Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Doha-listed shares gain across the board
May 8, 2013--A volatile QE 20 Index added 0.14% to 8,858.29 Wednesday.
Qatar National Bank or QNB closed up 1.05%, finishing at QR144. "Qatar's banking sector exhibited tremendous growth reflecting a booming economy and rising financing needs for public sector projects," said Dr. Giyas Gokkent, chief economist and head of resear at National Ban of Abu Dhabi. Gokkent added that "Banking sector assets reached $233bn in Q1, an increase of 21% year-on-year." Shares of market heavyweight Industries Qatar fell by QR0.30 to QR168.
Petrochems lift Tadawul bourse
May 8, 2013--The Saudi Arabian Tadawul All-Share Index climbed up by 0.33% to reach 7,206.27 Wednesday, ending a 3-day losing streak in Riyadh.
The 2 leading producers of petrochemicals Sabic and National Petrochemical Company advanced 0.27% and 3.97%, respectively. Saudi Transport and Investment Company lost the most, ending down 3.72%.
Alba results trigger joy at Manama market
May 8, 2013--The Bahrain All-Share Index gained the 4th session straight Wednesday, closing at 1,130.03 points.
Bahrain Aluminium, known as Alba, said it registered in the first quarter a net income of $108m (BD40.5m) compared to $57m (BD21.3m) for the same period in 2012-an increase of 89% year on year.
Saudi Arabia Seeks to Lure Institutional Money to Bourse
May 7, 2013--Saudi Arabia, home to the biggest Arab bourse, seeks to boost institutional investments in its $387 billion stock market as the top OPEC producer weighs plans to allow foreigners to buy shares directly.
While foreign investments are welcome, they’re not crucial to liquidity, Mohammad Al-Sheikh, chairman of Capital Market Authority, said at the Euromoney conference in Riyadh today. The market is now dominated by individual investors, he said.
Sabic, Al Rajhi Bank pinned down as Saudi market falls the 3rd day
May 7, 2013--The Tadawul All-Share Index declined 0.10% to 7,182.48 points Tuesday.
Market heavyweights Sabic and Islamic bank Al Rajhi closed unchanged at SR91.50 and SR66.50, respectively. Insurers mostly weihghed on the gauge, with Ahlia Insurance Co. losing the most (off 4.81% at SR64.25).
Qatar Exchange advances the 4th session straight
May 7, 2013--The QE 20 Index closed 0.13% higher at 8,845.65 points.
Shares of consumer retailer Al Meera lost 1.14%, cloing at QR130.50. Earlier in the day, Dr. Mohammed Al Qahtani, Al Meera’s deputy chief executive officially announced the inauguration of Al Meera’s new Store in Nuaija, in central Doha opposite of the old airport, as of May 2nd.
GCC Monthly Market Review-April 2013
May 6, 2013--GCC markets on a rise
GCC equity indices rallied in April. All bourses gained during the month, with Dubai experiencing the highest growth of 16.7%MoM.
During the month, the DFM index rose to its highest level in almost two years, buoyed by increased institutional investor interest. Kuwait’s stock index, the second best performer, gained 10.5%MoM, supported by strong corporate earnings and higher dividend payouts.Combined market capitalization rose 2.5%MoMCombined market capitalization of all GCC bourses rose 2.5%MoM to USD785.5bn in April. All GCC markets, except Saudi Arabia (down USD2.0bn to USD385.3bn), experienced an increase in market capitalization. TASI’s share of GCC market capitalization declined to 49.1% in April from 50.5% in March. UAE markets (Abu Dhabi and Dubai) led the increase by adding USD13.5bn to GCC market capitalization. GCC trading activity increased further in AprilOverall trading activity in GCC countries rose in April, with value and volume growth of 18.6%MoM and 14.4%MoM, respectively. During the month, all GCC markets experienced an increase in volume traded. Value traded rose in all GCC markets, except Oman and Qatar. Value traded in Bahrain surged 139.6%MoM to USD0.08bn. The UAE and Kuwait also gained 32.1%MoM and 24.3%MoM, respectively in terms of turnover. Qatar and Oman experienced a decline in turnover (10.3%MoM and 7.1%MoM, respectively) during the month.
Market breadth worsens at Tadawul market
May 6, 2013-The Tadawul All-Share Index lost 0.23% to 7,189.13 points.
Sabic's advance of 0.27%, reaching SR91.50 could not stop the gauge from falling for the second day straight as only 35 shares advanced, while 102 stocks declined in value. Saudi Indian Company for Co- operative Insurance, also known as Wafa Insurance, gained the most, closing 5.30% higher at SR134.
DP World shares surge amid narrowing Bollinger Bands
May 6, 2013--The FTSE NASDAQ Dubai UAE 20 Index index closed insignificantly lower at 2457.89 Monday.
Dubai Ports (DP) World jumped 2.50% to reach $15.65, the old high from April 29. Today's rise of the world's thid biggest maritime port operator occurred amid narrowing Bollinger Bands which is based on empirical evidence a bullish sign.
Qatar Exchange cracks triple-top resistance level, way to 9,000 open
May 6, 2013--The QE 20 Index closed 0.55% higher at 8,834.13 points Monday.
With today's move upwards, the Doha-based gauge shaved the level at around 8,820, the old (average) high from Jan. 4 2012, Apr. 1 2012 and Feb. 10 this year. Qatar National Bank jumped 2.84% to close at QR141. The country's biggest real estate builder United Development Company or UDC advanced 0.68% to close at QR19.30.
