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Saudi Stock Exchange boosted by oil-price rally, global market rebound
July 3, 2012--In Riyadh, the Tadawul All-Share Index or Tasi rose the most in six weeks Tuesday, closing 2.12% higher at 6,885.27 points.
129 out of 154 traded shares advanced, while 16 declined. Saudi Basic Industries Corporation or Sabic added 0.27% to reach SR91.25. A sharp rise in the price of oil ( U. S. crude was up 4.84% at a one-month high at $87.76) triggered the buying spree besides the slight rise in equity indexes at Asian, European and U. S. markets. Saudi Enaya Cooperative Insurance Company ended as a top gainer (up 10% at SR71.75), while Sagr Insurance lost the most (off 4.55% at SR27.30).
Etisalat maintains investment grade ratings, shares close even
July 03, 2012--The ADX General Index ended up 0.32% Tuesday, finishing at 2,466.13 points.
Abu Dhabi National Energy Co. or Taqa (Arabic for energy) jumped 2.50% to reach Dhs1.25. Oil prices consolidated above their one-month high at around 85.5 U. S. dollars per barrel (U. S. crude). The surge was triggered by inrceased tensions in the Arabian Gulf between the West and Iran as Tehran's parliament is considerin passing a bill which allows Iran to close the Straits of Hormuz for oil tankers from nations which imposed an oil embargo against the Islamic Republic. Shares of market bellwether Etisalat ended flat at Dhs9.20. Earlier in the day, Etisalat said in a statement to the ADX that the UAE's first telco provider has maintained its investment grade credit ratings from agencies Standard and Poor's, Fitch and Moody's which rated Etisalat with AA-, A+ and Aa3, respectively. All three agencies say the firm's outlook was stable.
Dubai market jumps on trade growth, stable business climate
July 03, 2012--After weeks of sluggish trading, the Dubai Financial Market General Index closed Tuesday trading 2.54% higher at a one-month high at 1,502.21 points.
Earlier in the day, Gulf News reported that according to the UAE National Bureau of Statistics (NBS), the the country's non-oil foreign trade grew 23%, or Dhs173.3bn in 2011 to Dhs927.6bn from Dhs754.4bn in 2010. In addition, bank HSBC said that the HSCB UAE Purchasing Managers Index (PMI) - a composite indicator designed to provide a singlefigure snapshot of the performance of the non-oil private sector – registered 53.2 in June. "That was fractionally down on May’s 11-month high of 53.8 and a three-month low, though still indicative of a solid improvement in operating conditions," HSBC said in an e-mailed statement. Market bellwether Emaar Properties soared 6.57% to reach Dhs3.08. Due to a strong jump in trading volumes, shares of DFM, the only listed Arab market, gained 4.66% to hit Dhs98.8. Bank Emirates NBD was the only losing stock, ending down 0.37% at Dhs2.69. The market's rise was broadly supported, as twenty-six equities advanced, while one ended even. Some 177m shares were traded, valued at Dhs235.3m.
Saudi Arabian Tadawul market advances steadily
July 2, 2012--The Tadawul All-Share Index closed Monday trading 0.55% higher at 6,742.04 points
although market bellwether Sabic fell for the second day straight, ending off 0.55% at SR91. Oil prices (U. S. Crude) were trading slightly lower Monday, at around $83.50. Shares of Dar Al Arkan Real Estate Development Company were the most liquid securities, gaining 9.63% to hit SR10.25. Abdullah Al Othaim Markets Company finished 0.85% lower at SR87.25. Earlier in the day, the Riyadh-headquartered central and cash and carry-markets specialist said that its Chief Executive Officer Mr. Abdulaziz Bin Saleh Al Othaim has submitted his resignation to the Board of Directors from his position as a CEO and board member due to personal matters. A successor has not yet been appointed.
