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Bahrain Bourse stabilises
February 21, 2013--The Bahrain All-Share Index closed unchanged Thursday, at 1,102.80 points.
United Gulf Investment Corp. or UGIC dived 9.50% to BD0.105. UGIC said it earned in 2012 a net profit of BD4.08m, up from BD340,362.
Consumer spending drove Egyptian economy growth in H2 2012
February 20, 2013--The Egyptian government has said the country's economy grew 2.4% in the last six months of 2012, citing consumer spending as a main driver for an economy battered by two years of political turmoil, Reuters has reported.
Egypt is seeking a $4.8bn loan from the International Monetary Fund (IMF), though many economists expect a deal will not be concluded until after parliamentary elections due to get under way in April or May. The cabinet said it expected to complete a revised economic programme "within a few days" for presentation to "the Egyptian and international community" and the IMF, but did not say when it would send it to the international lender.
Abdullah A. M. Al-Khodari shuts down Dubai branch
February 19, 2013--The Saudi Stock Exchange fell 0.44% to close at 7,025.74 Tuesday.
Sabic, the world's number one in production of petrochemicals lost 0.80% to SR92.50. Construction contractor Abdullah A. M. Al-Khodari Sons Company closed unchanged, at SR25.30. Earlier in the day, the Al Khodari International Contracting Co. said it completed the liquidatation of its Dubai subsidiary where it owned 49% of the capital amounting to Dhs300,000. The decision to liquidate the Dubai branch was taken in Dec. 2011 and approved then by the firm's shareholders. The Department of Economic Development in Dubai issued the trade license cancellation certificate earlier in the day. Al Khodari International Contracting Co. said the liquidation process had no financial impact. "This liquidation reflects the company's direction to restructure its ownership in subsidiaries outside Saudi Arabia in view of enacting laws that allow the Gulf companies to establish fully owned branches in the GCC countries," added the firm.
Psagot acquires Meitav ETFs for NIS 150m
Meitav Index Linked Certificates has NIS 10.2 billion in exchange traded funds assets under management.
February 19, 2013--Psagot Investment House Ltd. has acquired Meitav Investment House Ltd. unit Meitav Index Linked Certificates Ltd. for NIS 150 million.
The deal was made at a company value of NIS 65 million for the unit, plus NIS 85 million in its equity.
Meitav Index Linked Certificates has NIS 10.2 billion in ETF assets under management. The acquisition will double the assets managed by Psagot Exchange Traded Notes Ltd., which controls 30% of the market. The acquisition is subject to regulatory approval.
Depa gains, DP World glues at $13.00-NASDAQ Dubai
February 19, 2013--February 19, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed off 0.06% at 2141.10 Tuesday. .
DP World fell back to $13.00, down 1.52%. Interior design firm Depa Limited jumped 6.04%, finishing at $0.351.
Kuwait Stock Exchange unchanged
February 18, 2013--The KSE Market Index closed at 6,405.73 points Monday.
Soor Fuel Marketing Co. gained the most, closing 9.8% higher at KD0.280. Credit Rating and Collection Co. plummeted 8.93% to KD0.051. The KSE trades close to its 12-month high of 6,500 which was hit in May last year.
Bank shares lift Bahrain Bourse
February 14, 2013--The Bahrain All-Share Index rose 0.68% to hit 1,091.26 points Thursday.
National Bank of Bahrain or NBB (up 3.45%) and Al Salam Bank Bahrain (3.53% higher) were the most actively traded share. The Islamic Bank announced last Wednesday the successful exit of its "circa £38m (Dhs216.5m) Shari'ah compliant mezzanine facility extended to the refinancing of 5 Canada Square, a landmark commercial Property located in the heart of Canary Wharf, the financial district of London. Al Salam Bahrain also launched mobile banking services earlier in the week. The share gained 120% in value in the last 12 months. Aluminum Bahrain, known as Alba, ended unchanged at BD0.45. Earlier in the day, Alba said it generated a net profit of $257m in 2012, representing a 54% drop year-on-year "driven by lower LME prices and higher energy costs", said Alba.
Qatar Exchange's gaining streak halted
February 14, 2013--After touching the upper Bollinger Band, the QE 20 Index declined 0.35% to 8,792.84 points Thursday.
Market bellwether share Industries Qatar lost the most (down .54%). Gains inQatar National Bank (up 0.15%), Doha Insurance (2.38% higher, top gainer) and General Insurance (gaining 2.36%) failed to lift the market gauge int the green.
Abu Dhabi bourse falls 0.70% on solid trading turnover
February 14, 2013--The ADX General Index closed off 0.70% at 2,934.99 points Thursday.
Aldar Properties ended flat, First Gulf Bank dived 2.70%. Sharjah-based Dana Gas consolidated above the level of Dhs0.50 (up 1.96% at Dhs0.52). Some 303m shares were traded, valued at Dhs285.1m. Over the week, the ADXGI gained 0.90%, trading around a three-year high.
DSl slips, Al Salam Bahrain soars at Dubai market
February 14, 2013--The Dubai bourse showed Thursday some form of exhaustion as the gauge's new attempt to crack 1,900 failed for the umpteenth time.
The market index DFMGI fell half a percentage point Thursday. Emaar lost one percent to close at Dhs4.99. Drake and Scull International or DSI closed off 0.75% at Dhs0.793. DSI, a real estate multi-maintenance provider, said late Wednesday its net profit in 2012 fell 41.8% year-on-year, amounting to Dhs128m. DSI Vice Chairman and CEO Khaldoun Tabari said end of 2012 the GCC construction market was "down", and he criticized a general "low payment morale" in the sector. Al Salam Bank Bahrain gained the most, closing 3.15% higher at Dhs0.885. The Islamic Bank announced last Wednesday the successful exit of its "circa £38m (Dhs216.5m) Shari’ah compliant mezzanine facility extended to the refinancing of 5 Canada Square, a landmark commercial Property located in the heart of Canary Wharf, the financial district of London. Al Salam Bahrain also launched mobile banking services earlier in the week. The share gained 120% in value in the last 12 months.
