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Dubai market quarrels with 1,580 resistance
August 14, 2012--Profit bookings pulled the equity inded DFMGI lower by 0.25% to 1,577.61 points Tuesday, despite positive input from markets in Asia and Europe.
Most real estate-related shares underperformed with Emaar (off 0.29% at Dhs3.46), Drake and Scull International (0.22% lower at Dhs0.928) and Arabtec (down 1.38% at Dhs2.85) being among the most liquid shares. Islamic insurer Takaful Emarat gained the most (up 15% at Dhs0.69). At the NASDAQ Dubai, shares of global maritime port operator DP World jumped two percent to hit $10.35.
Profit booking ahead of Eid drags Saudi stock market slightly lower
August 13, 2012--The Tadawul All-Share Index slipped 0.43% to 6,965.66 points, as only 29 out of 153 traded shares advanced while 105 declined.
Because the end of Ramadan approaches (starting on Friday, August 17), investors prefer to cash in on the bourse's summer rally. Saudi Enaya Cooperative Insurance fell 1.82% to SR54. Earlier in the day, the Islamic insurer said its has received on date a license from The Saudi Arabian Monetary Agency (SAMA) to offer practice medical insurance products.
Kuwait bourse recovers slightly
August 13, 2012--The KSE Market Index added 0.20% Monday, closing at 5,689.24.
Unted Foodstuff Industries Group gained the most, ending up 9.9% at KD0.222. Lenders performed in a mixed way, as National Bank of Kuwait or NBK shed two percent to hit KD0960. Gulf Bank of Kuwait advanced four percent, finishing at KD0.400.
Qatar Exchange remains on growth path
August 13, 2012--The Doha-based QE Index gained 0.10% to reach 8,412.60 points.
Shares of Aamal Company surged half a percentage point to hit QR15.79. earlier in the day, Aamal Company, which operates in industrial manufacturing, trading and distribution (among other activities) disclosed the semi annual financial statements for the period ending June 30, 2012. The reviewed financial statements for the period ending June 30, 2012 revealed a net profit of QR102.8m in comparison to QR103.3m for the same period last year.
Dana Gas half-year net profit soars
August 13, 2012--The Abu Dhabi market index ADXGI advanced a quarter percentage point to close at 2,547.02 Monday.
First Gulf Bank or FGB was themost liquid share, gaining 1.10% to hit Dhs10.05 after Gulf News reported earlier in the day on buy recommendations on FGB quoting several analysts. Dana Gas from Sharjah dived 2.50% to close at Dhs0.40. In the first half of 2012, Dana Gas scored a net profit of Dhs387m, representing an 79% year-on-year increase. "Revenue from the sale of hydrocarbons increased to Dhs1,254m, with gross profit reaching Dhs767m. These figures represent increases of 1% and 13% respectively, compared to the same period last year," Dana Gas said in an e-mailed statement. The net profit for Q2 2012 was Dhs181m compared to Dhs124m in Q2 last year.
Union Properties gains as developer returns to profits
August 13, 2012--The DFM General Index closed at a four-month high Monday, ending 0.84% at 1,581.47 points.
Bellwether share Emaar Properties, as the most liquid share, closed 1.46 higher at Dhs3.47, the highest level since Ocotber 2010. Its rival Union Properties (UP) added 1.47% to hit Dhs0.40. UPP said its second quarter profit reached Dhs83.57m, up from a Dhs520.78m loss in the same period the year before. In the six months period UP earned 105.98m, up from a loss of 438.57m year-in-year.
Bonds follow rand weaker
August 10, 2012--South African bond yields ticked weaker in late trade on Friday amid very thin volumes.
"We saw foreign selling in the market on Wednesday‚ but that was not the reason for us trading weaker. There were very view traders around to influence the market today‚ so bonds were influenced by the weaker rand‚” a local trader said.
Dubai market digests Arabtec shock and ends week on a high note
August 9, 2012--The DFM General Index closed 1.10% higher at 1,572.37 points Thursday, boosted by Emaar (up 2.10% at Dhs3.42), Drake and Scull International (gaining 2.25% at Dhs0.96) and Deyaar Development (5.20% higher at Dhs0.365).
Arabtec, which shocked the market yesterday with a surprising Q2 loss, stabilised at Dhs2.90 (unchanged). Shares of district cooling firm Tabreed closed flat at Dhs1.25. Earlier in the day, Tabreed said Jasim Thabet has been appointed Chief Executive Officer. Sujit Parhar will assume the role of advisor to the company and the Board, in recognition of his expertise and ongoing value to the business. Some 109m shares were traded, valued at Dhs130.38m.
Aldar Properties is the stock of the day in Abu Dhabi
August 9, 2012--The ADX General Index advanced 0.81% to reach 2,534.72 points Thursday.
First Gulf Bank surged 3.72% to close as a top gainer at Dhs9.81. But Aldar Properties was in the center of interest today, as the emirate's largest developer added 1.63% to hit Dhs1.26. Aldar reported its net income in the second quarter, amounted to Dhs418m, up 228% year-on-year. Like most market perticipants in the UAE real estate industry, Aldar said it saw a strong rebound in property purchases, villas in particular. Market bellwether Etisalat slipped slightly, finishing at Dhs9.05.
Mannai Corporation reports higher half-year profit,shares close even
August 9, 2012--The QE Index added 0.20% to close at 8,416.46 points.
Shares of mixed industrial conglomerate Mannai Corp. ended flat at QR88.20. Earlier in the day, Mannai said that its reviewed financial statements for the period ending June 30, 2012 revealed a net profit of QR168.6m in comparison to QR140.5m for the same period last year. The company’s Earning per Share (EPS) amounted to QR4.93 as of June 30, 2012 versus QR4.93 for the corresponding period in 2011. Earlier in the year, Mannai and Egyptian EFG Capital Partner took over regional jewelry group Damas in Dubai following an offer at $445 to Damas shareholders.
