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DGCX Selects MSCI Indices for Emerging Markets Equity Products Expansion
March 13, 2013--Dubai Gold and Commodities Exchange (DGCX) announced today that it has signed a licensing agreement with MSCI, a leading provider of investment decision support tools, to create a futures contract based on the MSCI India Index.
The MSCI India Index represents 72 locally listed entities in India and covers approximately 85% of the Indian equity market[1]. The MSCI India Index is designed to measure the performance of large and mid cap companies in India. The DGCX MSCI India Index Futures will act as an efficient hedging tool and will also facilitate trading mandates of global institutional investors seeking exposure to one of the world’s largest and fastest growing Emerging Markets.
KSA's National Medical Care accomplishes IPO mission
March 13, 2013--The Saudi bourse continued its oscillograph-style trading on Wednesday.
The Tadawul All-Share Index gained 0.56% to reach 7,025.37 points. Since the start of 2013, the gauge has been trading in a range between 7,000 - 7,165 with narrowing Bollinger bands. Sabic added 0.27% to reach SR93.50. National Medical Care Co. successfully completed its IPO in Riyadh, as the 2003-founded healthcare firm listed 13.5m shares, representing 30.10% of the company. National Medical Care opened at SR81 and closed at SR122 on the first day of trading
Qatar bourse consolidates above 8,500 points
March 13, 2013--The QE 20 Index advanced 0.25%, closing at 8,533.32 Wednesday.
The banking and industrials sector indices outperformed, while insurers performed weaker. Al Khaleej Takaful Group closed flat at QR48.30. At the Islamic insurer's AGM and EGM, shareholders gave green light to the board of directors' recommendation to distribute cash dividends to shareholders by 10% of the paid up capital QR1 per share.
DP World hits near 2-year high
March 13, 2013--The FTSE NASDAQ Dubai UAE 20 Index 0.23% higher at 2225.96 today.
DP World jumped 3.11 percent to hit $13.60, the highest price level since May 2011. Interior designer Depa Ltd. closed unchanged at $0.42.
Saudi bourse joins global 'pause' mood
March 12, 2013--The Tadawul All-Share Index ended Tuesday trading 0.63% lower at 6,986.45 points as most indices in Asia, Europe and the U. S. fell slightly after reaching record- and multi-year highs.
Gulf General Cooperative Insurance Company lost the most in Riyadh, closing off 6.36% at SR55.25. Sabic, the world's top petrochems producer, finished unchanged at SR93.35.
Qtel advances as re-branding to Ooredoo is sealed
March 12, 2013--The Qatar Exchange 20 Index declined 0.40% to 8,512.18 points Tuesday.
Qatar Telecom or Qtel added 1.32% to reach QR114.90. Earlier in the day, the telco giant said that at major event in Qatar, leading communications company Qtel (Qatar Telecom) rebranded as Ooredoo (Arabic for "I want"). "More than 2,000 people attended the event, which was broadcast live on Qatar TV. Attendees included government ministers, ambassadors, media professionals and customers of the company, which was established as Qatar Telecom back in 1987."
Qatar Islamic Bank shareholders okay 35pct cash dividend
March 11, 2013--The QE 20 Index advanced 0.30%, finishing at 8,544.41 points.
Qatar Islamic Bank, known as QIB, gained 0.42% to hit QR71.60. Earlier in the day, QIB said the annual general assembly approved the board's recommendation to distribute cash dividends equaling 35% of the shares nominal value i.e. QR 3.5 per share for the year 2012.
Aldar gains on Arqaam's buy rating on 'Aldar Sorouh Properties'
March 11, 2013--The Abu Dhabi equity market index ADX General Index added 0.36% to reach 2,993.03 points.
Aldar Properties surged 0.70% to reach Dhs1.45. Aldar Sorouh Properties, the company to be created through the merger of Abu Dhabi's two largest developers Aldar and Sorouh (up 0.57% at Dhs1.77), has been rated 'buy' by Dubai-based investment bank Arqaam Capital, Bloomberg has reported. The price target for the shares was set at Dhs2.5, Dubai-based analysts led by Mohammad Kamal wrote in a March 7 note to clients. "We believe the market is not fully pricing in the impact of the merger on balance sheets" and "is overestimating leverage risk inherent in standalone businesses," the analysts wrote. "We see 77% in upside potential" in value creation from monetising land and long-term development value."
Shuaa Capital appoints new CIO, share remains volatile
March 11, 2013--The DFM General Index finished Monday trading 1.10% higher at 1,930.10 points.
Emaar advanced 1.62% to close at Dhs5.65, the highest price level since Oct. 22 2008. Shuaa Capital gained at the opening but eventually lost 0.17% to Dhs0.577. Earlier in the day, Shuaa said it appointed Dr. Sabah Al-Binali CIO of Shuaa Capital and CEO of Shuaa Credit. Al-Binali joined Shuaa last year as vice chairman of its UAE-based subsidiary Gulf Finance Corp. Al-Binali, who holds a Ph.D. in Computational Finance from Columbia University and a B.S.E. in Computer Science from Princeton University, also serves as Chairman of the recently established Gulf Installments Company in Saudi Arabia. Al-Binali said earlier last week at the SME Roundtable in the DIFC that he sees huge potential in SME financing in the region as bank loans to SMEs stand only for 2% of total loans in the GCC, compared to over 30% in Morocco.
Tadawul bourse slipped 0.12%
March 11, 2013--The Saudi Stock Exchange's market index Tasi ended Sunday 0.12% lower at 7,019.
Sabic closed flat at SR92.75. WAFA Insurance gained the most (up 9.71% at SR84.75). The research of National Bank of Abu Dhabi said yesterday "Expansionary development spending and stimulus packages targeting education, health, housing and infrastructure will continue to support non-oil economic activity in the coming years."
