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Egypt inflation rises most in two years
February 10, 2013--According to Egypt's Central Agency for Public Mobilisation and Statistics, the country's consumer prices posted the biggest increase last month in more than two years after the pound weakened to a record and foreign reserves slid, Bloomberg has reported.
Prices rose 1.7%, compared with 0.2% in the previous month, while the annual rate climbed to 6.3% from 4.7%, the data showed. The pound has weakened 7.8% against the dollar since December 30, as the central bank started capping the amount of dollars each lender can buy at currency auctions. The regulator said the policy seeks to conserve reserves, which have plunged more than 60% since the revolt to $13.6bn last month.
Egypt: Finance Minister: Egypt Keen On Resolving Foreign Investors Problems
February 7, 2013--Finance Minister el-Morsi Hegazi said on Wednesday 6/2/2013 the government is keen on resolving any problem facing foreign investors in the country as long as they abide by the Egyptian law.
During a meeting with Mexican Undersecretary of Foreign Affairs Carlos de Icaza and Ambassador to Egypt Maria Carmen, Hegazi said the government is well aware that the recent incidents of unrest - during the second anniversary of the January 25 revolution - affect economic conditions, foreign investments and Egypt's trade relations with world countries.
Depa bounces back at NASDAQ Dubai
February 7, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed unchanged at 2,095.28, so did the shares of Dubai Ports (DP) World (flat at $13).
Interior design giant Depa Ltd. jumped 4.55% to finish at $0.345.
Qatar's UDC with lower net profit, shares dip
February 7, 2013--The QE 20 Index closed 0.13% at 8,757.59 points.
Over the week, the Doha-based market measure edged up by 0.37%. United Development Company or UDC, the real estate firm behind the man-made The Pearl Qatar declined 1.66% to QR17.80. Earlier in the day, UDC said its net profit in 2012 fell to QR730.3m, down from QR3.7bn. The shares of Qatar Electricity and Water declined 0.66% and finished at QR141.40. The utility giant said its 2012 net profit rose to QR1.436bn up from QR1.299bn. The company’s EPS amounted to QR14.36 in 2012 compared to QR 13.0 in 2011. The company’s board said it recommends the distribution of a 73% cash dividends of the share’s par value or QR7.3 per share).
Eshraq consolidates above alltime-high
February 7, 2013--The ADX General Index gained 0.38% to hit 2,908.77 points.
During the first week of Feb., the gauge surged by 2.2%. Eshraq Properties advanced the most, closing up 5.45% at Dhs0.58. Arkan Building Materials posted the largest decline, ending off 2.70% at Dhs0.72.
Dubai bourse falls amid lack of catalysts
February 7, < 2013--A lackluster Dubai market DFM closed Thursday 0.59% lower at 1,869.56 points.
Over the week, the DFM lost half a percentage point. Emaar slipped 042% to Dhs4.74, Arabtec closed down one percent to Dhs2.95. Al Salam Sudan gained the most, closing up 3.17% at Dhs1.95. DFM shares ended off 0.82% to Dhs1.21. Earlier in the day, the DFM said the market capitalization increased at the end of Jan. by 11.9% month-on-month amounting to Dhs203.6bn.
Dubai bourse falls amid lack of catalysts
February 7, 2013-A lackluster Dubai market DFM closed Thursday 0.59% lower at 1,869.56 points.
Over the week, the DFM lost half a percentage point. Emaar slipped 042% to Dhs4.74, Arabtec closed down one percent to Dhs2.95. Al Salam Sudan gained the most, closing up 3.17% at Dhs1.95. DFM shares ended off 0.82% to Dhs1.21. Earlier in the day, the DFM said the market capitalization increased at the end of Jan. by 11.9% month-on-month amounting to Dhs203.6bn.
Arab Banking Corp. president and ceo to retire in July
February 7, 2013--The Bahrain All-Share Index closed off 0.10% at 1,088.08 Thursday.
Shares of Arab Banking Corp., known as ABC, finished trading unchanged at $0.37. Earlier in the day, the lender said its president and chief executive Hassan Ali Juma will retire in July and will hand over to his day-to-day management responsibilities to his deputy Dr. Khaled Kawan at the AGM end of March. Juma has been serving ABC as president and ceo since April 2008. In a statement to the Bahrain Bourse, Juma thanked the board of directors and all shareholders and stakeholders for their support during his tenure.
Saudi Arabia's eXtra reports higher net profit
February 6, 2013--The Tadawul All-Share Index slipped 0.14% to 6,982.89 points.
Sabic lost another fell by a percentage point, the fourth day-loss in a row. United Electronic Company, known as eXtra, dived 3.18% to SR106.50. After the market closed, the IT and consumer electronics retailer said it earned in 2012 a net profit of SR158.6 m, representing an increase of 20.1 % compared to 2011. The surge in profits was mainly driven by the increase in all categories sales, the same stores positive growth, coupled with the increase in the number of the stores from 24 to 29, said eXtra. The company expects growth around of 20% in sales and profits in 2013. For the last month, eXtra shares have been trading in a narrow range between SR105 and SR112.
Egypt rating hinges on elections: Fitch
February 6, 2013--Fitch has said Egypt's credit rating could be further downgraded if the country does not manage to hold parliamentary elections that are accepted by most political factions, Reuters has reported.
Last week, the ratings agency cut Egypt to 'B' from 'B-plus', taking it deep into 'junk' territory, and warned it might cut further. "For us the key event is the parliamentary elections," said Paul Gamble, director and Fitch's primary analyst on Egypt, noting there was no "proper guidance" on the timing of the elections. "An inconclusive or contentious election programme will extend political uncertainty. While there is some tolerance of Egypt's rating level for such political risk, it's not unlimited," Gamble said.
