of Thursday/Friday) as of now) in harmony with the weekend in all other GCC countries. The move will also mean all stock markets in the Gulf countries will be open for trading from Sunday to Thursday which eases trading for fund managers in the region and beyond. Blue chip shares and insurance firms mostly lifted the gauge. Sabic finished 0.27% higher at SR92.50. Gulf General Cooperative Insurance Company jumped 10%, ending at SR47.40. Ninety-nine shares advanced, while 36 declined.
Depa shares "nailed" at $0.41 despite tailwinds
June 20, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 1.44% lower at 2,663.77.
Interio design company Depa, which was responsible for the indorr outfit of the Burj Al Arab and the Burj Khalifa, closed flat $0.41. On June 18, Depa was awarded 2 new contracts in Saudi Arabia with a combined value of Dhs61.7m ($18.82m), Zawya Dow Jones reported. Earlier in the week, Drake and Scull International (DSI) vice chairman Khaldoun Rashid Tabari revealed he had a 10% stake in Depa. DSI is a Dubai-based construction and MEP company, listed on the DFM. Tabari has a seat on Depa's board of directors on behalf of Arabtec which owns a 24% stake in the Dubai-based outfitting firm.
CBQ falls as lender eliminates "Gekko"
June 20, 2013--The Qatar Exchange 20 Index headed down 1% to 9,246.19 points on Thursday.
The Gulf state's second lender Commercial Bank of Qatar or CBQ ended off 1.56% at QR69.60. Earlier in the CBQ said its board of directors has reviewed the operating performance of and future potential for Gekko LLC and has approved the dissolution of the Company. "Gekko was formed as a joint venture in which Commercial Bank owns 50% of the shares to market contactless payment cards. The impact on the financial performance of Commercial Bank will be minimal."
