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Profit booking continues at Saudi Stock Exchange
December 25, 2012--After a whopping "home-run" which lifted the Tadawul market measure by 7% in December, investors continued to cash in profits Tuesday, sending the Tasi index down 0.24% to 6,864.65 points.
Market heavyweight SABIC fell 0.55%, closing at a three-week low at SR90.50. Shares of Saudi Enaya Cooperative Insurance Company fell 1.50% to SR49.50. Earlier in the day, the Islamic insurance firm said the Saudi Arabian Monetary Agency approved the appointment of Sulaiman Mahmoud Hilal as acting CEO the appointment of a new CEO for the company. On Dec. 19, former CEO Gianin Zogg resigned for "personal reasons".
DP World regain ground on London Gateway report
December 25, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.66% lower at 1791.53 Tuesday.
The gauge measures the performance of 20 liquid stocks listed on Dubai's local bourse DFM, the Abu Dhabi market ADX and the NASDAQ Dubai. The sharp fall of Dubai Ports (DP) World shares was halted today as the world's third largest maritime port company edged up by 0.61% to close at $11.50. The Abu Dhabi-daily The National reported today that DP World's construction of the London Gateway Port was progressing and that operations at the port shall kick off by "late next year". Shares of interior design firm Depa Ltd. surged 6%, finishing at $0.35.
Muscat bourse index quarrels with 2012 break-even level
December 25, 2012--The Omani market measure MSM-30 failed to break through the 5,700-level whch it briefly touched two days ago, closing off 0.13% at 5,676.13 points Tuesday, mostly due to losses among financials.
As the end of 2012 looms, the gauge's chances to end with a positive annual performance diminish. Since Jan. 1 the MSM30-Index declined by 0.33%. United Finance (down 1.31%) and Bank Muscat (0.36% lower) weighed on the gauge. Oman Oil bucked the trend, finishing 2.75% higher.
"Fiscal cliff" deadline, oil send Abu Dhabi shares lower
December 25, 2012--The ADX General Index fell 0.36% to 2,628.67 points Tuesday.
Only 32m shares were traded, valued at Dhs49m. As the deadline to avoid the U. S. "fall over the fiscal cliff" nears, a package of austerity measures which would come into effect if government and opposition will not reach an agreement over a new U. S. federal budget, investors preferred to stay on the sidelines. Consequently, oil prices (DME Oman crude) slipped by $0.77 to $105.63. Market heavyweight Etisalat fell slightly, closing at Dhs9.01. Islamic insurance firm Methaq Takaful gained one percent to reach Dhs1.02.
CBQ starts talks to buy Turkey's Alternatifbank
December 25, 2012--The Doha-based QE 20 Index fell the third day straight Tuesday, closing at 8,381.15.
The country's second lender Commercial Bank of Qatar (CBQ) ended flat at QR71. Earlier in the day, CBQ said it entered into negotiations with Anadolu Endüstri Holding A.S. for the acquisition of a majority stake in Alternatif Bank A.S., a publicly listed entity on the Istanbul Stock Exchange with its registered head office in Istanbul, Turkey. Qatari banks are on an expansion spree as the gas-rich Gulf state aims to become a regional financial hub in the Middle East. On Dec. 14, Qatar's first lender QNB bought from French lender Société Générale the entire 77.17 percent stake in National Société Générale Bank – Egypt for $2.558bn. Qatar's Islamic bank Masraf Al-Rayan has expressed interest in buying Islamic Bank of Britain (IBB) and to expand within the GCC. The deadline for the takeover of IBB, whose majority is owned by Qatar International Islamic Bank, was recently extended to Jan. Qatar First Investment Bank plans to list its shares to the public in early 2013.
Al Salam Bank Bahrain hits limit-up at sluggish Dubai market
December 25, 2012--While most Western exchanged remained closed Tuesday on the occasion of Christmas holidays, the Dubai market index DFMGI fell 0.90% to 1,594.12 points.
Investors booked profits at Ajman Bank, which lost 0.74% as the most liquid shareto close at Dhs1.34, and at Emaar (down 1.33% at Dhs3.70). Some 115m shares worth Dhs131.5m changed hands. Shuaa Capital ended 1.40% higher at Dhs0.507. Islamic financial institution Al Salam Bank Bahrain jumped 15% to hit Dhs0.517, representing a 9-month high. Investors on the Dubai market floor said the share price's rise came "out of nothing" as no new information was available on the Bahraini bank today. In Q3 this year, Salam Bank Bahrain generated a net profit of BD6.8m, up from BD1.35m 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.
S&P cuts Egypt rating on political strife
December 24, 2012--Standard & Poors' cut Egypt's long-term credit rating on Monday and said another cut was possible if political turbulence worsened, undermining the country's ability to make hard choices on public finances.
The agency reduced Egypt's long-term sovereign rating to 'B-' from 'B', but left its short-term rating at 'B' for both foreign- and local-currency debt.
Saudi Kayan Petrochemical rises on MoU with Petrokemya
December 24, 2012--The Saudi equity market measure Tasi declined 0.13% to 6,881.16 points Monday.
Shares of Saudi Kayan Petrochemical Company rose 0.40% to SR12.85. Earlier in the day, Saudi Kayan said it has signed an MoU on Sunday, 23 Dec. 2012 with Arabian Petrochemical Company Petrokemya by which the parties have agreed that the both sides each will own a 50% interest in the Ultra High Molecular Weight Polyethylene (UHMWPE) plant. It will be constructed at Saudi Kayan complex in Al-Jubail (...) with a design capacity capable of producing 35,000 metric tons per year, said Saudi Kayan. Both parties will share all the associated costs for the project.
Doha Bank and Bank of the Philippine Islands strike remittances deal
December 24, 2012--In Doha, the QE 20 Index fell 0.39% to 8,390.32 points. Doha Bank bucked the trend by gaining 0.20%, finishing at QR51.
Earlier in the day, Doha Bank said it entered into an agreement with Bank of the Philippine Islands (BPI), the third largest private sector bank in Philippines, for remittance of funds to the South-East Asian country. The signing ceremony held at Doha Bank's iconic Head Office Tower at West Bay. The agreement was signed by Doha Bank CEO R. Seetharaman and Raul D. Dimayuga, Senior Vice President of BPI Philippines. The deal enables expat workers from the Philippines to do online transfer of money in Filipino Pesos from Qatar, the UAE and Kuwait to their home country. Nationals from the Philippines are one of the largest groups of expats in the GCC. According to the World Bank, remittance flows to the developing world are expected to reach $406bn in 2012, up 6.5% year-on-year. Remittances to South Asia are expected to hit $109bn this year, a 12.5% year-on-year increase. Besides its home market Qatar, Doha Bank runs branches in Dubai and it recently opened a branch in Abu Dhabi. On the global map, the lender is present in the UK, Japan and Singapore.
Oil price decline weighs on Kuwait market
December 24, 2012--The KSE Market Index fell for the third consecutive day, closing off 0.10% at 5,958.75 points.
Oil prices (DME Oman Crude) declined 0.72% Monday as fears that the U. S. might fall over the "fiscal clipp" weigh on the global economic outlook. Commercial Bank of Kuwait or CBK was the most active stock by volume, gaining 1.50% to reach KD0.680.
