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National Bank of Abu Dhabi expands to Malaysia, shares and market close unchanged
July 05, 2012--The Abu Dhabi equity measure ADXGI closed flat at 2,472.27 points Thursday.
Amid rising oil prices and an ever increasing global energy demand, Abu Dhabi National Energy Co. or Taqa added 0.83% to reach Dhs1.22. The sheikhdom's largest lender National Bank of Abu Dhabi, known as NBAD, closed even at Dhs8.25. Earlier in the day, NBAD said it launched its wholly owned subsidiary National Bank of Abu Dhabi Malaysia Berhad (NBAD - Malaysia) in Kuala Lumpur, expanding NBAD’s global network to 14 countries. The UAE was Malaysia’s biggest trading partner in the GCC in 2011 with MYR21.06bn (Dhs24.42bn) of trade flows. "The opening of NBAD’s first branch in Southeast Asia is a major step for the National Bank of Abu Dhabi. Southeast Asia is one of the fastest growing regions of the world with a strong commercial link to the UAE and Gulf Cooperation Council (GCC)," said Qamber Ali Al Mulla, the Senior General Manager of International Banking Division of NBAD.
Buyoant Dubai market bucks sluggish global trend
July 5, 2012--The DFM General Index consolidated above 1,500 by gaining 1.02% to reach 1,504.70 points Thursday,
ending the week at a one-month high amid an improved indicators at the real estate market and a stable business climate in the emirate of Dubai. As trading volumes edged higher at the start of July, shares of the DFM, the only Arab bourse to be listed, gained 1.53% to reach Dhs0.995. Emaar closed 1.65% higher to hit Dhs3.08, a four-week high. Investment bank Shuaa Capital lost the most, finishing off 1.52% at Dhs0.65. Twenty-three shares advanced, while two declined and one ended flat. Around 80m stocks were traded, valued at Dhs100.7m.
DGCX Gold Futures Rise 111% as Exchange Sets Fourth Consecutive Monthly Volumes Record in June
July 4, 2012--Exchange registers 889,131contracts in June, valued at $32.92 billion, a growth of 231% from June 2011
DGCX H2 2012 Volumes Rise 172% to aggregate 3,848,002 contracts
Gold futures grow 111% in June to total 60,353 contracts
Indian Rupee futures jump 290% to reach 797,328 contracts
Driven by significant surges in Gold and Indian Rupee futures trading, June volumes on the Dubai Gold and Commodities Exchange (DGCX) jumped 231% from last year to reach 889,131 contracts, the Exchange's fourth consecutive monthly volumes record. June volumes represent a value of $32.92 billion.
Abu Dhabi developers perform mixed, as real estate prices decline in UAE capital
July 4, 2012--The ADX General Index gained 0.30% to close at 2,473.62 points Wednesday.
Telecom firm Etisalat added slightly, ending at Dhs9.21. Earlier in the day, Etisalat said in a statement to the ADX that the Bombay High Court has named Indian law firm Solomon & Co. to take over temporarily Etisalat's Indian unit Etisalat DB Telecom Pvt Ltd. Since 2010, Etisalat DB has been in a legal dispute with India's telecom regulator for allegedly violating 2G licensing procedures in the country. Etisalat terminated its operations in India on March 31 2012. Shares of merger candidates Aldar Properties and Sorouh Real Estate closed 0.88% higher and 0.96% lower, respectively. Earlier in the day, Dubai-based real estate service provider Asteco said that in the first half of 2012, "areas such as Shams Abu Dhabi, Al Raha Beach and Marina Square experienced an overall decline of around 4% averaging Dhs10,600 per square metre. Meanwhile four-bedroom villas at Al Raha Gardens dipped by 7% to Dhs3.2m (Q1 versus Q2) while Al Reef bucked the trend, increasing in value by 2%, fetching Dhs1.3 to Dhs2m for three and five-bedroom units respectively."
Tamweel shares soar as Islamic home financing firm postpones issuance of mortgage-backed securities
July 4, 2012--Despite opening higher that yesterday, the Dubai Financial Market could not sustain its bullish momentum and closed Wednesday trading 0.84% lower at 1,489.58 points.
