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Egyptian Exchange to list EGX 30 index futures on NYSE Liffe London
January 14, 2013--The Egyptian Exchange (EGX) has signed a license agreement with NYSE Liffe, the European derivatives business of NYSE Euronext, to list the EGX 30 index.
The agreement will enable NYSE Liffe to work with market participants to develop and launch a futures contract based on the EGX 30 index. "Futures contract on EGX 30 index will increase volumes on the underlying constituents of EGX 30 index, which will increase liquidity on EGX cash market," said EGP chairman, Dr Mohamed Omran. "Furthermore, it will introduce for the first time a beneficial hedging tool for investors to manage their risks."
Bahrain's Islamic banks push market index up
January 14, 2013--The Bahrain All-Share Index closed 0.10% higher at 1,072.82 points Monday, driven by Islamic investment bank Gulf Finance House (up 7.70%) and Islamic retail bank Ithmaar Bank (2.94% higher).
Bahrain Telecom or Batelco closed unchanged. Earlier in the day, Batelco said that its shareholders have voted to approve its acquisition of the various companies from Cable & Wireless Communications Plc (CWC) that comprise its Monaco and Islands Division. Shareholders also approved the issuance by the Company of debt instruments up to a value of $1bn as well as authorising and delegating the board of directors with all of the necessary authority in relation to determining the timing and conditions related to the issuance of any debt instruments and the steps required to issue them after obtaining the approval of the Central Bank of Bahrain. Earlier in the day, The National reported that Batelco plas to re-enter the Indian telecom market after it was forced to pull out from the subcontinent due to a corruption scandal triggered by India's former former telecom minister A Raja.
Saudi British Bank's Q4 net profit jumps 24.4%
January 14, 2013--The Saudi stock market Tadawul fell Monday by 0.38% to close at 7,087.83 points.
SABIC declined the third day straight, finishing at SR93.50 (off 0.27%). The earnings season continued with Saudi British Bank, known as SABB, whose share closed even at SR31.00. SABB reported a 24.4.% year-on-year increase in fourth quarter net profits, amounting to SR815m. The lender's net income during 12 months amounted to SR3.24bn against SR2.888b for the corresponding period of the previous year with an increase of 12.2%. SABB said in a statement to the Tadawul bourse the increase in net income during Q4 2012 was due to an increase in operating income and a decrease in operating expenses, while the same applied to the full-year net income increase.
Saudi Arabia moves to keep oil prices above $100
January 11, 2013--Saudi Arabia has cut oil production substantially,, moving to defend prices well above $100 a barrel and fend off a growing overhang in world oil supply, Reuters has reported.
The world's largest oil exporter produced 9.025 million bpd in December, down from 9.49 million bpd in November and 9.72 million in October and over 10 million bpd earlier in the year. Major customers of state oil company Saudi Aramco said the cuts were driven by lower demand. "It's nothing sinister. The call on Saudi Arabia's crude is much less and they are responding to that," said a major customer of state oil giant Saudi Aramco. "Whatever we ask for, we get - Aramco is not making the cuts."
40% growth in settlement window volumes on DME in 2012
January 10, 2013--United Arab Emirates: DME announced that average daily volumes (ADV) in the settlement window on the Exchange grew by 40% in 2012 reaching 1407 compared with 1003 in 2011.
November saw record levels of activity with a window AVD of 1,696 contracts and the Exchange's highest ever single day window volume on November, 15th at 2,545 contracts.
Lacklustre Bahrain bourse sheds 0.34%
January 10, 2013--The Manama-based Bahrain All-Share Index closed at 1,061.66 points Thursday.
Khaleej Commercial Bank gained the most (up 2.22%), while Islamic financial institution Al Salam Bank Bahrain fell on profit takings, closing down 9.30%. United Gulf Bank or UGB said in a statement to the Bahrain Bourse that its shares were delisted from the Kuwait Stock Exchange. UGB whose shares were no traded today will continue to be listed on the Bahrain Bourse.
Qatar's top lender soars, expands to China
January 10, 2013--The QE 20 Index added one percent to reach 8,781.70 Thursday amid a general bullish sentiment at global stock exchanges.
Qatar National Bank, known as QNB, gained 2.86% to hit QR140.40. Earlier in the day, the bank said it obtained the necessary approvals to open a representative office in China. This step is in line with QNB Group’s strategy to expand in selected countries, said the lender. "By entering the Chinese market, the number of countries in which the group operates will increase to 25 countries spread across the continents of Asia, Europe and Africa." QNB follows similar moves by the UAE's two largest banks Emirates NBD and National Bank of Abu Dhabi which opened representative offices in Beijing and Shanghai last year. Since the year 2000, exports from China to the GCC have increased more than seven-fold, while GCC exports to China have increased five-fold. The consulting group McKinsey and Company forecasts that trade flows between China and the Middle East will reach between $350bn and $500bn by 2020.
Dana Gas jumps after board approves annual budget
January 10, 2013--The ADX General Index advanced 0.42% to reach 2,728.27 points Thursday.
Shares of Dana Gas gained the most, ending up 4.08% at Dhs0.51. Earlier in the day, the Sharjah-based oil and gas company said its board of directors approved the annual budget for the year 2013. Dana Gas reached a restructuring agreement with creditors in mid-November in regards to a $920m Islamic bond it failed to settle upon maturity on Oct. 31 following payment delays from clients in Iraq's Kurdistan and in Egypt. Abu Dhabi National Energy Co. or Taqa closed 1.50% higher at Dhs1.36. Earlier in the day, Taqa said it bought 50% in a in the Lakefield wind project located in the U. S. federal state of Minnesota from a subsidiary of utility giant Électricité de France. The electricity is sold to Indianapolis Power and Light Company, a subsidiary of the AES Corporation, under a 20-year power purchase agreement. Under the terms of the agreement Électricité de France will continue to provide operation, maintenance and related services.
Dubai market shaves key resistance, Emaar slips
January 10, 2013--The DFM General Index gained 0.63% to reach 1756.22 points, breaking through the old resistance level from March 2012 and Oct. 2010.
Market bellwether Emaar Properties fell 0.24% to Dhs4.13. Earlier in the day, the DFM revealed that in 2012, the real estate and construction sector stood for 48% of the distribution of traded value at the market. Amid ongoing solid trading turnover, shares of the DFM, the only Arab market listed to the public, surged 3.60%, finishing at Dhs1.15. Some 566m shares were traded, valued at Dhs671.6m.
DP World extends gaining streak, hits 8-week high
January 9, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 1967.21 today, up 0.25%, from the previous close.
Althoigh DP World already gained 8.5% from since the New Year's start to Jan. 8, the global maritime port operator added another 0.80% Wednesday, ending at $12.79
