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Kingdom Holding Company shares soar, hit five-year high
August 29, 2012--The Tadawul All-Share Index added a tiny 0.02% to hit 7,139.01 points, ending flat for the second day straight.
Shares of Kingdom Holding Co. or KHC, the investment vehicle and company portfolio of H. H. Saudi Prince Al Waleed Bin Talal, jumped 9.84% to hit SR13.40, the highest valutation since August 2008. A week ago, KHC reported a net income for the second quarter was SR178.9m compared to the net income of SR163.5m for the same quarter in 2011, representing an increase of 9.4%, and compared to the net income for the last quarter of SR100.8m, representing an increase of 77.5%. KHC said "The increase in net income for the second quarter is due to an increase in income from investments, an increase in dividends received, and a reversal of impairment loss, despite the slight decrease in income from investments and international hotel companies as a result of current events in the Middle East."
DP World shares gain on half-year results
August 29, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1665.41, uo 0.66%, from the previous close.
DP World gained 1.10% to hit $10.31. Earlier in the day, the world's third largest port operator said in the first six months the net profit attributable to owners of the company was $247m, up 0.4% year-on-year. Revenues climbed 1.8% to reach $1.529bn.
Abu Dhabi blue chips, market index finish flat
August 29, 2012--The ADX General Index closed up 0.03% at 2,574.80 points Wednesday. Telecom
giant Etisalat, Aldar Properties and First Gulf Bank closed likewise unchanged. Some 27m shares were traded, valued at Dhs52.1m.
Kuwait's Agility lures new contract from UK Ministry of Defence
August 29, 2012--The KSE Market Index gained for the third day straight, closing up half a percentage point at 5,866.64 points.
Shares of logistics firm Agility closed unchanged at KD0.420. Earlier in the day, the firm said the UK Ministry of Defence has awarded Agility's subsidiary its subsidiary Agility Defence and Government Services UK a 27-month contract worth an estimated 15 million U. S. dollars in revenues to handle non-military equipment used by UK forces in Afghanistan. Work is scheduled to begin in September at Camp Bastion in Afghanistan's Helmand Province.
Dubai bourse bounces back on real estate shares advances
August 29, 2012--The DFM General Index gained 0.66% to reach 1,555.66 points due to positive input form Asian markets which gained on Wednesday ahead of Fed chief Ben Bernanke's long awaited speech at the central bankers' meeting in Jackson Hole.
Emaar Properties added1.21% to reach Dhs3.34. Bank Emirates NBD advanced 1.33%, ending at Dhs3.04. Investment bank Shuaa Capital lost the most (off 3.37% at Dhs0.62). Trading volumes fel by half as 80m shares worth Dhs92m.
Aldrees Petroleum soars on joint venture with ENOC
August 28, 2012--The Saudi stock market closed flat at 7,137.81 points Tuesday.
Market bellwether Sabic, the world's largest petrochemicals producer, closed likewise unchanged at SR92.50. Shares of Aldrees Petroleum & Transport Services Co. surged 4.21% to hit SR37.10. Earlier in the day, Aldrees and Emirates National Oil Company (ENOC) said they entered into a joint venture in order to set up a common network of 40 jointly operated petrol stations throughout Saudi Arabia. Both firms invest together SR45m. Aldrees already operates 450 petrol filling stations in the kingdom. ENOC, owned by the Dubai government, will bring in its experience in running retail businesses such as convenience stores and repair garages adjacent to the petrol stations.
DP World shares remain stuck at $10.20
August 28, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1654.51 Tuesday, off 1.45% from the previous close.
The gauge tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. Shares of global maritime port operator DP World ended even for the second day straight, at $10.20. DP World will publish half-year financial results on August 29. On August 1 DP World said container volumes handles at its ports rose 7.5% in the first six months of 2012.
Qatar Islamic Bank adds slightly on $50m Murabaha for Turkey's Is REIT
August 28, 2012--The Qatar Exchange 20 Index fell 0.17% to 8,483.59 points Tuesday.
While most financial shares declined, Qatar Islamic Bank, known as QIB, bucked the trend, ending up 0.13% at QR78. Earlier in the day, QIB said its subsidiary Q.Invest acted as Sole Book runner in a $50m Murabaha facility and Structuring Advisor to Is REIT Company,a Turkish Real Estate Investment Trust engaged in the investment and development of real estate projects in Turkey. QIB was the initial mandated lead arranger and is also acting as the Investment Agent with Barwa Bank, First Gulf Bank and Mashreq Bank, taking the Mandate Lead Arranger roles. Is REIT is listed at the Istanbul Stock Exchange and has a market capitalization of $431m as of 26 August 2012. The company is 42% owned by the public, 42.2% by Is bank and 15.8% by other shareholders.
Developers tear Abu Dhabi bourse down
August 28, 2012--The ADX General Index declined 0.60% to 2,574.11 Tuesday.
Like in Dubai, real estate shares remained under pressure. Aldar Properties and Sorouh lost 2.44% and 0.93%, respectively. Emirates Telecommunications Corporation or Etisalat, which published its corporate governance report earlier in the day, bucked the general downtrend, closing 0.32% higher.
Emaar falls to three-week low
August 28, 2012--The Dubai Financial Market General Index (off 0.86% at 1,546.40) corrected further Tuesday on rising trading volumes.
Among the 18 declining securities, real estate bellwether Emaar Properties ended off 1.50% at Dhs3.30, while Islamic developer Deyaar dived 3.60% to 0.351. Eight shares gained, among them Islamic banks Ajman Bank and Dubai Islamic Bank (both up one percent). Some 164m shares were traded, valued at Dhs171.6m.