Emaar, the UAE's first developer, was the most liquid share, dropping 1.62% to Dhs3.03. Islamic home financing provider Tamweel was the top gainer, ending up 2.44% to hit Dhs1.26. Earlier in the day, Tamweel said that it decided to postpone the issuance of asset-backed, USD-denominated residential mortgage-backed securities "based on market feedback". The issuance was preliminary rated by Moody's with Aa3(sf). The decision was taken after Tamweel conducted a roadshow, arranged by Abu Dhabi Commercial Bank, Emirates NBD and UBS Investment Bank, in the Middle East, Europe and Asia.
Qatar Exchange closes flat while trading turnover rises
July 4, 2012--The QE 20 Index ended at 8,254.10 as shares performed mixed in Doha.
Market heavyweight Industries Qatar advanced half a percentage point to reach QR132. Banks performed less positively, as the country's largest lender by assets Qatar National Bank slipped 0.45% to close at QR132.60. Trading volumes edged up to 7.8m shares (valued at QR175.3m) from 5.6m stocks on Tuesday.
DP World gains as Australian unit sells stake in Adelaide Container Terminal
July 4, 2012--The FTSE NASDAQ Dubai UAE 20 index closed Wednesday trading insignificantly lower at 1,593.24 points.
Shares of Dubai Ports (DP) World advanced the fourth day straight to reach $10.85, up one percent from the previous close. Earlier in the day, the world's third largest port operator said that DP World Australia Limited, in which DP World Limited has a 25% shareholding, has sold all of its 60% shareholding in Adelaide Container Terminal to Flinders Ports Adelaide Container Terminal. "The total amount received by DP World Australia Limited was A$134 million (approx USD$138 million), which represented a total enterprise value in excess of A$235 million (approx USD$241 million) or 12.3 times historic earnings and ahead of the same valuation at the time of the 2011 transaction," DPW added to the statement. "In March 2011, DP World Limited formed a strategic partnership with Citi Infrastructure Investors (CII) together with one of CII’s major investors, to invest in, operate and manage DP World’s five marine terminals in Australia. The transaction, which was earnings enhancing from the time of completion, valued DP World Australia at an enterprise value of A$1,817 million. DP World used the A$1,483 million proceeds to reduce leverage (net debt to EBITDA) and for investments in higher margin markets. Arising from the CII transaction, Flinders Ports exercised specific provisions in a Shareholder Agreement to buy-out DP World Australia’s 60% shareholding in the joint venture for Adelaide Container Terminal which has resulted in DP World Australia exiting the terminal."
Saudi market sluggish amid missing input from the U. S.
July 4, 2012--While American exchanges remained closed Wednesday to observe the U. S.'s Independence Day, Saudi Arabia's Tadawul finished its last trading day of the week 0.73% lower at 6,834.77 points.
Sabic fell 1.37% to SR90. Saudia Diary and Foodstuff Company slipped 0.90% to SR55.00. Earlier in the day, the food producer said at its First Extraordinary General Assembly Meeting (EGM) of held on Monday June 25 2012, shareholders approved the distribution of SR97.5m in dividends for the financial year ended on March 31 2012 at SR3 per share to shareholders on the Tadawul register at the close of trading of the EGM day on June 25 2012. Dividends payment will be made by Saudi Hollandi Bank Monday on July 16 2012 through the Saudi Hollandi Bank's branches.
Banking shares on the rise in Doha
July 3, 2012--The Qatar Exchange 20 Index hit a two-week high Tuesday, closing 0.73% higher at 8,256.68 points amid higher trading volumes compared to the previous session.
Doha Bank jumped two percent, while Qatar National Bank and Qatar Islamic Bank added 0.23% and 0.53%, respectively. Shares of Dlala Holding slipped 1.36% to close at QR43.40. Earlier in the day, Dlala said that Dlala Information Technology one of the fully owned subsidiaries of Dlala Holding has signed a Joint venture agreement with Soula Systems "an innovative technology company specialized in offering management consulting, information technology outsourcing and systems integration services, the joint venture aims to establish a new entity under the name of "Dlala Soula Systems." Dlala added that "The business scope of the agreement is to provide end-to-end technology solutions targeting the government and financial services sectors. The company will also offer information technology outsourcing and systems integration services."
Kuwait Stock Exchange adds a quarter percentage point
July 3, 2012--The KSE Market Index closed Tuesday at 5,894.33 points, as Investors Holding Group gained the most (up 8.33% at KD0.0195).
A rise on oil price amid new tensions in the Arabian Gulf supported the Kuwait market's sentiment. Kuwait Syrian Holding Company posted the largest decline, ending off 8.50% at KD0.027.