Qatar National Bank in $80m loan deal with Qatar Fuel Additives Company Ltd
July 02, 2012--The QE 20 Index fell 0.12% to 8,197.09 points. Shares of Qatar's largest lender Qatar National Bank or QNB slipped 0.10% to QR132.90.
Earlier in the day, Qatar Fuel Additives Company Limited said recently concluded the signing of a $80 million loan deal with Qatar National Bank (QNB). QAFAC will partner with QNB on their latest initiative of setting up a new Carbon Dioxide (CO2) Recovery Plant which, when completed, will be the largest of its type in the region. QAFAC signed a Corporate Loan Agreement with QNB for $80m to fund the establishment of the CO2 Recovery Plant, situated within the Mesaieed Industrial City premise.
DP World advances to six-week high
July 02, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1570.31 up 0.88%
from the previous close. Dubai Ports (DP) World, the world's third largest maritime port operator, soared 1.71% to reach $10.70. No other shares posted price changes at the NASDAQ Dubai.
Abu Dhabi investors cautious ahead of earnings season
July 02, 2012--The ADX General Index slipped 0.10% Monday, closing at 2,458.35, as market heavyweight Etisalat fell by half a percentage point to end at Dhs9.19.
Aldar Properties was the most liquid share, gaining 0.90% to reach Dhs1.12. Sorouh Real Estate, Dana Gas and Bank of Sharjah closed unchanged, reflecting the current indifference in the market before the earnings season will kick off. Some 34m shares worth Dhs50.4m changed hands.
Shuaa Capital rebounds, reports successful closure of equity fund
July 02, 2012--The Dubai market gauge DFMGI closed a roller coaster trading dau 0.14% higher at 1,464.57 points.
Emaar Properties gained 1.40% to reach Dhs2.89. Investment bank Shuaa Capital edged up 2.92% to hit Dhs0.669. Earlier in the day, Shuaa said that it has successfully closed its SHUAA Partners Fund 1. "During the Fund’s vintage period, from 2005 to 2012, public equity markets in the UAE (MSCI UAE Index) posted a decline of 78%. Following the sale of two remaining investments, SHUAA Partners Fund 1 has generated an IRR of 7.6% over its investment period," Shuaa said in a statement to the DFM. Logstics provider Aramex did not benefit from the market's last-minute swing into the green and ended 0.60% lower at Dhs1.74. Nine shares advanced, 12 declined and 5 closed flat. Some 70.5m shares were traded, valued at Dhs54.2m.
Saudi Arabian Tadawul market advances steadily
July 02, 2012--The Tadawul All-Share Index closed Monday trading 0.55% higher at 6,742.04 points, although market bellwether Sabic fell for the second day straight, ending off 0.55% at SR91.
Oil prices (U. S. Crude) were trading slightly lower Monday, at around $83.50. Shares of Dar Al Arkan Real Estate Development Company were the most liquid securities, gaining 9.63% to hit SR10.25. Abdullah Al Othaim Markets Company finished 0.85% lower at SR87.25. Earlier in the day, the Riyadh-headquartered central and cash and carry-markets specialist said that its Chief Executive Officer Mr. Abdulaziz Bin Saleh Al Othaim has submitted his resignation to the Board of Directors from his position as a CEO and board member due to personal matters. A successor has not yet been appointed.
Qatar National Bank in $80m loan deal with Qatar Fuel Additives Company Ltd
July 02, 2012--The QE 20 Index fell 0.12% to 8,197.09 points. Shares of Qatar's largest lender Qatar National Bank or QNB slipped 0.10% to QR132.90. Earlier in the day,
Qatar Fuel Additives Company Limited said recently concluded the signing of a $80 million loan deal with Qatar National Bank (QNB). QAFAC will partner with QNB on their latest initiative of setting up a new Carbon Dioxide (CO2) Recovery Plant which, when completed, will be the largest of its type in the region. QAFAC signed a Corporate Loan Agreement with QNB for $80m to fund the establishment of the CO2 Recovery Plant, situated within the Mesaieed Industrial City premise.
