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FTSE NASDAQ Dubai UAE 20 Index gains the fourth day straight
August 2, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1653.57 today, up 0.73%, from the previous close.
The index 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 port operator DP World rebounded 0.40% to close at $10.14.
Kuwaiti banking shares face selling pressure
August 2, 2012--The KSE Market Index could not benefit from the summer rally in the UAE and KSA.
The gauge closed unchanged at 5,723.61 Thursday. National Bank of Kuwait and Commercial Bank of Kuwait fell by one percent and five percent, respectively. Year-to-date the KSE market fell 1.56%, in stark contrast to Dubai's DFMGI (up 14.57%) and KSA's Tasi gauge (7.40% higher).
Al Khaleej Takaful considers capital increase
August 2, 2012--In Doha, the Qatar Exchange closed 0.20% higher at 8,332.35 points Thursday.
Banks kept the gauge buoyant. While Qatar National Bank ended flat at QR133.50., Al Ahli Bank surged 4.44% to hit QR58.80. Islamic insurance firm Al Khaleej Takaful plummeted 3.50% to QR42.70. Earlier in the day its board decision from Wednesday August 1, thereby approving the proposal to appoint a specialized consulting firm
Abu Dhabi Islamic Bank share price underperforms
August 2, 2012--The Abu Dhabi market index ADXGI slipped 0.35% to close at 2,507.81 points Thursday.
This was the day of the developers as Aldar Properties, Sorouh Real Estate and RAK Properties gained 3.45%, 1.90% and six percent respectively. Shares of Abu Dhabi Islamic Bank or ADIB closed unchanged at Dhs3.09. On Wednesday, ADIB said it posted a 2.3% year-on-year increase in group net profit, amounting to Dhs322.6m for the second quarter of 2012. ADIB shares trade at the same level like on January 1 2012. The ADXGI gained 4.34% in the same period.
Dubai Financial Market rises to 1,550 points
August 2, 2012--The DFM General Index added 0.18% Thursday, closing at 1,550.62 points.
A lack of catalysts led to a negative advance-decline ratio of 9 to 10. In addition, EFG Hermes said in its daily short-term update that short-term traders shall preferably take some profits. Emaar Properties and Drake & Scull International were the most liquid shares and ended flat. Investment bank Shuaa Capital jumped 2.70% to hit Dhs0.646. Some 100.5m shares were traded, valued at Dhs128m.
Al-Babtain Power & Telecom soars on deal with Saudi Electricity Co.
August 1, 2012--The Tadawul All-Share Index gained for the fifth consecutive session Wednesday, ending up 0.21% to close at a one-month high at 6,892.62 points.
Market bellwether share Sabic slipped 0.83% to SR89.75. Shares of Al-Babtain Power and Telecommunication advanced 1.50% to reach SR24. Earlier in the day, Al-Babtain said it signed a supply agreement with Saudi Electricity Company for manufacturing and supply electrical distributes steel poles. "The agreement is valued at SR125.150m by self-financing and the agreement period is 12 month Starting from the date of signature. The financial impact of this agreement is expected to be in the start of 4th quarter of year 2012," Al-Babtain added.
Kuwait market summer baisse halted
August 1, 2012--Stock markets in KSA, UAE and Qatar have seen significant index advances in recent weeks, but the Kuwait Stock Exchange failed to join and fell back.
Today, the KSE Market Index stopped to decline and closed 0.05% higher at 5,721.72 points. National Bank of Kuwait recovered from its 8-month low by gaining 1% to close at KD1.00.
Al Khaleej Takaful reports higher semi-annual profit
August 1, 2012--In Doha, the Qatar Exchange advanced a quarter percentage point to close at 8,317.59 points.
Islamic insurance firm Al Khaleej Takaful gained 0.34%, finishing at QR44.25 Khaleej Takaful disclosed earlier today a net profit for the first half-year of 2012 amounting to QR59m in comparison to QR57m for the same period last year. The company’s earning per share amounted to QR4.15 as of June 30, 2012 versus QR4.01 for the corresponding period in 2011.
Arkan Building Materials with higher H1 profit, shares end flat
August 1, 2012--The ADX General Index advanced 0.41% to reach 2,516.60 points.
Shares of Arkan Building Materials closed even at Dhs0.80. Arkan reported a net profit for the first half-year of Dhs25.36m, up from Dhs20.873m in the same period last year.
Profit rise boosts Tabreed share price
August 1, 2012--The Dubai bourse gains the third day straight Wednesday. The DFM General Index edged up by 0.34% to close at 1,547.86 points.
Emaar, as the most liquid share, added 0.60% to hit Dhs3.42. District cooling specialist Tabreed surged 3.17%, finishing at Dhs1.30. In the first six months Tabreed's net profit increased by 21.60% to reach Dhs92.77m, the firm said earlier today.
