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Last-minute swing keeps Dubai market back to track
August 23, 2012--The DFM General Index gained 0.72% Thursday, closing at 1,587.42 points.
Shares of Islamic property firm Deyaar Development jumped 13.35% to hit Dhs0.399. Deyaar reported on August 15 that its second-quarter net profit has doubled to reach Dhs18.6m, compared with Dhs9.4m in the previous quarter. Islamic home financing company Tamweel (off 0.80% at Dhs1.24) and its major shareholder Dubai Islamic Bank (down one percent at Dhs1.96) failed to join the rebound. Some 126m shares were traded, valued at Dhs117.3m.
Alba, Batelco weigh on market index
August 23, 2012--The Bahrain Bourse declined 0.75% to 1,075.33 Thursday. Aluminium Bahrain or Alba dived four percent to close at BD0.48.
Bahrain Telecom, known as Batelco, lost 1.46% in value and ended at BD0.404. Year-to-date, the Baharain Bourse fell by six percent, representing the worst perforamce in the GCC in 2012 (as yet). Islamic bank Ithmaar bucked the trend and gained Thursday 7.14% to reach $0.145. [AMEInfo.com]
Abu Dhabi bourse hits to six-month high
August 23, 2012--The ADX General Index rose for the ninth consecutive trading session Thursday, closing a quarter percentage point higher at 2,955.34.
Abu Dhabi Commercial Bank or ADCB and telecom giant Etisalat fuelled the rise, gainig 0.30% and 0.42%, respectively. Real estate merger candidates Aldar Properties and Sorouh Real Estate closed even. Some 32.5m shares worth Dhs41.5m changed hands. []
Qatar Exchange knocks at 8,500 points
August 22, 2012--The QE 20 Index closed 0.10% higher at 8,495.34 points.
While most bank shares suffered losses, market leader Industries Qatar gained one percent to hit QR139. 17 shares gained and 17 fell in value, while 5 ended flat.
Kuwait Stock Exchange is back on track
August 22, 2012--The KSE Market Index posted the highest gain in the GCC Wednesday, closing up 0.80% at 5,765.44 points.
Investors Holding Group gained the most (up 11.43%). National Bank of Kuwait, the country's largest lender by assets and markect cap, ended even at KD1.000.
Oil price rally pushes Abu Dhabi market higher
August 22, 2012--The Abu Dhabi market index ADXGI gained 0.53% to hit 2,589.50 points Wednesday as DME Oman Crude Oil consolidated at a four-month high (up $0.06 at $112.08).
Market bellwether Etisalat hit Dhs9.50 (up 1.40%), the highest level since June 21. Abu Dhabi National Energy Co., known as Taqa, ended flat at Dhs1.29. National Takaful Co. or Watania dived four percent to close at Dhs0.95.
Dubai market misses positive post-Eid debut
August 22, 2012--On the first day of trading after Eid holidays, the DFM General Index slipped 0.30% to 1,576.15 points Wednesday.
The gauge opened higher but eventually the advance melted away due to losses at Emaar (down 0.90% at Dhs3.43), Du (off 0.60% at Dhs3.55) and Arabtec (1.05% lower at Dhs2.82). Real estate maintenance firm Drake and Scull International gained one percent to hit Dhs0.91. Around 108m shares were traded, valued at Dhs116.5m.
DP World stabilises in range between $10-$11
August 16, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1700.16 today, up half a percentage point from the previous close.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange ADX and NASDAQ Dubai. The gauge has been designed as a hedging and investment mechanism for GCC and international investors. Dubai Ports (DP) World, the third largest maritime port operator in the world, gained 0.90% to close at $10.24.
Qatar Telecom soars as full acquisition of Kuwait's Watanyia nears
August 16, 2012--The Qatar Exchange 20 Index in Doha gained 0.78% to hit 8,486.96 points Thursday.
The Gulf state's largest telco provider Qatar Telecom or Qtel jumped 3.32% to close at QR108.90. Earlier in the day, Qtel said it has received the approval from the Kuwait Capital Markets Authority of its offer document dated August 2012 enabling it to proceed with a mandatory tender offer, pursuant to Article 271 of the Executive Regulations to Law No. 7 of 2010 Establishing The Capital Markets Authorities And Regulating The Securities Activities, to acquire all the issued shares of National Mobile Telecommunications Company, known as Wataniya, not currently owned by Qtel or any of its wholly owned subsidiaries, at KD2.600 a share. An offer document has been sent to Wataniya Telecom to allow its Board to review the Offer and provide a recommendation to shareholders as required by the Capital Markets Law and its Executive Regulation. In 2007, Qatar Telecom took 51% in Wataniya. On June 26 2012, Qtel, owned by the State of Qatar, submitted a bid to acquire the remaining share for $1.9bn.
Etisalat rises to two-month high
Augsut 16, 2012--The ADX General Index posted the highest advance in the GCC on the last day of trading before Eid holidays, closing 0.74% higher at 2,575.87 Thursday.
Market bellwether Etisalat jumped two percent to reach a two-month at Dhs9.46. Shares of Aldar Properties, Dana Gas, Sorouh Real Estate and First Gulf Bank ended unchanged. Due to the summer rally, the ADXGI improved its year-to-date gain to 7.17%.
