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Qatar Insurance delivers good news while global markets retreat
April 15, 2013--The QE 20 Index finished 0.60% lower at 8,333.11 points Monday.
Market heavyweight Industries Qatar posted the second highest day-loss, ending off 1.70% at QR151.20. Qatar Insurance (QI) posted the second highest gain, ending up 1.50% at QR54.10. Earlier in the day, QI said in the 3-month period ended March 31 it earned a net profit of QR281.6m in comparison to QR207.6m for the corresponding period in 2012.
Egypt's Al-Azhar approves Sukuk law
April 13, 2013--Egypt's Al-Azhar has approved a law allowing the government to issue Islamic bonds, but said a few changes would have to be made first, Reuters has reported.
"The authority announces that this project, after making all the changes that were decided by the authority, will be compliant with the principles and provisions of Islamic Shari'ah," it said, without giving details on the changes. The leading Islamic authority had protested when the law was passed in March by the parliament, saying its top scholars should have been consulted.
Kuwait equity index knocks at 7,000 points
April 11, 2013--The KSE Market Index advanced 0.43% to reach 6,977.73 points.
Burgan Bank gained 1.81%, closing at KD0.560. Market bellwethers National Bank of Kuwait and Zain Telecom closed flat at KD0.930 and KD0.730, respectively.
DP World gains the 5th session straight
April 11, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.47% higher at 2,333.55 points Thursday.
DP World stabilised at a near-5 year high at $15.41.
ADIB on the rise, Dana Gas hits 4-week high
April 11, 2013--The Abu Dhabi equity index rose 0.33%, finishing Thursday at 3,127.36.
Abu Dhabi Islamic Bank or ADIB soared 1.40% to Dhs3.65. Earlier in the day, ADIB said it has increased its shares in favour of Emirates International Investments Co. LLC. Sharjah-based oil and gas firm Dana Gas jumped 4.17% to Dhs0.50.
Dubai bourse rises as 'investors keep calm and carry on'
April 11, 2013--The DFM General Index rose 1% Thursday to hit 1,973.57 points despite a negative market breadth (advance/decline, 11 to 13).
In its quarterly economic outlook published earlier today, U. S. asset management firm SEI (Middle East) said investors keep Calm and carry on, and "although Europe is a mess, the U.S. markets keep growing," having positive impact on global markets. "While past performance is no guarantee of future results, there are some signs that the growth can continue," added the SEI-report. At the DFM, Dubai Islamic Bank gained the most (up 3.63% at Dhs2.57). Market bellwether Emaar Properties closed unchanged at Dhs5.35. Over the week, the Dubai bourse index increased 5% in value.
Union Properties gain 10pct in a week
April 10, 2013--The Dubai Fiancial Market (DFM) General Index declined 0.35% to 1.956.02 Wednesday.
Union Properties (UPP) bucked the trend by closing 3.10% at Dhs0.433. UPP's low share price makes the developer of Dubai Motor City and DIFC-based Index Tower (among other objects) attractive for bargain hunters and competitors for possible takeovers. On the decline were Dubai Islamic Bank (off 3.13%) and Emaar Properties (1.83% lower, ex-dividend). At Tuesday's 15th annual general meeting (AGM), Emaar declared a 10% cash dividend for the year 2012, equivalent to Dhs609m. One shareholder who was present told AMEinfo.com that ths AGM was "the most peaceful and harmonious in the post-crisis era". Emaar shares gained 70% in value in the last 12 months. Shares of Islamic home financing firm Tamweel fell 2.54%. In Q1 Tamweel earned a net profit of Dhs20.5m, up from 18.1m in the same period last year.
The Saudi British Bank earns 11% more in Q1
April 9, 2013--The Saudi equity market index Tasi gained 0.42% to reach 7,190.31 points Tuesday.
Shares of The Saudi British Bank (SABB) gained 1.50%, finishing at SR34.10. SABB said the net income during the first quarter amounted to SR948m against SR 854m for the corresponding quarter of the previous year with an increase of 11.0%, and against the net income of SR815m during the previous quarter with an increase of 16.2%. SABB added that the increase happened due to an increase in operating income.
Yanbu Cement earns more on expansion in production
April 8, 2013--The Saudi Arabian Tadawul index added 0.67%, closing at 7,160.52 points Monday.
Market bellwether Sabic ended up 0.52% to reach SR97.50. Earlier in the day, the firm said it earned in the first quarter a net profit of SR247m, representing a 70% increase year-on-year. Yanbu Cement said "The increase in the current quarter profit compare with the same quarter for the previous year due to increase in sales quantity due to start Line 5 commercial production from April 2012."
Kuwait Stock Exchange up and away
April 8, 2013--The KSE market surged to a near 2.5-year high Monday, closing 0.40 percent higher at 6,787.87 points.
National Bank of Kuwait surged 3.33% to hit KD0.930. Telecom operator Zain ended flat at KD0.720. The Kuwaiti equity gauge gained 15.918% since Jan. 1 2013.
