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Kuwait Stock Exchange gains two percent in 2012
December 31, 2013--The KSE Market Index declined 0.22% to 5,934.28 points.
The market measure failed to crack the resistance level at 6,000 points several times this year but ended 2012 with a tiny plus of two percent. The northern Gulf state's largest lender National Bank of Kuwait or NBK underperformed during the year by losing 4%, closing Dec. 31 at KD0.960. The IMF expects Kuwait's real economy growth to decline to 1.9% in 2013, down from an expected 6.3% this year.
ADX to implement "Call Auctions"
December 28, 2012--The Abu Dhabi Securities Exchange (ADX) has unveiled plans to implement a new trading mechanism from January 2, Gulf News has reported.
The new mechanism, known as “Call Auctions,” will be based on calculating the closing prices and its shift to a new Free Float Index, Abdullah Salem Al Naimi, manager of market surveillance at ADX, told the daily. The migration from the current system of Volume Weighted Average Price (VWAP) will help ADX operate more seamlessly with global systems, Al Naimi added. “There will be a pre-closing auction session from 1:50pm to 2pm. During this period, brokers will be allowed to enter orders of buy or sell into the automated system as well as change them but without executing them,” he said.
Egypt plans to increase bond sale target by 60%
December 28, 2012--The Egyptian finance ministry plans to sell about 60% more government bonds next quarter after political unrest prompted authorities to delay an International Monetary Fund (IMF) loan regarded as crucial to regaining investor confidence.
The plan marks a reversal of the government's strategy last quarter to cut long-term debt sales by 49% in expectation of a $4.8bn IMF loan deal. "Unless we see liquidity inflows from the central bank or foreign investors, local banks will have to carry the burden of the extra debt," Amr Seif, chief dealer at Piraeus Bank Egypt, told the news service.
Egypt Cancels Auction On T-Bills
December 28, 2012--Egypt canceled an auction on 182-day and 364-day treasury bills that was supposed to take place on Thursday.
The auction aimed at raising six billion pounds and it was the first debt sale after a rating cut at Standard & Poor's raised borrowing costs in the country.
FTSE NASDAQ Dubai UAE 20 index hits one-month high
December 27, 2012--The FTSE NASDAQ Dubai UAE 20 Index, which measures the performance of 20 liquid stocks listed on the Dubai market DFM, the Abu Dhabi Securities Exchange ADX and NASDAQ Dubai, gained 0.63% to reach 1,806.38 points Thursday.
It is the highest index-level since Nov. 29 this year. DP World gained 0.80%, finishing at $11.52. Since Oct. 1, the Shares of the world's third largest port operator have been trading in a range between $11.50 and the 2012-high at $13.
Aldar, FGB lift Abu Dhabi market,...again
December 27, 2012--The ADX General Index recovered a quarter percentage point Thursday, ending at 2.625.51 points.
As it happened many times during the last week, Aldar Properties (up 0.80%) and First Gulf Bank (1.80% higher) were the top gainers among the most actively traded shares. Rising oil prices surged for the second day straight. – Oil prices at the Dubai Mercantile Exchange (DME) gained 1.13 percent to reach $108.15 after the UAE's official news agency said that United Arab Emirates (UAE) and Saudi security jointly busted a terrorist whose members, Emirati and Saudi nationals, planned to launch terror attacks in the GCC.
DFM shares surge as market volumes rise
December 27, 2012--The DFM General Index closed near a three-week high at 1,610.84 points Thursday.
Shares of the DFM, the only Arab market publicly listed, closed 3.66% higher at Dhs3.66 as trading volumes continued to surge. Some 222.70m shares were traded, valued at Dhs186m. Shares of Shuaa Capital hit a limit-up at the opening but eventually closed with a gain of 2.06% at Dhs0.595. Ajman Bank was the most liquid share, consolidating over it 4-year hear at Dhs1.37 (up three percent). Emaar added half a percentage point to close at Dhs3.74. After hitting limit up in the last two days, Al Salam Bank Bahrain fell 9% on profit takings, finishing the week at Dhs0.54.
Bahrain Bourse to end on high in 2012
December 27, 2012--The Bahrain All-Share Index soared to a six-week high Thursday, closing up 1.16% at 1,063.92 points Thursday.
In one of the most active sessions this year, shares of Alumninum Bahrain jumped 9,95% to close at BD0.442. Islamic investment bank Gulf Finance House, known as GFH, ended flat at $00.12. GFH said on Wednesday, it will partially divest from Tunisia and India in order to increase its exposure in the GCC, The National reported. With today's gain, the Bahrain Bourse reduced its year-to-date loss to 6.97%.
SABIC, Dallah Healthcare push Tadawul market up
December 26, 2012--The Riyadh-based market measure Tasi ended a three-day losing streak Wednesday, closing unchanged at 6,866.71 points.
SABIC, which touched a three-week low yesterday, stabilised at SR90.75 (up 0.30%). Dallah Healthcare Holding Co. which did last out of 7 Saudi IPOs this year on Dec. 17, edged up by 1.50% to reach SR68. Riyad Bank fell 0.43% to SR23. Earlier in the day, the lender said it decided to recommend to the general assembly to distribute cash dividends for the second half of 2012 of SR975m at SR0.65 per share, after deduction of Zakat. "This brings the total distribution of dividends for the year 2012 to SR1.95b at SR 1.3 per share, represent 13% of the share nominal value," said Riyad Bank. Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, closed flat at SR7.95. Earlier in the Zain said the payment and the refund of the amounts in relation to the capital restructuring process approved by the EGM on 4/7/2012 will be conducted based on the following scheme: Refund of proceeds from the sale of the fractional proceeds resulting from the Company's capital reduction. The fractions of shares resulting from the Zain's capital reduction, which amounted to 221,519 shares in total, were accumulated in one portfolio and then sold at market price. The proceeds from such sale amounted to SR2.6m in total (which amounted to approximately SR12.02 per share, and payment was made to the shareholders who had a fractional entitlement to shares (to the extent that such shareholders had provided correct and up-to-date banking details for the receipt of such funds).
Al Salam Bank Bahrain lifts Manama market
December 26, 2012--The Bahrain All-Share Index gained 1.20% Wednesday, finishing at 1,051.71.
Islamic financial institution Al Salam Bank Bahrain surged 10% to close at BD0.055. Earlier in Oct. Salam Bank said it generated a net profit of BD6.8m for the third quarter, up from BD1.35m in the same period in 2011. Basic and diluted earnings per share reached BD4.6, up from BD0.9. Earlier in Feb. this year, Bahrain Islamic Bank called off merger talks with Al Salam Bank Bahrain which both sides entered in Aug. 2011.
