Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Gulf Pharmaceutical Industries posts slightly higher nine-month profit
October 18, 2012--The Abu Dhabi market measure ADX General index fell 0.13% to 2,652 Thursday.
Shares of Gulf Pharmaceutical Industries or Julphar from the emirate of Ras al-Khaima, closed even at Dhs3.01. While Julphar's third quarter profit stagnated, its nine-month profit climbed to Dhs153.3m, up from Dhs143.9m. Like at the Dubai market, turnover was low at the ADX on Thursday.
Positive foreign trade figures from July push Dubai market higher
October 18, 2012--The DFM General Index closed 0.66% higher at 1,654.42 points amid dull trading activity.
Earlier in the day, the Dubai statistics center revealed that the sheikhdom's non-oil trade soared to Dhs99bn in July. The UAE posted a 10.5% growth in trade during the first half-year of 2012. Telecom provider Du gained the most (up 2.75% at Dhs3.74). Commercial Bank of Dubai or CBD, the 9th largest lender in the UAE, fell 1.70% to Dhs2.95. Earlier in the day, CBD revealed a net profit for the third quarter of Dhs254m, which means the Q3 result stagnated year-on-year. The nine-month profit fell to Dhs739.5m, down from Dhs777.2m. Emaar gained 1.36% to hit Dhs3.73.
Bahrain market index remains GCC's trouble child
October 18, 2012--The Manama-based Baharain All-Share Index slipped 0.16% Thursday, finishing a dull week of trading at 1,066.84.
Bahrain Telecommunications or Batelco gained half a percentage point, while Islamic bank Ithmaar closed even. But losses at lenders Salam Bank (4.44% lower) and Ahli United Bank (off 0.93%) weighed on the gauge. Year-to-date, the Bahraini gauge dived 6.72%, the worst performance among all GGC markets.
Sabic shares bounce back as quarter-on-quarter net profit rises
October 17, 2012--Saudi Basic Industries Corporation or Sabic, world's largest producer of petrochemicals, closed at 1.41% higher at SR90 Wednesday.
Earlier in the day, Sabic said its net income for the quarter ended September 30 was SR6.31bn compared to the net income of SR8.19bn for the same quarter in 2011, representing a decrease of 23%, and compared to the net income of SR5.30bn in the previous quarter, representing an increase of 19%. Commenting on the results, Riyadh-listed Sabic said in a statement to the Tadawul bourse "The increase in net income of the quarter ended September 30, 2012 compared to the previous quarter is driven by increased production volume due to improvement in operational efficiencies. In addition, other income includes income from the polycarbonate technology licensed by Sabic Innovative Plastics to the Tianjin project, which is equally owned by Sabic and China Petroleum and Chemical Corporation."
Transaction Dynamics: DGCX EURO
September 17, 2012--DGCX in its commitment to its end users recognizes the need of the region to have a safe, liquid and dependable platform to trade, invest and hedge
in the major currencies. The journey starts with a renewed focus on the
EURO-USD contract.
DGCX EURO-USD contract has seen the emergence of large institutional and retail participation, making it one of the biggest EURO liquidity
pool in the region.
Consistent "Bid-O!er" volumes ranging from a value of USD 1 million to 7 million are quoted on the contract. Fine spreads, with three levels of depth, offer participants a plethora of opportunities to trade.
Zain KSA plummets as net loss increases in Q3
October 16, 2012--The Tadawul All-Share Index recovered further from its two-month low it hit Saturday and closed Tuesday trading 0.40% higher at 6,749.
Sabic rebounded for the second day, ending up half a percentage point to hit SR88.75. Mobile Telecommunications Company, known as Zain KSA, lost 4.40%, finishing at SR8.70. Earlier in the day Zain KSA said its Q3 net loss widened to SR493m, up from SR484 in Q3 2011. Commenting o on its interim financial results for the third quarter ending 30 September 2012 (nine months period), Zain KSA said this is to clarify that the 2% increase in net loss of the Company during the 3rd quarter of 2012 as compared to the same quarter of last year was due to the decrease in revenues resulting primarily from the price regulation imposed following the excessive price competition for international calls (that contributed to the revenue growth in the corresponding period of the last year). "The net loss during the 3rd quarter of 2012 increased by 25% as compared to the previous quarter mainly due to the increase in marketing and distribution costs during this quarter, including the Holy month of Ramadan and Eid Al Fitr Holiday," Zain KSA added in a statement to the Tadawul market.
Qatar market consolidates above 8,500 points
October 16, 2012--The Qatar Exchange Index added 0.40% to reach 8,558.12 Tuesday.
Qatar Insurance surged 2.50% to hit QR69.70. Earlier in the day, the insurer said its interim financial statements revealed a net profit of QR415.2m for the nine months period ended September 30, 2012 in comparison to a net profit of QR459.2m for the corresponding period last year.
Abu Dhabi developers know the way up, Aldar hits 7-month high
October 16, 2012--The ADX General Index continued to recover Tuesday, closing 0.13% higher at 2,647.31 points.
Real estate giants Aldar and Sorouh were the most liquid shares. Both firms, which are progressing in their merger talks, gained 2.36% and 1.50%, respectively. RAK Bank lost the most (off 3.33%). Invest Bank closed flat at Dhs1.60. Earlier in the day, Invest Bank said it generated in the third quarter a net profit of Dhs256m, up 3% year-on-year.
DFM shares hit six-month high on 'bullish flag'-formation
October 16, 2012--The DFM General Index closed 0.64% higher at 1,646.03 points Tuesday as global markets rebounded on expectation of earnings reports from market heavyweights in East and West.
In Dubai, Emaar was the most liquid share (up 0.54%). DFM, the only Arab market being listed, closed 0.93% higher at Dhs1.09. From a chart-technical point of view, DFM is on the way to complete a 'bullish flag'. End of last month the research of HSBC cut DFM to 'underweight', after trading turnover dropped significantly in Q3. However, with the start of the fourth quarter, trading turnover bounced back at the DFM.
Saudi Stock Exchange regains territory on tailwinds from abroad
October 15, 2012--The Tadawul All-Share Index advanced amid good input from Europe and the U. S. Monday, closing 0.92% higher at 6,723.21 points.
Sabic added slightly (up 0.30% at SR88.25). Saudi Steel Pipe Company added 0.41% to reach SR24.30. Earlier in the day, Saudi Steel Pipe said its net income for the third quarter decreased to SR8.92m which is 5.1% lower than the same period last year of SR9.40m and has decreased by 28.0% compared to second quarter 2012 of SR12.38m. Net profit for the first nine months of 2012 decreased to SR39.62m which is 23.4% lower than same period last year of SR51.75m. The firm said in an e-mailed statement "The reason for the decreased in net income for the third quarter and first nine months of 2012 compared to the same periods of last year mainly due to increase in raw material price, decreased in average selling price because of very tough market price competition particularly on the export market, and increase of transportation and shipping costs."
