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Kuwait Stock Exchange index rises on bullish W-formation
January 31, 2013--The KSE Market Index added 0.06% Thursday, closing at 6,245.11.
The market measure surged 5.23 percent since Jan. 1 2013. The sharp rise in oil prices, triggered by reports of an alleged Israeli aerial attack on a convoy in the Syrian-Lebanese border, gave Kuwait another push as Kuwait generates 95% of its state revenues from oil exports. Oil prices (DME Oman crude) surged 1.21% to reach $110.35. Zain Telecom closed flat at KD0.830. Earlier in the day, Zain said in a statement to the KSA it won at the Court of Cassation an appeal against a discrimination lawsuit filed by Sheikh Khalifa Ali al-Khalifa al-Sabah, a member of the Gulf state's royal Al-Sabah family. The dispute goes back to April 2011, when the ruling family accused Zain of having favored some members of its board of directors. The KSE also said that investment bank shares of Global Investment House will be de-listed from the market on June 19 this year. Global shares had been suspended in Dec. 2011 after the investment bank founded and chaired by Ms. Maha Al-Ghunaim, failed to return to profits in the wake of the financial crisis.
ADCB adds slightly, reports lower FY net profit
January 31, 2013--The Abu Dhabi market ended the month on a high note, as the ADXGI closed 0.92% higher at 2,877.36 points.
Since Jan. 1, the gauge gained 9.352%. Abu Dhabi Commercial Bank or ADCB advanced 0.12% to hit Dhs3.55. In 2012, the lender has earned a net profit of Dhs2.810bn, compared to Dhs3.045bn in 2011. The bank's income statement revealed a 32% decline in income from Islamic financing and a slight increase in operating expenses.
Dubai market gains 16.06% in January
January 31, 2013--The DFM General Index advanced for the 6th consecutive day Thursday, closing 0.72% higher at 1,887.59.
Arabtec Construction was the most liquid share (up 5.71% at Dhs2.96), while Emaar slipped 0.20% to Dhs4.87. After the market closed trading ahead of the weekend, Emaar said its net income in 2012 reached Dhs2.119bn ($577m), an 18 percent increase over 2011. Emirates NBD closed unchanged at Dhs3.80, however, the share already outperformed the market index as the UAE' first lender gained 34 percent in Jan. Earlier in the day, ENBD said the net profit in 2012 was up 3% to reach Dhs2.6 billion. Excluding the Dhs1.8 billion non-recurring gain on subsidiaries reported in 2011, the year-on-year surge in net income is a whopping 281%. The DFMGI gained 16% YTD. If the old traders' slogan "As January goes, so goes the year", the Dubai bourse's prospects might be bright for 2013.
Bahrain's Al Salam Bank rallies as profits skyrocket
January 31, 2013--The Manama-based Bahrain All-Share Index closed flat at 1,085.14 Thursday.
Year-to-date, the gauge added 1.83%. Shares of Islamic financial institution Al-Salam Bank Bahrain jumped 2.44% to hit BD0.084. Earlier in the day, Al Salam reported that its net profit in 2012 surged 20-fold year-on-year, amounting to BD10.38m. Earnings per share reached BD6.9 over BD0.2 in 2011. The published income statement revealed that total operating income nearly doubled to BD23m, fueled by gains on sale of investment and sukuk. Al Salam Bank Bahrain, whose shares are also listed on the Dubai Financial Market, advanced 127% in the last 12 months.
Egypt rating cut by Fitch on unrest
January 30, 2013--Fitch Ratings has downgraded Egypt's debt, citing political violence and budget strains, as the country's bonds fell the most since president Mohamed Mursi was elected in June, Bloomberg has reported.
Egypt's "fiscal position has worsened" and "serious divisions have opened within society, contributing to sporadic outbursts of violence," Fitch said. It lowered the rating by one step to 'B,' five below investment grade.
Zain KSA soars on extension of $2.4bn Murabaha facility
January 30, 2013--The Saudi Arabian Tadawul All-Share Index closed 0.22% higher at 7,043.55 Wednesday.
Shares of Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, jumped 6.13% to SR8.65. Earlier in the day, Zain KSA said in relation to its announcement on Dec. 19 2012 that it had extended the maturity date of its syndicated Murabaha facility of approximately SR9bn ($2.4bn) to Jan. 30, the company announced that the syndicate of financiers under the Murabaha facility has unanimously consented to a further extension of the maturity date of the Murabaha Facility to Feb. 27 2013. Under the Islamic financing scheme Murabaha, a bank or a group of creditors buy an asset for the client and resells it to him at a higher price which he has to pay off in annuities over a fixed, pre-agreed period of time in order to circumvent interest payments which are prohibited under Shar'iah.
Kingdom Holding soars on Shar'iah board formation
January 29, 2013--The Saudi Stock Exchange closed 0.10% higher at 7,027.81 points Tuesday.
The shares of Kingdom Holding Co., the investment vehicle of Saudi billionaire Prince Al Waleed Bin Talal gained two percent to reach SR19.65. Earlier in the day, Kingdom Holding said the board of directors has approved for the formation of the Shari'ah Committee that will be headed by Sheikh Abdullah Sulaiman Al Manee'a, Advisor to the Royal Court and Senior Ulama Board and Ifta Member. The Shar'iah Committee consists of the following Islamic law scholars: Sheikh Abdullah Sulaiman Al Manee'a (Chairman), Sheikh Mohamed Ali Elgari (Member), Sheikh Ali Abdulaziz AlNashwan (Member), Dr. Abdulah Salim AlGhamdi (Secretary General). The Shar'iah Committee was established to study the gradual conversion of future sources for loans for the company to be Shar'iah compliant, said the investment firm.
BBK gains, confirms news on Arcapita $20m loan
January 29, 2013--The Bahrain All-Share Index rose by 0.58% Tuesday, closing at 1,085.61 points.
The Bank of Bahrain and Kuwait, known and branded as BBK, gained one percent, finishing at BD0.040. Earlier in the day, BBK confirmed news published on Jan. 20 by Al Wasat newspaper that that Abdulkarim Bucheeri, CEO expected the lender will retain 100pct or part of the $20m loan, which the Bahrain-based and inddebted Arcapita secured. Bucheeri added that BBK cannot speculate whether or not Arcapita might resume operations. On March 19, Islamic investment manager Arcapita filed for bankruptcy protection nder Chapter 11 in the U. S. after it failed to reach an agreement with creditors to restructure $1.1bn worth of debt. At this time, Arcapita had $7bn assets under management.
Ma'aden declines, shuts down phosphate plant for maintenance
January 28, 2013--Trading remained muted at the Saudi Stock Exchange for the second day, which lost insignificantly Monday to close at 7,021.58 points, albeit bellwether share SABIC gained for the third consecutive day (up 0.27% at SR93.75).
Saudi Arabian Mining Company or Ma'aden fell 1.16% to SR34. Ma'aden said in a statement to the Saudi bourse at its subsidiary Ma'aden Phosphate company will shut down its Dammonium Phosphate (DAP) plant located in Ras Al Khair city for maintenance. "The shutdown is due to seasonal lower demand for DAP," said Ma'aden.
DP World gains ahead of 2012 volumes report
January 28, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 2048.83 today, up 0.31%, from the previous close.
Shares of global maritime port operator DP World advanced 0.38% to reach $13.05. DP World Group Chief Executive Officer Mohammed Sharaf will present tomorrow Tuesday the company's annual throughput of the year 2012 to the public.
