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Dana Gas soars on sukuk deal rumors
September 20, 2012--The ADX General Index closed off 0.05% at 2,616.15 Thursdau.
Shares of Sharjah-based Dana Gas were most active by volume, closing 2.33% higher at Dhs0.44. Earlier in the day, The National reported that Dana Gas's largest shareholder Crescent Petroleum, which owns 20% in the firm, expressed optimism that a deal on a $1bn sukuk which is due next month can be reached with the investors. [AMEInfo.com]
Global Islamic finance set to double by 2015, says Standard and Poor's
September 20, 2012--Global Islamic Finance is set to double in size between 2011 and 2015 with the sector increasingly viewed as a real alternative to conventional finance, according to Standard & Poor's (S&P).
The global prospects for the Islamic Finance industry will be the subject of a conference to be hosted by S&P in Dubai on 25 September, 2012.
Kuwait market consolidates near 5,900
September 20, 2012--The KSE Market Index fell 0.10% to 5,879.82 points amid worries over China's weak survey on the manufacturing sector.
The gauge consolidated in the green on a year-to-date basis (up 1.13%). National Bank of Kuwait or NBK advanced oner percent to reach KD0.970, almost the same level like on January 1 this year. Commercial Bank of Kuwait dived 2.90% to KD0.680. Earlier in the day, Kuwait's finance minister, Nayef al-Hajraf has said the Gulf country would not cut down on spending as a result of a plan to invest a greater percentage of its revenues in the Future Generations Fund, Kuna has reported.
Saudi Arabia steps in to lower oil prices
September 20, 2012--Saudi Arabia is acting to lower oil prices, as the majority of Opec producers wanted oil prices around $100 per barrel, Reuters has reported,
citing a senior Gulf source. "We would like to see the price coming down and we are working to bring it down," said the source. "The price now, we believe is high, and it's not supported by fundamentals at all. It's just speculation and geopolitics."
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Tadawul market breaks the ranks despite bullish presettings from Asia
September 19, 2012--The Tadawul All-Share Index closed 0.68% lower at 7,057 Wednesday, despite the positive input from Japan's central bank which followed the Fed's easing policy.
The gauge's fall was bright as 17 shares advanced, while 123 declined. Oil prices fell for the second day after Saudi Arabia said it would increase domestic production as the recent surge of the "black gold" was not justified. Sabic fell the fourth day straight, closing off one percent at SR92.50. Gulf Union Cooperative Insurance Company declined 1.13% to SR26.20. Earlieri in the day, the insurer said that it has received temporary approval for six months from the Saudi Arabian Monetary Agencys to sell and market twenty one Insurance products.
Kuwait bourse gains the third day straight on bank advances
September 19, 2012--The KSE Market Index closed 0.84% higher at 5,883.12 points Wednesday.
Commercial Bank of Kuwait or CBK soared 4.5% to hit KD0.900. Gulf Investment House, as the most liquid share, added 1.54% to close at KD0.033. Islamic bank Boubyan failed to join the rally and slipped 1.63% to KD0.600. Earlier in the day, Kuwait Times reported that Kuwait plans to more than double the portion of state revenues it puts into its Future Generations Fund. [AMEInfo.com]
National Bank of Umm al-Qaiwain jumps 10 percent in value
September 18, 2012--The ADX General Index fell half a percentage point to 2,611.62 points.
Etisalat slipped 0.10% to Dhs9.69. Shares of National Bank of Umm al-Qaiwain or NBQ posted the largest advance, closing 10% higher at Dhs1.76. Earlier in the day, Global Investment House, known as Global, from Kuwait said that the Court of Cassation of Dubai on its hearing held Tuesday, in relation to the Dubai Court of Appeal ruling issued on May 21 2012 in Global's favour to recover the company's $250m deposit, decided to revert the case back to the Dubai Court of Appeal. The underlying dispute between the two lenders goes back to the year 2008, when NBQ received a deposit of $250m from Global for the purpose of a capital raising. However, the capital never happened because the financial crisis hit Global on the wrong foot and the Kuwaiti investment bank had to restructure its debt.
Aluminum Bahrain weighs on Bahrain Bourse
September 18, 2012--The Bahrain All-Share Index ended off 0.05% to close at 1,075.55 points.
Sharres of Aluminum Bahrain declined 0.40% to BD0.488. Ahli United Bank and Islamic financial institution Ithmaar closed unchanged. No other share posted sufficient trading volume in Manama Tuesday.
Qtel gains, announces management changes at Indonesian subsidiary
September 18, 2012--In line with the sluggish global trend Tuesday, the Doha-based QE 20 Index slipped 0.34% to 8,586.68.
Shares of Qatar Telecom or Qtel added 0.30% to reach QR107.80. Earlier in the day, Qtel announced the following management changes at Qtel Group company, PT Indosat Tbk following an Extraordinary General Meeting held today at Indosat’s offices in Jakarta. Mr. Harry Sasongko Tirtotjondro is to be replaced as President Director and CEO by Mr. Alexander Rusli on 1 November 2012.
National Bank of Umm al-Qaiwain jumps 10 percent
September 18, 2012--The ADX General Index fell half a percentage point to 2,611.62 points.
Etisalat slipped 0.10% to Dhs9.69. Shares of National Bank of Umm al-Qaiwain or NBQ posted the largest advance, closing 10% higher at Dhs1.76. Earlier in the day, Global Investment House, known as Global, from Kuwait said that the Court of Cassation of Dubai on its hearing held Tuesday, in relation to the Dubai Court of Appeal ruling issued on May 21 2012 in Global's favour to recover the company's $250m deposit, decided to revert the case back to the Dubai Court of Appeal. The underlying dispute between the two lenders goes back to the year 2008, when NBQ received a deposit of $250m from Global for the purpose of a capital raising. However, the capital never happened because the financial crisis hit Global on the wrong foot and the Kuwaiti investment bank had to restructure its debt.
