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Oil, Aldar and First Gulf Bank lift Abu Dhabi market
September 27, 2012--As the price of the "black gold" recovered on Beijing move to stimulate the domestic money market, the ADX General Index gained 0.22%, finishing at 2,602.97 points.
Aldar Properties added 0.80% to hit Dhs1.26. The sheikhdom's first developer unsuccessfully tried to attack the barrier at Dhs1.40 this week, the old 2012-high it reached on March 14. Abu Dhabi Islamic ended off 0.31%, while First Gulf Bank advanced 0.40% on speculations the UAE's fourth largest lender plans a benchmark bond issue, Gulf News reported. Some 42m stocks were traded, valued at Dhs89.5m.
Planned Islamic banking merger pulls Bahrain Bourse up
September 27, 2012--The Bahrain All-Share Index gained 0.34% to reach 1,083.37 points.
While Islamic investment bank Ithmaar closed even, Bahrain Bank of Kuwait surged 3.72% to hit BD0.39. Earlier in the day, the Daily Tribune has reported that the central bank of Bahrain has confirmed the merger of three Bahraini Islamic lenders - Capivest, Elaf Bank and Capital Management House (CMH) - into a $400m asset base and $350m shareholder equity entity will get underway before the year-end. The process would proceed as per regulatory and legal requirements, once the 90-day holding period is over, during which objections to the proposal may be raised, said executive director of banking supervision at the central bank, Khalid Hamad. The apex lender and the industry and commerce ministry would ratify the decision of the three banks' shareholders in June, he added.
Abu Dhabi economy to expand by 3.9%
September 25, 2012--Abu Dhabi's Department of Economic Development has said the emirate's economy is expected to grow by 3.9% in 2012, revising an earlier forecast for growth, AFP has reported.
The department announced the figure in its "Economic Horizons of Abu Dhabi 2012-2016" which also foresaw an increased pace of growth of 5.7% annually between 2013 and 2016. It also predicted growth of 5.5% this year in the non-oil sector of the emirate. "Nonoil sectors will drive the growth in the future," said the department's undersecretary, Mohammad Abdullah.
Saudi GDP grew 31% in 2011
September 25, 2012--The Saudi General Statistics Department has said the kingdom's gross domestic product exceeded SR2.2trn in 2011, registering
a growth rate of 31% in current prices, Arab News has reported. “During the same year, the private sector GDP grew by 14.7%,” the department said in its report released. Nonoil exports rose 31% to SR176bn, which accounted for 8% of the GDP, the report added.
Egyptian central bank "happy" with currency's value
September 25, 2012--Egypt's central bank has said it was satisfied with the Egyptian pound's value and that it would defend the currency against speculators, Reuters has reported.
"We're very comfortable with the exchange rate right now. We think that more or less reflects what the market thinks about the Egyptian pound," deputy governor Nidal Assar, told a business conference. "We are ready to interfere whenever we see inappropriate actions or attacks toward the Egyptian pound," he said. "When we see that the currency has an attack from such speculators, we do interfere, and we don't allow it." [AMEInfo.com]
Sabic falls for the 6th consecutive trading session
September 24, 2012--The long weekend thanks to Saudi Arabia's national day on Sept. 23 could not trigger new buying spirit at the Saudi Stock Exchange Monday as the market's lead index Tasi fell one percent to close at 6,960.65 points.
News that Greece's amount of sovereign debt was much higher than reported earlier in the year triggered speculations that the Eurozone's largest countries German and France might lose their patience with Athens soon. In Riyadh, Saudi Basic Industries, the largest GCC firm by market capitalisation (according to MEED), was down 1.64% to end at SR90.00. Market breadth reflected ongoing uncertainty as 27 shares advanced while 199 securities declined.
Kuwait banking shares storm upwards
September 24, 2012--The KSE Market Index posted the highest gain in the GCC Monday, closing 0.60% higher at 5,927.75.
National Bank of Kuwait, Gulf Bank of Kuwait and Islamic finance giant Kuwait Finance House gained 2%, 5% and 4.1%, respectively. Islamic insurer First Takaful Insurance Company lost the most (off 7.60%). Commercial Bank of Kuwait or CBK finished Monday trading unchanged. Earlier in the day, CBK said shareholders have approved a plan to liquidate the lender's investment unit, Reuters has reported. The liquidation of Commercial Investment Co "will not have any negative impact on the financial position of the bank," the bank said without giving further details. The Kuwait market is the only gauge in the region which bucked the downtrend which kicked off last Thursday amid negative input from Asia and Europe. Since January 1 2012 the KSE measure added 1.95%.
Aluminium Bahrain helps Bahrain bourse to buck regional downtrend
September 23, 2012--The Bahrain All-Share Index ended Sunday trading 0.25% higher at 1,085.56 points.
Aluminium Bahrain was the only gaining stock (up 5.42% at BD0.525). Islamic financial institution Ithmaar Bank (off 5.71%) and Bank of Bahrain and Kuwait or BBK (down 2.10%).
DP World dips, firm expands Jebel Ali port capacity by 4 million TEU
September 23, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1728.63 today, down 1.21%, from the previous close.
After hitting a six-month high last week, Dubai Ports (DP) World declined 1.34% to $11.05 Sunday. Earlier in the day, DP World said it signed with TOA-SoletancheBachy JV an agreement for the construction of the infrastructure to expand capacity at the flagship port by 4 million TEU (twenty-foot equivalent unit). "Terminal 3 will be one of the finest modern marine terminals in the world with a quay length of 1,860 metres, a draft of 17 metres, and a 70 hectare storage yard. When operations commence at the new terminal in 2014 total capacity at Jebel Ali will reach 19 million TEU," DPW said in an e-mailed statement.
Bahrain Bourse advances, bucks choppy global markets
September 20, 2012--Despite negative input from China, where a survey indicated a further decline in maufacturing activity this month, the Bahrain All-Share Index gained 0.70%, closing at 1,082.82 points Thursday.
Like in the days before, banks led the advance. Earlier in the day, Bahrain's housing minister Bassem Al Hamer has announced plans to build thousands of housing units over the next five years, at a total cost of BD2.1bn, funded by the GCC 'Marshall Plan,' Gulf Daily News has reported. Under the five-year strategy, 47,000 units will be built, along with 10,000 others, through alternative housing programmes in partnership with the private sector. The government will allocate 46% of the GCC financial lifeline to fund housing projects, in a bid to bring the waiting period under five years by 2012.
