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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.
Only way is up at Kuwait Stock Exchange
February 13, 2013--The KSE Market Index added 0.42% Wednesday and closed at 6,384.32.
Higher oil price pushed the gauge higher to close to 8-month high. Brent hit a 9-month high Wednesday, while DME Oman Crude rose near a 6-month high. 95% of Kuwait's state budget is based on oil exports. Shares of Gulf Investment House closed 5.3% higher at KD0.049. Gulf Bank of Kuwait closed flat at KD0.410. Earlier in the day, the lender announced that its Chief Executive Officer, Mr. Michel Accad, has been appointed to the Board of Directors of INJAZ Kuwait (Injaz is Arabic for to do something). Gulf Bank's long term interest in youth development supports H.H. The Amir of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah's vision for the empowerment and encouragement of Kuwait's youth.
Saudi Cement Co. rides high on kingdom's construction boom
February 13, 2013--The Tadawul All-Share Index advanced 0.10% to reach 7,062.98 Wednesday, the last trading day in the Saudi week.
The gauge regained its momentum after a brief phase of sideways trading but the index faces a fierce resistance level at 7,150, the old high from Jan. 9 2013 and Sep. 16 2012. Shares of Saudi Cement Company slipped 0.77% to SR97.25. In the last 12 months the share gained 14.6%. Earlier in the day, Saudi Cement Co. said its profit in 2012 reached SR1.1bn compared to SR831.2m for the previous year with an increase of 32.3%. "The main reason for the increase in profit (...) is increased local cement and clinker sales as a result of rise in local demand," said the firm. According to Riyadh-based Jadwa Investment, cement sales in KSA were at their all-time high end of last year as they increased by 14.4% year-on-year in Dec. taking the annual growth to 10.6% for 2012.
Only way is up at Kuwait Stock Exchange
February 13, 2013--The KSE Market Index added 0.42% Wednesday and closed at 6,384.32.
Higher oil price pushed the gauge higher to close to 8-month high. Brent hit a 9-month high Wednesday, while DME Oman Crude rose near a 6-month high. 95% of Kuwait's state budget is based on oil exports. Shares of Gulf Investment House closed 5.3% higher at KD0.049. Gulf Bank of Kuwait closed flat at KD0.410. Earlier in the day, the lender announced that its Chief Executive Officer, Mr. Michel Accad, has been appointed to the Board of Directors of INJAZ Kuwait (Injaz is Arabic for to do something). Gulf Bank's long term interest in youth development supports H.H. The Amir of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah's vision for the empowerment and encouragement of Kuwait's youth.
Qatar bourse rises as S&P maintain's 'stable' outlook
February 13, 2013--The Doha-based Qatar Exchange index advanced 0.55% Wednesday, closing at 8,824 straight, the highest level since April 5 2012.
Banks in particular fueled the gauge's rise after Standard & Poor's has maintained its 'Stable' outlook on Qatar on the strength of the country's 'high levels of economic wealth and strong fiscal and external balance sheets,' Gulf Times has reported. S&P assigned AA/stable/A-1+; AA/stable/A-1+ ratings to Qatar and said the Gulf country was one of the wealthiest economies it rated, with GDP per capita estimated at $104,000 in 2012. Al Ahli Bank jumped 3.70%, finishing as a top gainer at QR56. Qatar German Medical fell the most, ending down three percent at QR12.90.
Saudi Kayan Petrochem losses rise 3-fold
February 12, 2013--The Tadawul All-Share Index advanced 0.40% to reach 7,057.19.
Shares of Saudi Kayan Petrochemical Company ended down 0.43% at SR11.65. Earlier in the day, Saudi Kayan said its net loss in 2012 increased 208.6% to SR772.27m compared to SR250.25m for the previous year. The company did not elaborate. Shares of market bellwether Sabic, the world's largest petrochemicals producer, rose 0.54% to hit SR93.50.
Moody's cuts Egypt rating
February 12, 2013--Ratings agency Moody's has cut the credit rating of Egypt to B3, over doubts about its ability to secure International Monetary Fund support and the economic impact of a new round of political unrest, Reuters has reported.
The rating agency also cited a further weakening in Egypt's external payments position given a large drop in foreign exchange reserves in January as the country battles to stave off a currency crisis.
Barhain market index pinned down at 1,085
February 12, 2013--The Bahrain All-Share Index closed 0.06% lower at 1,085.37 Tuesday.
Nass Corp., a construction solutions provider, gained the most (up 1.33% at BD0.152). Ithmaar Bank fell 2.86% to $0.17.
Investors hail KSA's Aslak profit increase
February 11, 2013--The Tadawul All-Share Index rose 0.27% to close at 7,030.78 Monday.
Sabic gained a quarter percentage point, finishing at SR93. United Wire Factories Company, known as Aslak, increased its value by 0.51% to reach SR39.30. Earlier in the day, Aslak said the net income for the year ended December 31, 2012 was SR115.4m, representing an increase of 8% year on year. "Net income for year 2012 increased compared to year 2011 due to the decrease of the raw material prices during the fourth quarter compared to the same period of the last year," said Aslak in a statement ot the Saudi Stock Exchange.
Alba, Bahrain Duty Free stabilise Manama market
February 11, 2013--The Bahrain All-Share Index closed 0.04% higher at 1,085.98 points.
Bahrain Duty Free Shop Complex edged up by 1.18% to reach BD0.86. Shares of Aluminum Bahrain advanced 0.45%, closing at BD0.45. Islamic investment bank Gulf Finance House, known as GFH, finished flat at $0.12. Earlier in the day, GFH said it was declared the winner of the "Best Islamic Investment Bank in Bahrain in 2012", at the prestigious CFI.co Awards, announced recently on January 2013.
