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Qatar market misses bullish bandwagon
April 8, 2013--The QE 20 Index failed to follow the bullish mood after the Bank of Japan stepped up its monthly bond purchases and fell 0.20% to 8,520.71 points.
Gulf Drilling International ended down 1.66% to QR38.60. Earlier in the day, the firm said it inaugurated one of the most technologically advanced offshore drilling rigs to ever work in the State of Qatar. The inauguration ceremony took place at PPL's shipyard in Singapore and was attended by senior executives from Gulf Drilling International and Singaporean officials. The new drilling rig, named "Al Jassra", has been designed to the highest standards. It will be moved to Qatar and commence working in the Al Shaheen offshore field by mid-2013 pursuant to a contract that GDI has entered into with Maersk Oil Qatar.
Lenders lead Abu Dhabi bourse's way up
April 8, 2013--In line with the overall positive global market climate on Monday following the Bank of Japan's stimulus, the ADX General ended 0.45% higher at 3,070.08 points.
National Bank of Fujairah gained the most (up 14.74% at Dhs3.27). Sharjah Islamic Bank and First Gulf Bank (FGB) advanced 4.35% and 0.34%, respectively. Earlier in the day, Fitch Ratings has affirmed FGB's Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook and upgraded its Viability Rating (VR) to 'bbb'.
Dubai market rebounds on BoJ stimulus
April 8, 2013--The DFM General Index closed 2.2% higher Monday to reach a 3-week high at 1,916.64 points.
The market reacted to the Bank of Japan's stimulus measures by increasing its monthly bond purchases to Y7.5tr ($76bn), sending the Yen to 2009-low. For the 2nd day straight, shares of Dubai Islamic Bank gained the most (up 5.73% at Dhs2.40). Emaar edged up 2.10% to hit Dhs5.34. Ajmanbank fell 0.64% to Dhs1.55. The Islamic bank from the emirate of Ajman said Mohammed J. A. Zaqout has been appointed CEO, effective on April 21.
Muscat market gains the third day straight
April 4, 2013--The Omani MSM-30 Index finished Thursday trading at 6,111.31 points.
Bank Muscat shares jumped one percent, finishing at OR 0.623. The next resistance level lies st OR0.64, the double-top from March 20 and Feb. 20. Earlier in the week, Oman's minister of finance Darwish bin Ismail bin Ali Al-Balushi said he expects the economy in th sultanate to increase by 6% in 2013.
Qatar Exchange rises amid narrowing Bollinger bands
April 4, 2013--The QE 20 Index ende up 0.10% at 8,576.86 points Thursday.
Medicare gained the most (up 8.33% at QR39). Al Ahali Bank posted the biggest decline, finishing off 5.36% at QR53.
Abu Dhabi market consolidates above 3,000 points
April 4, 2013--The ADX General Index closed 1.21% higher at 3,058.81 points Thursday.
Sorouh Real Estate advanced 2.91 percent to reach Dhs1.77. Earlier on Wednesday, National Bank of Abu Dhabi said in selected areas (Al Reem & Al Raha) in Abu Dhabi, average listed residential sales price were up 11.6% year-on-year in March.
Air Arabia soars on Mideast air traffic prospects
April 4, 2013--The Dubai equity market index DFMGI closed a volatile first trading week in April 1.42% higher at 1,880.42 points Thursday.
Air Arabia shares jumped 3.52% to hit Dhs0.823. Lower oil prices (down 2.8% (DME Oman crude)) lifted the Sharjah-based budget carrier. In addition, the latest IATA report published Wednesday said carriers in the Middle East registered the highest growth in February among all regions. Passenger traffic in the Middle East grew in Feb. by 10.6%, while European and North American registered insignificantly higher growth in the same month. According to Mick Gilligan, head of research at investment boutique firm Killik and Co., world passenger air traffic is poised to grow by 5 percent per annum in the next 20 years, mostly driven by growth in the emerging markets. Shares of Dubai-based Takaful Al Emarat Insurance lost the most (off 4.70% at Dhs0.61). Around 170m shares were traded, valued at Dhs240.7m.
Prince Alwaleed calls for opening Tadawul to foreign investors
Wednesday, April 3, 2013--Prince Alwaleed bin Talal has urged the Saudi government open the kingdom's stock market to foreign investors, Bloomberg has reported.
Saudi Arabia, which last year said it will open the gauge gradually, only allows non-resident foreigners outside of the six-nation Gulf Cooperation Council to invest through equity swaps and exchange-traded funds. "Effective measures to invite foreign investors from any state must be taken to allow them to invest in Saudi Arabia," prince Alwaleed said. "Of course there is a fear that it will lead to so-called hot money, which is to enter the market and exit quickly, but we can set regulations to control that." [AMEInfo.com]
Banks extend Zain KSA's 'junior debt', shares rise
April 3, 2013--The Tadawul All-Share Index hit an 11-month high Wednesday, closing at 7,178.1 points.
Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, rose 0.61% to SR8.20. Earlier in the day, Zain KSA said the syndicate of lenders led by Arab National Bank under the long-term borrowing facility or the junior debt amounting to SR2.25bn $600m has unanimously consented to an extension of the maturity date of the junior debt to 01 May 2013. "As it has been announced earlier on Tadawul at 23 April 2011, this financing facility is fully covered with an unconditional and irrevocable guarantee by Zain KSA and it is considered subordinated to the Murabaha financing agreement that amounts to SR9bn ($2.4bn)", said Zain KSA. Further announcements related to this subject will be made in due course. On March 27, the syndicate extended the Murabaha facility for the 8th time to April 30.
FTSE NASDAQ Dubai UAE 20 Index hits 3-week high
April 3, 2013--The FTSE NASDAQ Dubai UAE 20 Index finished 1% higher at 2245.550 Wednesday.
DP World gained 1.54% to reach $14.48. Interior design firm Depa Limited closed unchanged at $0.40.
