Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Kuwait market index knocks at 6,000 points.
December 18, 2012--The KSE Market Index gained the third day straight Tuesday, closing half a percentage point higher at 5,985.44 points.
The gauge improved its year-to-date performance from negative to plus 2.95% since the parliamentary elections were held on Dec. 1. Earlier in the day, AFP has reported that Kuwait's provisional budget surplus has surged 43% to KD14.7bn ($52.2bn) in the first seven months of the fiscal year, boosted by oil income. The figure compares with a KD7.3bn ($26bn) deficit projected in the budget for 2012-2013, which began on April 1. The surplus stood at $36.5bn in the same period last fiscal year. In the 2011-2012 fiscal year that ended on March 31, the Gulf country posted a record budget surplus of $47bn on the back of an all-time high income of $107.5bn. Oil income makes up about 95% of public revenues.
Bahrain Bourse resumes trading, advances slightly
December 18, 2012-- Following the closure of the stock market on the occasion of Bahrain's National Day, the Bahrain All-Share Index gained 0.24% to reach 1,048.73.
Islamic financial institution Ithmaar Bank posted the largest advance, closing 6.25% higher at $0.17. National Bank of Bahrain or NBB declined 0.95% to BD0.52.
Dallah Healthcare delivers strong listing debut in Riyadh
December 17, 2012--The Saudi Arabian Tadawul All-Share Index gained the fifth session straight Monday, closing up 0.30% at 6,870.98, the highest level since Nov. 11.
Shares of Dallah Healthcare Holding Co. were traded for the first time. Dallah closed at SR57.50, or 51.31% above the opening price. The offering prices stood at SR38 whilst the offered amount reached SR539.6m as 14.2m shares had been offered. Riyadh-based Dallah Health is engaged in the operation, management and maintenance of facilities and health centers, in addition to wholesale and retail trade in medical and surgical tools and equipments, artificial limbs, as well as equipment for the disabled and hospitals, according to the firm's website. Market bellwether share SABIC added 0.27%, finishing at SR92.50. Amana Insurance lost the most, closing off 10% at SR171.25.
Muscat market continues to trade sideways
December 17, 2012--The Omani MSM30-Index closed 0.15% higher at 5,644.59 Monday, as the gauge was mainly lifted by financials.
Since Dec. 6, the market measure has been trading in a range between 5,625 to 5,650. Bank Sohar (up 1.80%) and Bank Dhofar (3% higher) were among the most liquid shares. Islamic financial institution Bank Nizwa failed to join the upswing, falling by 0.94%. Oman is expected to introduce an Islamic finance regulatory framework in Q1 2013. The Sultanate of Oman legalized Islamic finance in May 2011 as the last GCC state.
Masraf Al-Rayan dips as deadline for IBB takeover nears
December 17, 2012--A day ahead of Qatar's National Day, the QE 20 Index closed Monday trading 0.18% higher at 8,350.74.
While Commercial Bank of Qatar (up 0.85%) and Qatar Islamic Bank or QIB (0.80% higher) supported the gauge, Islamic bank Masraf Al-Rayan declined 0.20% to QR26. Earlier in the day, Islamic Bank of Britain (IBB), majority-owned by Qatar International Islamic Bank, has said a deadline for a Qatari bank to decide on a proposed takeover offer had been extended to January, Reuters has reported. The UK's only Shari'ah-compliant retail lender has been in discussions since June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank. A deadline for Masraf to announce a firm intention to make an offer for IBB lapsed on December 10 and has now been extended to January 7. Masraf Al-Rayan also plans to expand within the GCC, a person familiar with the matter told AMEinfo.com. The Qatar Exchange will remain closed Tuesday, Dec. 18, on the occasion of the country's National Day. Trading will resume Wednesday.
Qatar National Bank rises on SocGen deal in Egypt
December 13, 2012--The Qatar Exchange 20 index fell 0.18% to 8,331.14 Thursday as the banking index was the sole segment which added value.
Qatar National Bank or QNB, with 19.90% the QE's heaviest share in relation to market capitalisation, gained 0.92% to hit QR131.40. QNB said Wednesday it entered into a definitve agreement with French lender Société Générale to acquire its entire stake of 77.17% in National Société Générale Bank (NSGB) - Egypt, the second largest private bank in the North African state. NSGB has a network of 160 branches across the country and total assets of EGP63.3 billion as of Sept. 30. (c.US$10.4 billion). The offer for 100% of the share capital of NSGB amounts to $2.558bn, QNB said in a statement to the bourse. The agreement is subject to regulatory approval. Qatar Telecom or Qtel slipped 1.37% to QR100.50. The country's first telecom provider attracted strong demand for a $1bn corporate bond with 10 years maturity. Order books already reached $11bn, The Peninsula reported.
Aluminum Bahrain extends production line
December 13, 2012--The Bahrain All-Share Index closed 0.03% lower at 1,046.26 Thursday.
Aluminum Bahrain or ALBA fell 1.75% to BD0.45. Earlier in the dau, ALBA said it awarded Bechtel Canada a Letter of Intent to perform a Bankable Feasibility Study for the Line 6 expansion project. The study will include the economic analysis for the construction of a new Line 6 and a Power Station 5. [AMEInfo.com]
Egypt's Stock Recovers Ahead of Constitution Referendum
December 13, 2012--Egypt's stocks recorded over 1.19 billion U.S. dollars of gains Wednesday as the benchmark EGX30 rose by 2.83 percent
and broader EGX70 by 3.99 percent, just a few days ahead of the country's constitutional referendum slated for Saturday.
Dubai market falls on Bernanke warnings
December 13, 2012--The DFM General Index fell for the third session straight Thursday, closing off 0.20% at 1,584.52 points, a three-week low.
While market bellwether Emaar regained 0.27% (closing at Dhs3.72), the UAE's second telecom operator Du extended its losses, ending off 1.71% at Dhs3.45 amid disappointment on the UAE ministry's revised royalty fees for both Du and its rival Etisalat. Warning by U. S. Federal Reserve chairman Ben S. Bernanke that the central bank's intention to buy treasury bills worth $45bn wil not cushion the effects of the "fiscal cliff" also weighed on euqity indices in East and West. The fiscal cliff is a brief description for the case that the Obama administration and GOP-dominated congress will fail to agree on law and spending changes before the end of 2012. This could lead to massive budget cuts, tax rate increases and austerity measures which would diminish chances for the U. S. economy to recover. Analysts say the worst-case scenario could even lead to a new global recession.
Etisalat bounces back, Aldar loses momentum
December 13, 2012--The Abu Dhabi stock market measure ADXGI gained 0.33% to reach 2,612.17 Thursday as bargain hunters sent ADX heavyweight Etisalat up 3.06% to hit Dhs9.05.
Etisalat shed over 12 percent i the last two days after the UAE ministry of financed revised royalty rates for both Etisalat and Du until 2016. Per the new scheme, Etisalat will have to pay 15% on revenues and 35% on net income between 2012 and 2015. The rates for the year 2016 are set ay 15% and 30% respectively for the year 2016. Abu Dhabi's largest developer Aldar Properties slipped 0.77% to Dhs1.29. Aldar shares have gained 54% year-to-date as the firm is currently on the way to seal the planned merger which they announced earlier in March this year.
