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DP World advances 3.60% over the week
August 9, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1694.09 up 1.61%.
Dubai Ports World added 1.40% Thursday, and rose by 3.60% over the week, to close at $10.34. The world's third largest maritime port operator is expected to disclose semi-annual financial results on August 29.
Bahrain banks halt equity market decline
August 9, 2012--The Manama-baswed Bahrain All-Share Index gained half a percentage point Thursday, closing at 1,079.69 points.
National Bank of Bahrain (up 9%) and Bank of Bahrain and Kuwait (gaining 1.10%) ended the gauge's sharp fall which lasted for a week. Year-to-date the measure is down 5.60%, the largest loss in the GCC. [AMEInfo.com]
Saudi business optimism weakens
'Overall, the outlook still remains positive'
August 8, 2012--The highly uncertain global economic outlook in the second half of 2012 has impacted the Saudi business forecast for the third quarter of 2012.
The National Commercial Bank Saudi “Business Optimism Index for Q3 2012” released Tuesday showed that deteriorating conditions in the eurozone will have an even greater impact on trade and credit flows internationally, which will resultantly contribute to a further moderation in global growth.
The BOI survey revealed that Saudi Arabia’s hydrocarbon sector optimism has weakened in Q3 2012. The overall BOI composite score for the sector is at 23 points, 20 points lower than the score in Q2 2012, mainly due to a drop in selling prices expectations. The BOI for level of selling prices has dipped by 35 points to 8 in Q3 2012 from 43 in the previous quarter. A majority (72 percent) of the respondents anticipates no change in prices, 18 percent expect prices to rise further and a minor 10 percent expect a price decline in Q3 2012. Consequently, net profits expectations have also lowered for Q3, commensurate with which the corresponding BOI stands at 23, compared to 38 in Q2. The view on increasing workforce in the next quarter has remained largely steady, with the BOI value for number of employees witnessing a slight increase to 53 in Q3 from a value of 48 points in Q2.
Arabtec dives after announcing half-year results
August 8, 2012--The DFM General Index closed 0.10% lower at 1,555.65 points Wednesday amid higher trading volumes than on Tuesday. Arabtec Construction, one of the Middle East's largest companies in its sector, dived four percent to close at Dhs2.90.
Arabtec reported earlier in the day a loss for the second quarter amounting to Dhs11.6m. down from a profit of Dhs28.97m in the same period last year. In the first six months, Arabtec earned Dhs72.5m, up from Dhs55.5m in H1 2011. Emaar Properties slipped 0.89% to Dhs3.35. The UAE's first lender Emirates NBD bucjed the trend by gaining 4.60%, finishing at Dhs2.97.
Depa shares rebound at NASDAQ Dubai
August 8, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.12% higher at 1667.27 Wednesday.
Depa Limited, the Dubai-based interior designer jumped 11.56% to reach $0.357. DP World dipped one percent, ending at $10.20. Earlier in the day, the bourse said that per the regulator's (DFSA) order, Fortune Management Inc will be removed from trading on the exchange effective from August 8. The DFSA suspended Fortune under Article 35 (1) of the Markets Law 2012 for failure to file and disclose its annual financial report pursuant to Article 44 of the Markets Law 2012 and Rule 5.1.8 of the Markets Rule respectively.
Gulf Cement Company returns to half-year profits
August 8, 2012--The Abu Dhabi market index ADXGI gained 0.14% to close at 2,514.45 points.
While Etisalat (off 0.44%) weighed on the gauge, Aldar Properties (up 0.82%) supported the measure, gaining Gulf Cement Company reported a 99% increase in half-year profit, amounting to Dhs64.98m, "as a result of slight improvement in cement sales prices," the firm said, whose shares closed unchanged.
Qatar National Bank closes $1.8bn loan facility
August 8, 2012--The QE Index in Doha hit a four-month high Wednesday, closing up 0.44% at 8,402.19 points.
Qatar National Bank or QNB dipped 0.40% to QR133. Earlier in the day, QNB said it successfully closed syndication of its $1.8bn three year senior unsecured term loan facility . "The syndication was well supported and closed oversubscribed, allowing the Facility to be upsized from the launch amount of $1.5bn," Qatar's largest lender said, adding that "The new loan Facility will be used for general corporate purposes. The interest rate is Libor plus 1.00% per annum." Initial Mandated Lead Arrangers and Bookrunners were the Bank of Tokyo-Mitsubishi, Deutsche Bank, HSBC, J.P. Morgan Limited and Standard Chartered Bank.
Egypt foreign reserves decline again in July
August 8, 2012--Egypt's foreign reserves fell last month to $14.42bn from $15.53bn in June, due to the government's repayment of a $1bn Eurobond and a $607m payment to Paris Club lenders,
Reuters has reported. Reserves have plunged by well over half since January 2011, the start of the political turmoil that has scared away tourists and investors, two of Egypt's main sources of foreign currency. [AMEInfo.com]
Gold and Rupee futures drive fifth successive monthly volumes record for DGCX
August 7, 2012--Gold and Rupee futures continued their strong run on the Dubai Gold and Commodities Exchange (DGCX) driving a 211% year-on-year increase in the Exchange's volumes in July.
Building on its robust performance in the first half of the year, DGCX recorded a total of 965,637 contracts in July, valued at $35.8bn, its fifth consecutive monthly volumes record.
July volumes - a 9% increase from June - took the Exchange's year-to-date volumes to 4,813,649 contracts, a 179% rise from the 1,728,213 contracts achieved in the same period in 2011.
Telecoms keep Saudi bulls afloat
August 7, 2012--The Riyadh-based Tadawul All-Share Index gained a quarter percentage point to hit 6,961.34 points Tuesday.
While Sabic finished flat, telco operators Zain KSA and Atheeb Telecom were the most liquid shares, advancing 2.53% and 4.55%, respectively. Allied Cooperative Insurance Group lost the most (off 10%). Due to the summer season and the Holy month of Ramadan, trading volumes remained relatively low.
