Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
DP World shares fall below $14
March 27, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 1.43% lower at 2188.23 Wednesday.
Dubai Ports (DP) ended off 0.57% at $13.92. On March 13, the world's 3rd biggest maritime port operator, controllng 10% of the world's container terminals, hit a 5-year high at $14.40, but retreated since then, also because fund managers apparently cash in their profits ahead of the end of Q1 2013. In the last 12 months, DPW gained 24% in value.
Bahrain Bourse washout halted
March 26, 2013--The Manama-based Bahrain All-Share index ended a 3-day losing streak, added 0.15% to reach 1,087.04 points Tuesday.
Blue chip shares gained across the board. Islamic bank Ithmaar surged 2.33% to reach $0.22. Bahrain Telecommunications or Batelco closed one percent higher at BD0.392. Gulf Finance House, known as GFH, failed to follow the pack and dived 6.90% to $0.135. Earlier in the day GFH said Mr. Naif Abdulla Al-Ali has resigned as a member of the Islamic bank's board of directors. "The vacant position shall be replaced at the annual general meeting to be held on March 28," said GFH in a statement to the Bahrain Bourse.
Kuwait bourse suffers a blow from Q1 blues
March 25, 2013--The KSE Market Index lost 1.51% Monday, closing at 6,689.69 points.
YTD, the gauge gained 12.73%, represening one of the best Q1 performances in years. As the end of March approaches, fund managers started to book profits in order to present to their clients a polished quarterly performance. The oil and gas sector index lost 4.87%. Gulf Petroleum Investment dived 6.75% to KD0.138. The northern Gulf state's second lender Commercial Bank of Kuwait bucked the trend, finishing up 1.50% at KD0.690. [AMEInfo.com]
NCB: Saudi Economic Review Monday
March 25, 2013--The spread between Brent and WTI is forecast to average USD16 a barrel this year, and to narrow to USD9 a barrel in 2014, as the increasing pipeline capacity will lower the cost of shipping oil from the central US to refineries on the Gulf of Mexico coast.
The Yen has been steadily assuming a downward trajectory since the beginning of the year, mainly influenced by announcements of fiscal and monetary stimuli.
China’s consumption for copper by 8% to a record 8.8 million metric tons in 2013 driven by an improving Chinese manufacturing sector.
Even though M0 gained 13.3% Y/Y, the M/M contraction was mainly due to deposits with SAMA, as banks opted to utilize their funds by withdrawing nearly SAR 12.9 billion to accommodate credit expansions and customer withdrawals.
Local investor’s pessimistic approach has been pressuring stock prices and the confidence post the 2006 market collapse has never been regained.
The banking system is expected to soften the pace of credit to avoid overheating their balance sheets. In our opinion, the pace of credit will slightly moderate during 2013.
Supported by the recent strengthening of the greenback, lower prices of imports encouraged demand for LCs.
Egypt approves sukuk law
March 19, 2013--Egypt's parliament has approved a law allowing the issuance of Islamic bonds which could provide the heavily-indebted government with a new form of finance, Reuters has reported.
Finance minister Al-Mursi Al-Sayed Hegazy said last month that Egypt could raise around $10bn a year from the sukuk market, but added that it would take at least three months to push through the necessary regulations. The government is currently seeking a $4.8bn loan from the International Monetary Fund to support its ailing economy.
Bahrain Bourse rally halted by bank shares
March 19, 2013--The Bahrain All-Share Index ended one of its longest gaining streaks Tuesday, closed down 0.94% at 1,115.77.
The 9-day rally was mainly halted by financials, National Bank of Bahrain or NBB dived 9.68% to BD0.56. Islamic Bank Al Baraka closed unchanged at $0.76. Earlier in the day Al Baraka said in a statement to the bourse the annual general meeting held here today approved the distribution of a cash dividend to the shareholders to US$35.5m (3.5 cents for each share). "The meeting also approved the proposed distribution of one bonus share for every 30 fully paid up shares to the shareholders registered as of the date of this meeting (amounting to $33.8m from the retained earnings after obtainment of the required official approvals.
Doha Insurance dives as EGM for capital increase is postponed
March 14, 2013--The QE 20 Index closed 0.60% higher at 8,583.78 points.
Market heavyweight Industries Qatar advanced 0.75% to reach QR175.10. Doha Insurace plummeted 5.19% to close at QR26.50. Earlier in the day, the insurer said the annual general assembly approved the proposal of the board of directors to distribute to the shareholders a cash dividends of 10% from the share par value i.e QR1 for each share in addition to bonus share at the rate of 10% i.e. one bonus share for each ten shares. However, "Due to lack of quorum for a hearing by the extraordinary general assembly in respect of amending the text of Article (6) of the Articles of Association of the company to increase the company's capital."
Abu Dhabi-listed developers return to growth path
March 14, 2013--The ADX General Index advanced 0.73%, closing at 3,030.37 points Thursday.
Eshraq Properties (up 1.64%) was the most liquid share, while RAK Properties jumped 3.57%. Merging developers Aldar and Sorouh, the top real estate firms in the UAE capital, gained 0.72% and 0.58%, respectively.
Mid-cap shares defy Dubai market decline
March 14, 2013--With Emaar ending flat at Dhs0.486 and Arabtec closing down 0.94% at Dhs2.11, the DFM General Index ended Thursday trading off 0.30% at 1,916.21 points.
Like yesterday, shares from the "second row" gained in value. Shuaa Capital advanced the second day straight to hit Dhs0.587 (up 0.51%). Air Arabia gained likewise half a percentage point and finished at Dhs0.923. Union Properties added 0.24% to close at Dhs0.41. Market breadth was neutral as 13 stocks advanced, while 14 declined. Some 210m shares were traded, valued at Dhs225m.
DP World rises to 4.5-year high
March 14, 2013--NASDAQ Dubai-listed shares of Dubai Ports (DP) World, the 3rd biggest maritime port operator, jumped 5.882% to reach $14.40 Thursday.
This represents the highest price level since the beginning of Sep. 2008, shortly before Lehman Brothers went bankrupt and triggered the global financial crisis. The FTSE NASDAQ Dubai UAE 20 Index index closed 0.96% higher at 2247.33.
