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Taqa expands North Sea operations
November 28, 2012--The Abu Dhabi equity market measure ADX General Index closed 0.13% higher at 2,646.92 points, supported by banks and developers.
Eshraq Properties posted the largest advance, closing 5.13% higher at Dhs0.42. Abu Dhabi National Energy Co. or Taqa closed unchanged at Dhs1.30. Earlier in the day, Taqa said it bought from BP assets in the North Sea worth $1.058bn. Taqa estimates that the acquisition will increase it net production by 21k barrels of oil equivalent per day. Since Jan. 1, Taqa gained 8.3% in value amid volatile trading.
Kuwait market dips as investors book profits
November 28, 2012--After rising over two percent in the last week, the KSE Market Index fell a quarter percentage point, closing at 5,935.89 points Wednesday.
Banks, techs and oil and gas firms lost in particular. DME Oman Crude oil fell $1.50 to $107.58 after Asian shares slipped on growth concerns. Kuwait's fiscal budget relies 90% on oil revenues.
Saudi exchange finishes volatile week with a small happy-end
November 28, 2012--The Tadawul All-Share Index rose 1.09% to reach 6,533.14 points as Sabic stabilised at SR87.25 (up 0.30%).
Earlier in the day, Sabic published its first sustainability report. Saudi Arabian Mining Co. or Ma'aden gained 0.65%, finishing at SR32.20. After the close of trading, Ma'aden said its affiliate, Sahara & Maaden Petrochemicals Company (SAMAPCO), has signed a Sharia complaint financing agreements for a total amount of SR1.98bn ($528.2m). The agreements were signed with three Saudi banks: The Saudi British Bank, Banque Saudi Fransi and Riyad Bank, to provide the financing for the development of SAMAPCOs Ethylene Dichloride and Caustic Soda petrochemical project located in Jubail Industrial City.
Kuwait market dips as investors book profits
November 28, 2012--After rising over two percent in the last week, the KSE Market Index fell a quarter percentage point, closing at 5,935.89 points Wednesday.
Banks, techs and oil and gas firms lost in particular. DME Oman Crude oil fell $1.50 to $107.58 after Asian shares slipped on growth concerns. Kuwait's fiscal budget relies 90% on oil revenues.
UAE considering full foreign ownership of 'some' businesses
November 27, 2012--The Abu Dhabi Department of Economic Development (ADDED) has said the UAE government is reviewing a draft commercial law allowing full foreign ownership of some companies, Bloomberg has reported.
“We recognise the importance of the foreign companies to have 100% ownership, but within specific rules and conditions,” said Mohamed Omar Abdulla, undersecretary of ADDED. The current commercial law allows foreigners to own a maximum of 49% of companies registered outside of free zones. Corporations that are eligible would “have to be within the industries that have certain priorities within the economy, like petrochemicals, communications, logistics, aerospace, financial, and others,” he said.
Tadawul market falls to 11-month low on Sabic, Ma'aden
November 27, 2012--The Riyadh-based gauge Tasi closed Tuesday trading 1.20% lower at 6,462.46 points.
Sabic fell back to SR87, while the advance-decline ratio ended in the bearish area, at 15 to 132. Shares of Saudi Arabian Mining Co. or Ma'aden dived 2.21% to SR31. Earlier in the day, Ma'aden said on the halt of the contractor assigned by the Saline Water Conversion Corporation (SWCC) for the implementation of the electricity plant project at Ras Al Khair at the Arabian GUlf coast, north of Jubail that "The project halt may cause shortage in the supply of electricity required by the Ma'aden Aluminum Company (MAC) at Ras Al Khair. The company added that it has taken prior action to minimize the impact of the contractors halt on the timely implementation of the project by agreeing to supply electricity with the Saudi Electricity Company (SEC, off 0.38% at SR13.05). "Ma'aden, SEC and SWCC have been continuous coordinating relevant action steps. The impact on the project will lead to a slowdown in scheduled ramp up to reach the designed capacity of the aluminum smelter," the statement said.
Banking stocks push Bahrain Bourse up
November 27, 2012--The Manama-based Bahrain All-Share Index surged 0.71% Tuesday to close at 1,048.32 points.
Ahli United Bank surged 3.74% to reach $0.55. Inovest jumped 5.71%, finishing at $0.185.
Dubai, Abu Dhabi markets move in opposite direction
November 26, 2012--The Dubai Financial Market (DFM) index rose by almost one-third of a per cent on Sunday led by a surge in real estate major Emaar
and construction company Arabtec's shares after it was announced a new mega-city named Mohammad Bin Rashid City would be built in Dubai focused on the emirate’s key growth sectors which include retail, tourism and exhibitions.
TASE Launches Weekly Options on the TA-25 Index
November 26, 2012--At its meeting on Thursday, November 15, 2012, the Tel Aviv Stock Exchange (TASE) Board of Directors approved in principle a proposal to launch weekly options and futures on the TA-25 index.
The terms of weekly options will be identical to those of monthly options, with the exception that their lifetime is only one week. The weekly options launched by TASE will be cash-settled European options with a contract multiplier of 100. The reference exercise price will be the Opening TA-25 index price set each Thursday.
Kuwait market flirts with 6,000 points, again
November 26, 2012--The KSE Market Index advanced 0.42%, finishing Monday trading at 5,903.24.
The gauge failed to crack the resistance level at 6,000 points the last time in mid-October when it fulfilled a shoulder-head-shoulder formation. Telecom firms and developers lifted the gauge, as Kuwait Real Estate Holding posted the largest gain (up 26% at KD0.036). Earlier in the day, Kuwait's Global Investment House, whose shares were suspended a year ago, said it received green light from the majority of creditors for its plans to restructure 1.73 billion U. S. dollars of debt it piled up since the outbreak of the Great Recession in 2008.
