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Du gains slightly after releasing second quarter results
July 30, 2012--The Dubai market gauge DFMGI jumped nearly two percent Monday, closing at 1,537.89 points.The UAE's second telecom provider Du reported earlier today a net profit
(before royalty) increase of 57.1% year-on-year for the first six months, amounting to Dhs651m. Osman Sultan, du’s CEO, said, "The second quarter remained strong for du, with continued healthy customer additions, particularly in the high-value post-paid segment, which now represents nearly eight percent of our mobile customer base." Shares of market bellwether Emaar surged four percent to hit Dhs3.37. Trading volumes soared as 141m shares worth Dhs243m changed hands.
The Kuwait Market Price Index closed on a negative note at 5,747 points, a loss of 0.07%.
July 26, 2012--The Kuwait Market Price Index closed on a negative note at 5,747 points, a loss of 0.07%.
The Weighted Index closed at 396.1, a loss of 0.14%. The KSE 15 Index closed at 957.92, a loss of 0.1%. 35 stocks advanced while 40 declined. The Financial Services Index witnessed highest volume traded at 29.0 Mn and Banking Index witnessed the highest value traded at KD 18.0 Mn. Indices were mixed. Real Estate Index was the top gainer, up 0.26%. Healthcare Index was the top loser, down 1.67%. Many a blue-chip closed flat. NBK was the top gainer, up 1.01%, closing at KD 1. CBK was the top loser, down 5.06%, closing at KD 0.75.
Kuwait Market Price Index closed on a negative note at 5,751 points
July 25, 2012--The Kuwait Market Price Index closed on a negative note at 5,751 points, a loss of 0.69%.
The Weighted Index closed at 396.67, a loss of 0.7%. The KSE 15 Index closed at 958.87, a loss of 0.74%. 17 stocks advanced while 60 declined. The Financial Services Index witnessed highest volume traded at 40.7 Mn and Banking Index witnessed the highest value traded at KD 6.3 Mn. Several indices were negative. Real Estate Index was the top gainer, up 1.14%. Healthcare Index was the top loser, down 3.67%. Blue-chips were mixed. CBK was the top gainer, up 1.28%, closing at KD 0.79. ZAIN was the top loser, down 2.86%, closing at KD 0.68.
Kuwait maintains AA rating from Fitch
July 25, 2012--Kuwait's long-term foreign and local currency issuer default ratings at "AA" have been reaffirmed by Fitch Ratings with a 'Stable' outlook, supported by huge foreign assets and high oil prices, AFP has reported.
However, the ratings agency warned against heavy reliance on oil income and continued political disputes between MPs and the government that hinder reforms. The “ratings are primarily supported by its strong sovereign net foreign assets, estimated by Fitch at $323 billion in 2011,” the international ratings agency said, citing a budget surplus over the past 13 fiscal years.
SCA issues regulations for investment funds
July 24, 2012--The Security and Commodities Authority (SCA) has issued board's resolution No. 37 of 2012 concerning the rules of investment funds. The decision was signed by HE Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and SCA Chairman.
The announcement was made by HE Abdullah Al Turifi, CEO of SCA, who added that the resolution will enter into force on the day after its publication in the Official Gazette. Al Turifi said that it represents a positive step that will help strengthen corporate investment and provide more opportunities for stability in financial market. Al Turifi commented, “The resolution is part of the SCA’s endeavor to issue new investment products and diversify the investment tools available to traders in the markets. It will boost the investment climate in the local markets and help attract new investments and liquidity. The new regulations will be a pillar and a prerequisite for creating a market maker who keeps balance in the country’s markets.”
view report-GCC Outlook 2H12-Lack of Domestic Triggers Mean Dancing to Global Problems
UAE finance minister: no immediate need to issue bonds
July 24, 2012--UAE finance minister Sheikh Hamdan bin Rashid al-Maktoum has said the country has no immediate need to issue bonds to cover a small budget deficit this year, as it can cover the shortfall with its own resources,
Al Ittihad has reported. “The government is not in a dire need for issuing bonds,” Sheikh Hamdan was quoted as saying by the daily. “We don't need to finance anything and we should be able to fill the gap from our own resources,” he said.
The Kuwait Market Price Index closed on a negative note at 5,813 points
July 23, 2012--The Kuwait Market Price Index closed on a negative note at 5,813 points, a loss of 0.49%.
The Weighted Index closed at 400.21, a loss of 0.49%. 19 stocks advanced while 58 declined. The Financial Services Index witnessed highest volume traded at 71.8 Mn and Banking Index witnessed the highest value traded at KD 9.3 Mn. Several indices were negative. Technology Index was the only gainer, up 0.59%. Oil & Gas Index was the top loser, down 2.66%. Blue-chips were either flat or in the red. AUBK Bahrain was the only gainer, up 1.22%, closing at KD 0.166. NIND was the top loser, down 3.96%, closing at KD 0.194.
Egypt budget draft shows deficit to rise 12.5%
July 23, 2012--According to Egypt's draft budget, the country's deficit is set to rise 12.5% to EGP135bn ($22.26bn) in the fiscal year that began on July 1, though the government is already struggling to find funding for the shortfall, Reuters has reported.
Total expenditure will climb to EGP533.8bn this year from EGP476.3bn in 2011/12, the finance ministry said in the draft budget. The budget deficit represents 7.9% of projected gross domestic product (GDP), down from 8.2% a year earlier, said the ministry.
