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Kuwait market gains for the 5th session straight
December 12, 2012--The KSE Market Index added 9.23 points Wednesday to reach 5,923.3 points.
The tiny increase was mostly driven by consumer goods and basic materials. Gulf Bank of Kuwait gained 1.20%, while the country's largest lender by assets slipped 1.02% to KD0.970. Kuwait named a new government with no major changes following the parliamentary elections from Dec. 2, with the result that the Shia opposition won 17 out of the 50 seats in the National Assembly. Mustafa Al-Shamali was re-named Minister of Finance after he resigned in May this year on allegations of being involved in corruption cases.
Upward trend intact at Saudi bourse
December 12, 2012--The Riyadh-based Tadawul All-Share ended up 0.10% to hit 6,769.96.
SABIC gained 0.30%, ending at SR90.75. Earlier in the day, OPEC ministers decided at their meeting in Vienna to keep output quota even at 30 million barrels per day, sending oil prices 0.30% to reach $104.71 (DME Oman crude). Saudi Arabia pressed oil production down to the lowest level in 12 months in order to compensate pressure on prices from the U. S. which continues to step domestic oil production. Earlier in the day, Angus Blair, president of Signet Institute, a think-tank dedicated to the MENA region, said at the Euromoney Qatar summit in Doha that the GCC shall not worry about the U. S.'s alleged way to oil-independence which the International Energy Agency expects to happen by 2020. "Demand from the emerging markets in East Asia and Africa will continue to rise and both regions have no real alternative than importing oil from the Middle East" said Blair.
Upward trend intact at Saudi bourse
December 12, 2012--The Riyadh-based Tadawul All-Share ended up 0.10% to hit 6,769.96.
SABIC gained 0.30%, ending at SR90.75. Earlier in the day, OPEC ministers decided at their meeting in Vienna to keep output quota even at 30 million barrels per day, sending oil prices 0.30% to reach $104.71 (DME Oman crude). Saudi Arabia pressed oil production down to the lowest level in 12 months in order to compensate pressure on prices from the U. S. which continues to step domestic oil production. Earlier in the day, Angus Blair, president of Signet Institute, a think-tank dedicated to the MENA region, said at the Euromoney Qatar summit in Doha that the GCC shall not worry about the U. S.'s alleged way to oil-independence which the International Energy Agency expects to happen by 2020. "Demand from the emerging markets in East Asia and Africa will continue to rise and both regions have no real alternative than importing oil from the Middle East" said Blair.
Saudi Arabia's Abdullah A. M. Al-Khodari Sons lures new contract
December 11, 2012--The Riyadh-based Tadawul All-Share Index ended up 0.31% at 6,736.12 points Tuesday, defying the ongoing oil price decline (off $0.28 at $104.32 (DME Oman crude).
SABIC, the world's number one in petrochemical production, closed unchanged at SR90.50. Shares of construction and maintenance company Abdullah A. M. Al-Khodari Sons advanced 1.16% to reach SR26.20. Earlier in the day, the firm announced signing of a contract with the Ministry of Municipal & Rural Affairs for city cleaning and waste collection in Jeddah (Area 6) within a period of 60 Months from the date of site handing over. The contract is valued at SR239.784m.
Composition of TASE Equity Indices as of December 16th, 2012
December 10, 2012--As of December 16th, 2012 the composition of the equity indices will be updated
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Tadawul year-end rally halted
December 10, 2012--The Tadawul All-Share Index ended a three-day gaining streak Monday, closing off 0.61 at 6,741.93 as market breadth turned deeply into the red.
SABIC slipped 0.55% to SR90.50. Wafa Insurance Saudi Indian Company for Co-operative Insurance, also known as WAFA Insurance, posted the largest gain, ending up 9.80% at SR61.75.
Egypt inflation retreats to 4.1%
December 10, 2012--According to data released by the Egyptian government, the country's annual inflation has dropped to 4.1% in November, its lowest level since March 2006, mainly due to a significant slowdown in the growth rate of food prices, Ahram has reported.
Prices of food and drink, which have the highest weight in the consumer price index, grew 5.3% in comparison to November 2011 but dropped a sharp 2.7% below October 2012's figures.
Batelco gains as partnership with Omantel bears new fruit
December 10, 2012--The Manama-based Bahrain All-Share Index added 0.15% to reach 1,045.27 Monday.
Bahrain Telecom or Batelco edged 0.50% higher, closing at BD0.404. On Saturday, Batelco said it launch of MPLS IP VPN interconnectivity on the basis of its ongoing partnership with Omantel. With end-to-end MPLS VPN services, Bahrain and Oman-based businesses are able to establish secure inter-office connectivity between both locations.
Industrials, consumers lift Kuwait market
December 9, 2012--The KSE Market Index closed half a percentage point higher at 5,907.21 Sunday.
Equipment Holding gained the most, closing 8.93% higher at KD0.122. Kuwait Cable Vision fell the most, ending off 7% at KD0.0265.
DP World falls the third day straight
December 6, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1793.41 Thursday, down 0.18%.
DP World was the only share traded and fell for the third consecutive trading session, finishing off 0.8% at $12.15.
