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Taqa gets UK's nod for North Sea field development
April 25, 2013--The ADX General Index gained the fourth session straight Thursday, ending up 1.04% at 3,287.87 points.
But unlike at the Dubai bourse DFM, trading volumes remained low with 102m shares worth Dhs223m changing hands. Food and beverage importing and producing firm Agthia Group (10.69% at Dhs2.90) gained the most. The shares of Abu Dhabi National Energy Co, better known as Taqa, slipped 0.77% to Dhs1.29. Earlier in the day, Taqa said in an e-mailed statement it received green light from the British government to develop the Cladhan oil field in the North Sea. Production shall start in Q1 2015 with an expected output of 17k barrels of oil per day. Taqa, the UAE's biggest energy firm, holds 40.1% in the Cladhan field and considers to increase its share to 52.7%, the company added.
Financials fuel Dubai market rally, ENBD soars on Q1 results
April 25, 2013--The DFM General Index gained 1.10% Thursday to close at 2,075.56 points, shaving the upper Bollinger band.
Bank Emirates NBD (up 2.20% at Dhs5.10) was in the focus of today's trading action. The UAE's biggest lender said it earned in the first quarter 31% more year-on-year with the net profit amounting to Dh836.8m ($228m) amid successful cost cutting, while "credit quality remained tightly managed and retail loan portfolio delinquencies during the quarter continued to witness the improving trends evident throughout 2011 and 2012," said Emirates NBD. Five shares were left behind the rally, with Mena logistics giant Aramex (down 4.51% at Dhs2.33) posting the biggest loss. Emaar added 0.40% to close at Dhs5.45. Shares of the DFM, the only Arab bourse listed on a market, jumped 3.45% to close at Dhs1.20. Some 408m shares were traded, valued at Dhs514.5m.
Egypt forecasts 3.8% growth
‎April 24, 2013--Egyptian planning minister has told he upper house of parliament that the country's economy is set to grow by 3.8% in the fiscal year starting in July, Reuters has reported.
The forecast is slightly below the minister's most recent prediction of 4% growth next year, but well above the 2.5% the government expects in 2012-13. Finance minister Al-Mursi alSayed Hegazy detailed proposed tax increases and spending cuts, including plans to save EGP36.3bn ($5.25bn) by rationing the distribution of subsidised fuel using smart cards. The measures will see general sales tax evolve into a value added tax by the start of 2014, widening the tax base to include all services except social services such as healthcare and education, the minister said
Tadawul bourse stabilises despite negative market breadth
April 24, 2013--The Tadawul All-Share Index closed Wednesday trading 0.05% higher at 7,127.68 points as Saudi bellwether share Sabic (up 0.27% at SR91.50) and a number of insurance firms prevented the gauge from declining.
51 shares advanced, while 79 declined. Earlier in the day, Marios Maratheftis, Global Head of Macroeconomic research, Standard Chartered Bank said "Countries which have financial and physical resources and are backed by governments willing and able to implement spending and investment plans are outperforming in 2013. The UAE and Saudi Arabia are clear leaders in this regard."
Kuwait exchange up and away on banks, real estate shares
April 24, 2013--The KSE Market Index climbed 53.66 points up to reach 7,227.33 points.
Gulf Investment House jumped over 3% to hit KD0.059. Kuwait Finance House, better known as KFH and the country's biggest Islamic bank, advanced 2.43%, ending at KD0.840. KFH said it posted a gross profit of KD66.35m for the first quarter of 2013, of which shareholders' equity was KD23m. Earnings per share in Q1 increased by 16% to 8.1 fils compared to Q1 2012. Shares of Real Estate Asset Management surged 10%, finishing at KD0.110. National Consumer Holding lost the most (off 8.93% at KD0.102.
Qatar Cement falls as Q1 profit stagnates
April 24, 2013--The Qatar Exchange 20 Index rose for the 7th consecutive session on Wednesday, closing up 1.42%at 8,656.22.
Market bellwether Industries Qatar surged 4.24%, finishing at QR169.80. Shares of Qatar National Cement Co. declined 0.50% to QR99. Earlier in the day, the firm said it earned in the first quarter 2013 a net profit of QR118.6m, in comparison to QR117.9m for the corresponding period in 2012.
Sharjah Islamic Bank hits limit up, Etisalat soars to 10-month high
April 24, 2013--The ADX General Index surged 2.10% to reach 3,254.07 points Wednesday, representing the highest level since Nov. 5 2008.
Sharjah Islamic Bank or SIB closed 14.85% higher at Dhs1.16. SIB's profit in Q1 rose insignificantly year-on-year amounting to Dhs84.8m. The total comprehensive profit surged 30% to hit Dhs73.7m. Telecom giant Etisalat saw its shares rising by 4% to close at Dhs10.45. Earlier in the day, Etisalat said it would place an offer to acquire Vivendi's 53% stake in Maroc Telecom. The North African telco firm is listed on exchanges in Casablanca and Paris (Euronext) and operates in 4 more West African states.
Saudi bourse ends flat amid neutral market breadth
April 23, 2013--The Tadawul All-Share Index finished Tuesday trading even at 7,124.4 points, so did the advance-decline ratio with 67 shares advancing, while 68 declined.
Market bellwether Sabic, the world's biggest producer of petrochemicals, closed likewise even, at SR91.25. Shares of Ash-Sharqiyah Development Company, a producer of agricultural food, jumped 5.56%, closing at SR66.50.
Al Baraka Banking Group strengthens presence in Pakistan
April 23, 2013--The Bahrain All-Share Index rose fell 0.20% to 1,086.02 points Tuesday.
The gauge has been trading in a narrow range between 1,085 and 1,093 since March 25. United Gulf Bank dived 10% to hit BD0.189. Al Baraka Baning Group (not traded), the oldest Islamic bank (founded in 1978) in the kingdom, said it unveiled its head Office in Pakistan. "Al Baraka House" is based in the Pakistani
QNB rises on bond completion
April 23, 2013--The Doha-based QE 20 Index ended up 1.10% at 8,534.78 points Tuesday.
Shares of Qatar National Bank or QNB gained 1.30%, finishin at QR133.80. Earlier in the day, QNB said it successfully completed a bond issuance under its Euro Medium Term Note (EMTN) program in the international capital markets. Under this program a $1.0bn tranche was issued on 22 April 2013 that matures after 7 years with an attractive coupon rate of 2.875%.
