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Record gaining streak halted in Manama
May 16, 2013--The Bahrain All-Share Index slipped 0.05% to 1,147.85 in a dull trading session on Thursday.
The market measure advanced 8 consecutive sessions from May 2 to May 14. Al Salam Bank fell 2.38% to BD0.082. Islamic bank Ithmaar was the most liquid share, finishing flat at $0.25. Year-to-date, the Bahrain gauge has gained 7.72%.
Oversold Saudi bourse bounces back on insurance shares
May 15, 2013--The Tadawul All-Share Index ended a 3-added 0.11% to reach 7,147.42 points Thursday.
Wafa Insurance gained the most (up 6.78%) while Allianz Saudi Fransi posted the third biggest advance (5.67% higher). The insurance segment posted heavy losses in the last 2 days after since the Saudi Arabian Capital Market Authority said it intends to curb speculative trading practices by imposing tighter regulations. Sabic ended unchanged at SR91.25. Market
Kuwait Stock Exchange loses terrain
May 15, 2013--The KSE Market Index fell by 0.63% to 7,813.05 points.
Kuwait Syrian Holding Co. lost the most, ending down 9% at KD0.050. Kuwait Finance House, better known as KFH, gained 0.63% to hit KD0.800. On Tuesday, EmeaFinance magazine awarded Kuwait Finance House (KFH), the biggest and most trusted Islamic bank in the world, the Best Islamic Bank in Kuwait and Middle East award, in recognition of
Depa dives as NASDAQ Dubai resumes trading
May 15, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 1.27% higher at 2581.20 points Wednesday.
Interior design firm Dapa Limited lost 4.76% to hit $0.40 after trading in the shares was resumed by the bourse's regulator DFSA. On Tuesday, the DFSA suspended Depa shares from trading as the firm's annual general meeting was held. Arabtec Construction which owns a 24% stake in Depa aims to have a bigger representation on Depa's board, The National reported. The report added that Arabtec's move could be interpreted that it aims to bid for a complete takeover of Depa, citing analysts.
Dubai market gains the fourth day straight
May 13, 2013--Despite mixed input from East Asian exchanges, the DFM General Index gained 0.50% Monday, closing at 2,195 points.
Dubai Islamic Bank was the most liquid share, closing up 2.44% at Dhs2.94, while Commercial Bank of Dubai advanced the most (up 14.29% at Dhs4.00). Deyaar Development dived 1% to Dhs0.407. Earlier in the day, the Islamic real estate firm announced an exclusive three day sales event for showcasing its diverse property portfolio. The sales event will be held at the Dusit Thani Hotel from May 14 - 16 May and will allow potential customers "to avail of special limited time offers on commercial and residential real estate covering prime areas of Dubai including Business Bay, Dubai Silicon Oasis (DSO) and International Media Production Zone (IMPZ)," said Deyaar. Trading volumes fell by 50% compared to Sunday as 323m shares were traded, valued at Dhs447m.
IIF Sees Robust Growth and Progress on Diversification in the GCC
Banking system is sound and has fully recovered from the spillovers of the global financial crisis
Gross foreign assets to exceed $2.5 trillion by end-2013, reinforcing economic resilience if oil prices drop
Sound macroeconomic policy and structural reforms must be sustained for continued strong economic performance
May 15, 2013--The Gulf Cooperation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, registered an average growth of 5.8% in 2012.
Growth is projected to moderate to 3.8% in 2013, due to flattening crude oil production. Growth of nonhydrocarbon sector, more representative of economic activity, is forecast to stay robust at around 5% this year, said the Institute of International Finance (IIF). The IIF is the leading global association of financial services firms with more than 470 member institutions, including more than 100 members in the Middle East and North Africa region.
Saudi Stock Exchange knows no halt
May 14, 2013--The Tadawul All-Share Index fell to a 2-week low, ending down 0.27% at 7,139.3 points amid a bearish market breadth.
Saudi Hotels & Resort Areas Co. finished off 1% at SR29.80. The hospitality firm announced that it has completed Tuesday the purchase of land which located in Riyadh (Tuwaiq) with total area of 5345 square meters at cost of SR6.738m which is internally financed. The company is planning to construct staff housing building for its staff in Riyadh. Only 26 shares advance din Riyadh, while a whopping 122 declined in value. Market bellwether Sabic added 0.27% to reach SR91.25.
MENA in Focus
May 14, 2013--In Focus 1: UAE Banks: 1Q2013 Earnings Wrap-up
In this section, we analyze the 1Q2013 performance of the key players in the UAE banking sector. The main takeaways of the 1Q2013 results were sluggish loan growth, declining margins, elevated cost of risk and strong, but less sustainable investment gains.
Despite a 44% YTD surge in performance of our sample universe, UAE bank valuations are not demanding in the regional context, however we believe that investors will remain selective and choose names that offer top quartile growth with limited downside risk.In Focus 2: Saudi Arabian Food and Beverage 1Q2013 Performance RecapIn this section, we analyze the 1Q2013 performance of seven key players in the Food and Beverage (F&B) sector that operate in Saudi Arabia. We focus on the company’s revenue, operating profit and net profit results for the quarter. In addition, we examine the key drivers of the Saudi F&B market, including Saudi’s young and growing population; government plans (i.e. job creation and Saudization), and easing commodity prices.
Tadawul market falls back amid bearish market breadth
May 13, 2013--The Saudi Arabian equity index Tasi ended down 0.51% at 7,158.75 points Monday as 24 shares advanced, while 120 declined.
Saudi Basic Industries Corp. or Sabic also lost half a percentage point, finishing at SR91, a 2-week low. Jabal Omar Development Company gained the most, closing 2.36% higher at SR26.
DP World gains, upgrades ports asset management
May 13, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.14% higher at 2,500.08 points Monday.
Dubai Ports (DP) World gained 0.32% to reach $15.62. Yesterday, the world's third biggest maritime port operator said it transformed the asset management of its entire global port network. "The new Asset Management Framework brings together all assets under one system, from quay and yard cranes, terminal yards, and berth equipment, to energy supply outlets and plant machinery." DP World Group Chief Executive Mohammed Sharaf said the programme will roll out over three years, "and it will establish a consistent and co-ordinated approach to manage our substantial assets across our global portfolio."
