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Saudi Stock Exchange closes at 4-month high
January 9, 2013--The Saudi Arabian equity index Tasi gained the third day straight Wednesday, closing 1.04% higher at 7,126.71 points.
The gauge rose amid a general bullish sentiment at global markets after U. S. aluminum giant Alcoa started the earnings season with better than expected results. Market bellwether SABIC hit likewise a 4-month high, ending 2.16% higher at SR94.75. Insurers performed overall weaker. Amana Cooperative Insurance Co. dived limit down to SR99.50.
Qatari banks, industrials lift stock market
January 9, 2013--The QE 20 Index bounced back 0.44%, finishing at 8,693.89 points.
The country's first lender Qatar National Bank added half a percentage point, Qatar Islamic surged 0.66% while Commercial Bank of Qatar, the second largest lender, closed 1.22% higher. Market bellwether Industries Qatar added 0.30%. Earlier in the day, AFP has reported that Qatar has signed eight accords with Algeria, including one for the construction of a steel plant. The two Opec countries, both major producers and exporters of natural gas, also signed a memorandum of understanding for the production and marketing of fertiliser.
Al Salam Bank Bahrain hits 2.5-year high on Emirates Airline aircraft lease
January 9, 2013--The Bahrain All-Share Index closed Wednesday unchanged at 1,065.31.
Islamic bank Al Salam Bank Bahrain jumped 8.86% to reach BD0.086, the highest level since June 2010. Earlier in the day, Al Salam said it acquired equity stake in two brand new B777-300ER planes on long term lease to Emirates Airline. The planes have been delivered to Emirates Airlines in June and November 2012. The bank had previously acquired in 2007 a Boeing 777-200ER on lease to the Malaysian Airlines. Emirates Airline, the Dubai-based state-owned carrier ordered at the last Dubai Airshow in Nov. 2011 50 planes of that type, worth $18 billion. It was the largest order by value in Boeing's history.
Oil price surge boosts Kuwait market
January 8, 2013--The KSE Market Index advanced 0.35 percent Tuesday, closing at 6,043.01 points.
Shares gained across the board. Oil prices (DME Oman Crude) added $0.43 to reach $107.21 amid improved prospects for the world economy. The state of Kuwait relies by 95% on oil revenues. Islamic financial institution Boubyan Bank gained 1.5%. Telecommunications company Zain closed unchanged. Earlier in the day, Zain said it launched the "Zain Great Idea" competition and Entrepreneurship Program seeking innovative business ideas, as part of the organization's Corporate Social Responsibility (CSR) program which has the mission to support the national entrepreneurial endeavors of the youth.
Saudi economic outlook lifts market, Dar Al Arkan disappoints
January 8, 2013--The Tadawul All-Share Index added 0.55% Tuesday to reach 7,053.29 points amid higher trading volumes than on Monday.
Jadwa Investment's Senior Economist Fahad Alturki said in his Tuesday published economic outlook for KSA: "We expect another year of solid economic performance in 2013." Alturki added that "we expect economic growth to fall to 4.2% in 2013, down from 6.8% in 2012." This decline is because oil production is forecast to drop after a 5.5% rise in 2012, whilst Growth in the nonoil economy will be 5.8%, he said. Sabic gained 0.82% to hit SR92.75. Dar Alarkan Real Estate Development Company as the most liquid share dived 6.08% to close at SR8.50. Earlier in the day, the developer said annual net profits in 2012 fell 9.1% year-on-year, amounting to SR988.5m. Dar Al Arkan's Q4 net income halved to SR144m.
Kuwait bourse bucks regional index retreats
January 7, 2013--Contrary to losses at equity indices in Dubai, Abu Dhabi, Bahrain and Oman, the KSE Market Index closed Monday trading 0.13% higher at 6,021.96.
The country's largest Islamic bank Kuwait Finance House or KFH declined 1.17% to KD0.840. Al Safat Real Estate Co. gained the most (up 10.64%), while Metal and Recycling Co. (MRE) posted the largest decline, ending down 8.33%.
Advanced Petrochemical gains on solid Q4 profit
January 7, 2013--The Saudi market measure Tasi added 0.15% Monday, closing at 7,014.90.
Advanced Petrochemical Co. gained 0.37% to finish at SR27.40. Earlier in the day, Advanced Petrochem said its estimated net profit during Q4 2012 reached SR117m, representing an increase of 29.1% year-on-year due to higher sales and an increase in product prices. Compared to Q3 2012, the increase of was 16.7%. However, the firm's full year net profit in 2012 fell 36% to SR512.8m. Advanced Petrochem said the reasons for the decrease in FY net income are mainly due to decline in product prices and decrease in sales which was due to the turnaround during Q2 2012.
Aluminium Bahrain falls despite production record
January 7, 2013--The Bahrain All-Share Index erased since the beginning of the year its advances form the last week of Dec. 2012.
On Monday, the gauge slipped 0.86% to 1,054.99 points. Aluminium Bahrain or Alba plummeted 2.40% to BD0.41. Earlier in the day, Alba said it reached a production record in 2012 with 890,217 metric tonnes delivered, up from 881,310 mtpa achieved in 2011. The amount produced last year represented its highest metal production in its 41-year history.
DFM invites experts to counsel on its "Standard for Issuing, Acquiring and Trading Sukuk", slated for discussion and issuance in March 2013
Consultation period of 8 weeks aims to devise the most possible comprehensive standard
January 6, 2013--Dubai Financial Market (DFM) today launched the draft of its "Standard for Issuing, Acquiring, Trading Sukuk" on its website, www.dfm.ae.
The exchange invited various Islamic Finance professionals to counsel and feedback on the first of its kind comprehensive standard. The consultation period will be concluded on February 28th 2013, ahead of a hearing session to be held early March 2013 and eventually issuing the standard later in the same month.
The Standard thoroughly explains various types of Sukuk such as; Sukuk of ownership of tangible assets, Sukuk of usufructs, Sukuk of lease of services, Mudaraba, Musharaka and Salam Sukuk, in addition to the general Shari’a principles that govern issuance, owning and trading Sukuk, and identifying the forbidden financial instruments including; bonds, stocks of companies whose primary activity is prohibited and financial derivatives.
Qatar Exchange to launch QE Al Rayan Islamic Index
January 3, 2013--The Qatar Exchange 20 Index gained Thursday 1.42% to close at 8,569.13 points as shares advanced across the board.
Earlier in the day, the bourse said in an e-mailed statement it will launch on Jan. 7 together with Islamic bank Masraf Al Rayan (up 1.95% at QR26.10) the QE Al Rayan Islamic index. The new gauge is based on QE listed stocks of minimum free float size and liquidity that are Shari’a compliant according to Al Rayan's Shari'ah Supervisory Board. The index is total return based, reflecting dividend reinvestment and has been calculated back to January 2007. Since inception, the index has provided over 148% return and has returned over 14% in 2012. During the same period last year, the conventional QE 20 Index lost 5.87%.
