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Tadawul bourse to resume trading Saturday
November 1, 2012--The Riyadh-based Saudi Stock Exchange, known as Tadawul, will resume trading on Saturday,
November 3, following Eid-ul-Adha holidays. Year-to-date, the Tadawul benchmark measure Tasi gained 5.82%.
Qatar market rebounds on Citigroup's growth comments
November 1, 2012--The QE Index in Doha gained 0.70% to reach 8,603.62 Thursday.
Shares of Qatar's largest lender Qatar National Bank or QNB closed even at QR133.90. But market heavyweight Industries Qatar hit a 22-month high at QR154.60 (up 1.71%). On Wednesday, Citigroup said overall economic growth in Qatar slowed sharply in the second quarter of 2012 to just 4.9% year-on-year, compared with 21% for the same period last year. "However, the overall growth figures are somewhat misleading, in that they are skewed by the expected plateau in Qatari gas production (overall oil and gas growth was just 0.7%). The non-oil economy performed considerably better, growing by 8.5% in Q2 YoY, compared with 5.9% for the same period last year. The construction sector was the main driver of growth, though the transport sector and manufacturing also saw strong gains."
Dana Gas regains value on sukuk statement
November 1, 2012--The Abu Dhabi market measure ADXGI added insignificantly, closing 0.04% higher at 2,673.44 points.
Shares of Sharjah-based Dana Gas jumped 2.44% to reach Dhs.042. A day after the pay-day for a Dhs3.37bn ($919m) sukuk passed Dana Gas said in a statement that its 9-month profit increased 37% year-on-year. In addition, Dana said on the sukuk has not paid the principal amount of $920m due on 31 October 2012 and the accrued profit amount of $18.75m due on 30 October 2012 as they are the subject of the discussions (with sukuk holders to amend and extend the Islamic bond). Until this date, the Company has consistently honoured its payment obligations. To date, $356m has been paid to Sukuk holders over the last 5 years." Payment delays in Egypt and in Kurdistan, where Dana Gas runs projects, have forced the firm to delay the Islamic bond's settlement. However, Dana said "The Egyptian Government in particular made significant efforts to address the backlog of payments due to Dana Gas PJSC. In the meantime, operations continue as normal and unabated."
Emaar, DFM shares lift Dubai market
November 1, 2012--The DFM General Index added 0.22% to reach 1,623.20 points.
Emaar Properties gained 1.1.40% to reach Dhs3.66. Shares of the DFM, which is the only publicly traded Arab exchange, bounced back by 2% to hit Dhs1.03. Investment bank Shuaa Capital and Islamic financial institution fell 2.70% and 3.70% amid negative news from Western banks like UBS, which started a new round of lay-offs. Trading turnover remained dull, as 93m shares worth Dhs90.8m changed hands.
Fitch says protests threaten Kuwait's AA rating
October 31, 2012--Fitch Ratings has warned Kuwait that a further escalation of political protests could put the Gulf country's 'AA' sovereign credit rating under pressure for a downgrade despite the nation's strong balance sheet, Reuters has reported.
Recent popular protests over a change in the election law decreed by the ruling emir "suggests a radicalisation of the political scene," the rating agency said. "Prolonged political stalemate could also undermine Kuwait's rating through its impact on the economy," Fitch said. The rating has a ‘Stable’ outlook.
Bahrain Bourse resumes trading, falls by 0.21%
October 31, 2012--On the first trading day after Eid holidays, the Manama-based Bahrain All-Share Index closed 0.21% lower at 1,057.91 points Wednesday.
The Bank of Bahrain and Kuwait or BBK gained 3.16% to hit BD0.392, representing a one-month high. Ahli United Bank or AUB fell by 0.93%, finishing at $0.53. Earlier in the day, AUB said it will prolonge ist service and administration partnership with Ahli Bank Oman for another 5 years.
Bahrain Bourse resumes trading, falls by 0.21%
October 31, 2012--On the first trading day after Eid holidays, the Manama-based Bahrain All-Share Index closed 0.21% lower at 1,057.91 points Wednesday.
The Bank of Bahrain and Kuwait or BBK gained 3.16% to hit BD0.392, representing a one-month high. Ahli United Bank or AUB fell by 0.93%, finishing at $0.53. Earlier in the day, AUB said it will prolonge ist service and administration partnership with Ahli Bank Oman for another 5 years.
DP World shares soar on firm's nine-month volume growth
October 30, 2012--NASDAQ Dubai-quoted shares of Dubai Ports (DP) World gained 2.10% to reach $11.85 Tuesday.
Earlier in the day, the global maritime port operator said that gross container volumes grew 4.5% in the first nine months of the year "driven by strong growth across the Americas, Asia Pacific, Middle East and UAE region." However, in Q3 DP World handled 14.2 million TEU (twenty-foot equivalent units) across its portfolio of container terminals which was 1% lower than the same period last year "reflecting the divestment of three joint venture terminals and a decline in volumes in the Europe, Middle East and Africa region. Like for like gross container volume growth in the third quarter was 0.5%," the firm said in a statement. Group Chief Executive Mohammed Sharaf said that "The third quarter of the year has seen a slowdown in container volume growth with some of our regions reporting a small decline in volumes reflecting the challenging macroeconomic environment. Despite this, our volume growth for the first nine months of the year reflects good growth over the prior period and whilst there remains uncertainty within the macro economy, we continue to believe we will achieve EBITDA in line with expectations."
Kuwait bourse bounces back, remains in year-to-date red
October 24, 2012--Despite negative market day performances in Asia and Europe, the KSE Market Index closed 1.10% to hit 5,770.34 Wednesday.
Islamic bank Boubyan added slightly to reach KD0.630. Wethaq Takaful Insurance Co. posted the largest advance (up 16%). Year-to-date, the KSE Market declined 0.75%.
Tadawul market regains territory ahead of Eid holidays
October 24, 2012--The Tadawul All-Share Index almost completely erased the losses it suffered over the week and closed Wednesday trading 0.91% higher at 6,791.04.
The Riyadh-rebound was mainly driven by financial shares and the construction-related securities. The Tadawul rebound happened although oil prices dived further. U. S. crude lost seven percent in the last four weeks on disappointing quarterly results at market heavyweights in Asia, Europe and the U. S. In Riyadh, shares of AXA fell 1.60% to close at SR43.70. Earlier in the day, AXA said "the net loss before Zakat and tax for the third quarter is 1,871 thousand riyals compared to a net loss before zakat and tax of 344 thousand riyals for the same quarter of the previous year a increase of 443.9% and compared to a net profit before zakat and tax of 12,894 thousand riyals for the previous quarter. The net profit after zakat and tax for the third quarter ended September, 2012 is 20 thousand riyals compared to a net profit after zakat and tax of 115 thousand riyals for the same quarter of the previous period a decline of 82.6% and compared to net profit after zakat and tax of 9,054 thousand riyals for the previous quarter, a decrease of 99.8%."
