Egypt Stocks Drop as MSCI Says FX Shortage May Trigger Downgrade
June 12, 2013--Egypt's shares headed for a year low after MSCI Inc. said it may review the nation's emerging-market status if the foreign-currency situation worsens.
Morocco’s index was little changed as it was cut to frontier status.
The EGX 30 Index tumbled 3.8 percent to 4,662.94 as of 12:32 p.m. in Cairo, poised for the lowest close since June 2012. The measure, the second-worst performer today among 94 indexes tracked by Bloomberg, has fallen 22 percent since a September 26 peak. A drop of 20 percent or more signals a so-called bear market to some investors. read more
Source: Bloomberg
Kuwait Stock Exchange climbs over 8,000
June 11, 2013--The KSE Market Index advanced 1.30% to close at 8,029.31 points.
Financials were mostoy driving the surge as National Bank of Kuwait (up 1.05%), Burgan Bank (gaining 3.17%) and Kuwait Finance House (1.47% higher). The telecommunications sector and the healthcare segment were the sole sectors which ended in the red.
Source: AME Info
MSCI may exclude Egypt from Emerging Market Index
June 11, 2013--MSCI Inc. has said it is closely monitoring the situation in Egypt, in particular the negative developments in the foreign exchange market.
"MSCI may launch a public consultation on a potential exclusion of the MSCI Egypt Index from the MSCI Emerging Markets Index were the situation to worsen in the coming months," it said.
Source: AME Info
United Arab Emirates-2013 Article IV Consultation Concluding Statement of the IMF Mission
June 11, 2013--I. Introduction
An International Monetary Fund (IMF) mission visited the United Arab Emirates from April 30 to May 15, 2013, to hold discussions for the 2013 Article IV consultation.1Against the backdrop of a strengthening economy, discussions focused on: pursuing appropriate near-term macroeconomic policies; managing old and new risks stemming from Government-Related Entities (GRE); and pursuing policies to support financial sector stability.
The mission would like to thank the authorities for the open and fruitful discussions and for their hospitality.
II. Recent Developments
1. The economic recovery has continued to strengthen amid favorable oil prices and capital inflows. Supported by a perceived safe haven status amid regional political and social unrest, capital flows have strengthened, demand from expatriates from the broader region has increased, and the real estate sector, which had been impaired since the 2009 crisis, has stabilized in Abu Dhabi and started to recover in Dubai. Oil prices remained high and economic confidence strengthened. The repair of balance sheets of government-related entities (GRE) that were at the center of the 2009 crisis continued but is not yet complete.
2. Economic growth is estimated to have reached 4.3 percent in 2012. Hydrocarbon production expanded by around 5.2 percent, and non-oil growth continued to accelerate to 3.8 percent, driven by growth in services sectors. Backed by high oil prices and production, as well as buoyant non-hydrocarbon exports, the external current account surplus rose to almost 17 percent of GDP in 2012.
Source: IMF
Dubai market dives over two percent as shares lose across the board
June 10, 2013--Desite positive input fom Asian markets on early Monday, the DFM General Index lost 2.30% to close at 2,344.76 points.
Logistics giant Aramex lost the most, ending down 6.78% at Dhs2.20. Emaar as the most liquid share headed 1.92% lower to finish at Dhs5.62. Gulf General Investment Co. (GGICO) and telecom provider Du advanced, ending up 4.04% and 0.35%, respectively. Deyaar Development, the Islamic real estate firm dived 4.57% at Dhs0.397. Deyaar opened earlier in the a new branch in the Business Bay in the heart of Dubai. Global index provider MSCI will release by tomorrow its verdict whether the UAE (and Qatar) will be upgraded to "emerging market" status form "frontier market".
Source: AME Info
Saudi bourse extends record-long gaining streak
June 5, 2013--For the 8th consecutive session, the Tadawul All-Share Index added value, closing half a percentage point higher at 7,613.35 on Wednesday.
Food and beverages producer Savola Group gained the most, finishing up 5.26% at SR52. Sabic fell 0.53% to SR94.50. Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, declined by 1.52% to SR9.70. Earlier in the day, Zain KSA said it has completed a new SR2.25bn long-term borrowing facility with three years maturity. This facility was provided by a syndicate of Arab National Bank, Banque Saudi Fransi, Gulf International Bank and Samba Financial Group. "This facility is subordinated to the main Murabaha facility amounting to SR9bn ($2.4bn), and will benefit from an unconditional and irrevocable guarantee by Zain KSA," said the telecom provider. On May 29, the maturity of the Murabaha (Islamic cost-plus financing) facility which was due on that day had been extended to June 26 2013 by the creditors.
Source: AME Info
Qatar Navigation gets nod for 5pct share re-purchase
June 5, 2013--The QE 20 Index ended Wednesday 0.05% lower at 9,305.81 points.
Qatar Navigation or Milaha (Arabic for navigation) jumped 4.12% to reach QR78.40. Milaha said it has received an approval from the Qatar Financial Markets Authority (QFMA) with regards to the company’s share re-purchase program. "Milaha’s Board of Directors had previously approved the share re-purchase program of up to 5% of the outstanding shares of the company," the firm said in an e-mailed statement. Milaha plans to fund this re-purchase by using its significant investment portfolio.
Source: AME Info
Aldar shares rebound ahead of Al Isra Wa Al Miraj
June 5, 2013--The ADX General Index closed 0.76% to reach 3,599.29 points ahead of the long weekend.
Aldar Properties bounced back by 2.29% to reach Dhs2.23. Dana Gas lost 1.67% to Dhs0.59. Like in Dubai, tradng volumes plummeted as 148.5m shares were traded, valued at Dhs276.8m.
Source: AME Info
Dubai-listed shares swing between gains and losses
June 5, 2013--The Dubai Financial Market General Index ended a rollercoaster week 0.22% higher at 2,421.64 points on Wednesday.
Those investors who went long, betting for a rebound were desperately struggling to lift the gauge into the green in the last hour of trading, and they succeeded to do so despite sustained selling pressure on the bourse's bellwether Emaar Properties which ended off 1.70% at Dhs5.79. Arabtec surged 3.33% to hit Dhs2.17. The UAE's first construction firm said it won a contract worth Dhs810m ($221m) to build a 5-star hotel and serviced apartments in the Business Bay in the heart of Dubai. The 2-year project is set for completion by Q2 2015. Arabtec also said it targets a dividend payout of 10% p. a. DFM, the sole Arab market listed on an exchange, was the most liquid share, finishing 3.06% higher at Dhs2.03. Thirteen shares advanced, while 11 declined. On the occasion of Al Isra Wa Al Miraj, it has been decided that Thursday June 6 is an official holiday for the DFM. Trading will resume on Sunday, June 9.
Source: AME Info
No let-up at buoyant Bahrain Bourse
June 5, 2013--The Manama market measure ended up 0.72% at 1,209.32 points on Wednesday.
National Bank of Bahrain or NBB advanced 8.33% to hit BD0.65. Islamic financial institution Al Salam Bahrain ended off 1.92% to BD0.102.
Source: AME Info