Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Zain shares dip slightly after quarterly result
August 7, 2012--The Kuwait Stock Exchange Market Index fell 0.41% to 5,708.57 points Tuesday.
Shares of Kuwait's largest mobile phone operator Zain declined 1.5% to KD0.660. On Monday, Zain reported a one percent increase in net profit for the second quarter, amounting to KD71m. Zain shared have lost 18.91% since January 1 2012.
Abu Dhabi-based Al Khazna Insurance reports lower net profit
August 7, 2012--The Abu Dhabi market index ADXGI gained 0.25% to hit 2,510.87 points.
The UAE's first telco firm Etisalat ended flat, while Abu Dhabi's biggest developer Aldar Properties advanced 0.83% to reach Dhs1.22. Al Khazna Insurance Company said earlier in the day the net profit for the first six months stood at Dhs11.7m, down from Dhs13.8m in the same period in 2011. Al Khazna shares closed even at Dhs0.85. The insurer's underwriting surplus decreased slightly to Dhs15.7m.
Air Arabia shares fly higher as budget carrier bucks industry downtrend
August 7, 2012--The Dubai equity market index DFMGI dipped 0.15% to close at 1,556.79 points Tuesday.
Sharjah-based Air Arabia added 0.80% to hit Dhs0.651. The low-cost carrier said its net profit for the first half year grew by 22%, amounting to Dhs94m ($25.63m), in contrast to the results of most other carriers worldwide as high oil prices and fierce competition weigh in results. The share advanced by over six percent during the last three months. Gulf General Investment Co. or GGICO dived 5.76% to Dhs0.311. Emaar Properties was the most liquid share and ended down 1.17% at Dhs3.38.
Saudi Arabia's Mobily rises on partnership with IBM
August 6, 2012--The Tadawul All-Share Index finished flat at 6,943.64 Monday.
Saudi Basic Industries Corp. or Sabic, the world's largest petrochemicals producer, added 0.27% to reach SR91.50. Etihad Etisalat, known as Mobily, outperformed, closing 1.15% higher at SR66. On Sunday, Mobily said it signed a contract with IBM Company for outsourcing the IT Operation. "This partnership will lead to several technical advantages in final product quality, and in managing and securing the applications and ensuring business continuity (sustainability)," Mobily said.
Bahrain Bourse falls deeper into the red
August 6, 2012--The Manama-based Bahrain All-Share Index declined by half a percentage point to 1,090.49 points Monday.
Aluminum Bahrain or Alba lost the most, ending off 3.85% at BD0.50. Year-to-date the Bahrain Bourse lost 4.65%.
Qatar Exchange advances the fifth session straight
August 6, 2012--The QE Index added 0.10% to hit 8,344.87 points Monday, although most shares ended even or in the red.
Qatar Telecom or Qtel supported the index rise, closing up 2.40% at QR107.50. Qatar National Bank fell 0.40% to QR133 as most banks lost value.
Union Cement Company soars on half-year results
August 6, 2012--The Abu Dhabi market measure ADXGI slipped by a quarter percentage point to 2,504.76 points.
Ras al-Khaima-based Union Cement Co. or UCC jumped 9.41% to hit Dhs0.93. Earlier in the day, UCC said its net profit attributable to owners of the company during the first half-year reached Dhs20.679m, up from a 14.903m loss in the corresponding period the year before. The cost of sales ratio decreased to 81.3% of total sales, down from 94.8%. Shares of Aldar Properties were hit by profit takings, closed off 2.42% at Dhs1.22.
Dubai market drops as investors take some profits
August 6, 2012--After rising non-stop for five sessions, The DFM General Index shed one percent Monday, closing at 1,559.06 points.
The decline was broad, as 17 out of 26 traded shares declined, while six advanced. Deyaar Development, the Islamic real estate firm, was most actively traded by volumes, closing down 5.26% at Dhs0.36. Arabtec Construction bucked the trend by gaining 0.66% to reach Dhs3.04.
Bahrain Bourse falls deeper into the red
August 6, 2012--The Manama-based Bahrain All-Share Index declined by half a percentage point to 1,090.49 points Monday.
Aluminum Bahrain or Alba lost the most, ending off 3.85% at BD0.50. Year-to-date the Bahrain Bourse lost 4.65%.
BFX total trading turnover crosses $10bn
August 6, 2012--The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, proudly announces achieving a key milestone with the
cumulative (single-side) trading turnover value crossing the $10bn mark on the 1st of August 2012, with the total trading volume increasing to 196,431 contracts. [AMEInfo.com]
