Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Zain KSA soars, Tadawul index consolidates above 12-month high
June 3, 2013--The Saudi Stock Exchange's market measure Tasi ended up 1.14% to reach 7,557.24 points on Monday, the highest level since April 30 2012.
The sentiment was lifted by a rebound in oil prices (U. S. crude) which advanced 1.24% to trade at $93.11 per barrel on late Monday. Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, jumped 9.66% to reach SR9.65. Earlier in the day, Zain KSA launched its new offer for prepaid packages, which allows subscribers to enjoy unlimited Internet browsing from their smartphones all day for a daily fee of SR3 (three Saudi Riyal) without any additional costs, the Saudi Gazette reported. Sabic added 0.53%, finishing at a 6-week high, at SR95.
National Bank of Kuwait approaches 1-year high
June 3, 2013--The Kuwait Stock Exchange market index recorded an increase of 1.90% on Monday, closing at 8,201.89 points.
The northern Gulf state's biggest lender by assest and market value National Bank of Kuwait (NBK) surged 1.04% to close at KD0.970. Last Saturday, NBK was recognized as the 'Best Bank in the Middle East' and the 'Best Bank in Kuwait' for 2013 by Euromoney, the renowned international finance magazine.
Abu Dhabi developers weigh on buoyant market index
June 3, 2013--The ADX General Index closed 0.10% higher at 3,591.75 points on Monday.
harjah Cement and Industrial Development Co. rose 14.29% to hit Dhs1.44. Aldar Properties (off 0.90% at Dhs2.21) and Eshraq Properties (down 6.56% at Dhs0.57) weighed on the gauge. Figures compiled by National Bank of Abu Dhabi (flat at Dhs12) revealed that in Abu Dhabi, the average listed residential sales price was Dhs1,128 per square foot in May, an increase of 20.4% y-o-y. Shares of United Arab Bank or UAB jumped 6%, ending at Dhs4.40. On May 29, Forbes Middle East has ranked UAB at 22nd position amongst all the companies in the UAE and at 12th position in the list of local banks with an overall 117th rank in the top 500 companies in the Arab world representing Middle East and North Africa.
Gulf Finance House soars on subsidiary's merger plans
June 3, 2013--The Manama-based Bahrain All-Share Index closed even at 1,198.94 points on Monday.
Islamic investment bank Gulf Finance House, known as GFH, ended 9.10% higher at $0.18. Earlier in the day, GFH said Khaleeji Commercial Bank in which it owns the majority has signed a Memorandum of Understanding with Bank Al Khair, an Islamic Bank incorporated in Bahrain, "to evaluate the feasibility of merging the two institutions into a larger financial institution." GFH added a steering committee with members from both banks had been set up to conduct the due diligence and to pursue the transaction, subject to obtaining the respective shareholder's approval and seeking the necessary regulatory consents.
Qatar bourse rises to 2.5-year high
May 30, 2013--The QE 20 Index finished Thursday 0.90% higher at 9,238 points straight as Doha-listed banks and transport firms fueled the rally.
The gauge hit the highest level since Jan. 2011. Al Khalij Commercial Bank failed to jump on the bullish bandwagon as the lender lost slightly to close at QR17. Earlier in the day, Al Khaliji said it extended contract financing facilities to a venture between Midmac Contracting Co. W.L.L. (Midmac) and Yuksel Insaat A.S. (Yuksel) for their recently awarded Lusail Development for Primary Infrastructure project (CP4) for the amount of QR1.66Bn.
Abu Dhabi developers storm to multi-year highs
May 30, 2013--The ADX General Index rose the 4th day straight to close at 3,562.88 points on Thursday.
Aldar Properties, the most active share by volume, ended up 1.91% at Dhs2.13, the highest level since Jan. 16 2011. Aldar's former rival and merging partner Sorouh Real Estate Company gained 2.82%, finishing at a 3-year high at Dhs2.55. Abu Dhabi Islamic Bank or ADIB lost the most, ending the month of May at Dhs3.51% (off 2.17%).
Etisalat in new attempt to shave key resistance
May 29, 2013--The Abu Dhabi market index ADXGI rose 1.15% to close at 3,529.33 on Wednesday.
Market bellwether Emirates Telecommunications Corp. or Etisalat ended up 0.10% at Dhs12. If this level was shaved, the way to Dhs13, later Dhs15, would be open. In the past, rising stock prices prices amid narrowing Bollinger Bands (as in the case of Etislat) indicated a buying signal.
QIB rises as Islamic bank gets another rating boost
May 29 2013--The QE 20 Index gained one percent on Wednesday, closing at 9,158.73 points.
Qatar Islamic Bank, known and branded as QIB advanced 0.44% to hit QR68.70. QIB said credit rating agency apital Intelligence has affirmed its Financial Strength Rating (FSR) of 'A' in its latest report issued in April 2013. According to CI, in view of the bank’s intrinsic financial profile, Qatar’s economic growth potential, and ongoing government support for all Qatari banks, the lender’s Long and Short Term Foreign Currency Ratings are affirmed at 'A' and 'A2', respectively, on Stable Outlook. Based on the strength of the Qatari government balance sheet, the Support Rating is affirmed at '2'. Last week, Moody's affirmed the investment grade rating for QIB, saying the Islamic bank's outlook was stable.
Saudi Arabia outlook raised to 'Positive' by S&P
May 29, 2013--Standard & Poor's has raised Saudi Arabia's credit rating outlook to 'positive' from 'stable' due to an improved outlook for growth in the Arab world's biggest economy, Bloomberg has reported.
This is the first change in the kingdom’s outlook by S&P since 2007. “Growth fundamentals are strengthening in Saudi Arabia,” S&P said. “The economy has expanded strongly and steadily.” Saudi Arabia’s AA- rating, the fourth-highest investment grade, may be raised in the next 24 months if economic growth "remains strong," it said.
Gulf Finance House comments on share price and ends flat
May 29, 2013--The Manama-based Bahrain All-Share Index added 0.04% to reach 1,182.69 points Wednesday.
The country's biggest Islamic investment bank Gulf Finance House (GFH) closed unchanged at $0.175. Earlier in the day, GFH said regarding the sharp increase of its share price amid high trading volumes that "no recent or major development has taken place which might have cause such extra-ordinary trading of GFH shares". Since May 1, GFH rose 29.63% in value.
