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Dubai market dips slightly, but defends key support line
June 27, 2012--The DFM General Index ended off 0.16% Wednesday, closinga at 1,452.18 points.
Market bellwether Emaar slipped 0.35% to Dhs2.83, while Arabtec Construction edged 0.36% higher to reach Dhs2.82. Despite the 6th decline in a row, the DFM gauge did not break down through 1,450 points, which EFG Hermes says is a key support level, and its could be pivot element in fulfilling a reverse "shoulder-head-shoulder"-pattern, in case the Dubai market bounces back. Trading volumes declined once more, as only 36m worth Dhs46.2m changed hands.
Dubai non-oil trade up 6.6% in Q1
June 27, 2012--Statistics released by Dubai Customs indicate the emirate’s non-oil foreign trade grew 6.6% in the first quarter of 2012 to over Dhs298.1bn, compared with Dhs279.7bn during the same period last year, Khaleej Times has reported.
“The growth is widely attributed to the implementation of several economic, tourism and construction projects, which also includes the development of modern infrastructure like customs facilities at ports and airports and the provision of more advanced services,” said Ahmed Butti Ahmed, the executive chairman of Ports, Customs and Free Zone Corp. “These achievements all reflect Dubai government departments’ effort to reinforce trade activity as Dubai foreign trade represents a big stake of the country’s non-oil trade with the world by nearly 80%,” Butti said.
Bahrain Bourse lifted by banking shares
June 26, 2012--The Bahrain All-Share Index added 0.40% Tuesday, to reach 1,128.61, still trading 1.31% below its level on January 1.
Bank of Bahrain and Kuwait or BBK posted the largest advance, ending up 2.60% at BD0.394. Earlier in the day BBK said it has the third consecutive year conducted a Crisis Management Simulation Exercise on June 23rd, 2012. "The aim of the exercise is to invoke the bank-wide Business Continuity Plans (BCP) to ensure that critical banking services are recovered and available to customers in the shortest possible time in case of an unforeseen incident," BBK said in a statement to the Bahrain Bourse. Shares of Gulf Hotel Group were the only securities which lost in value (off 1.55% at BD0.635).
Egypt to implement new budget on July 1
June 26, 2012--Momtaz El-Said, the Egyptian finance minister has said the implementation of the country's new budget is to begin on July 1, and that the Supreme Council of the Armed Forces (SCAF) is expected to approve it, Daily News Egypt has reported.
The minister also said the incoming government will decide how to implement all planned tax reforms according to its vision, noting that economic indicators show that the economy gradually recovered with the restoration of security and political stability. [AMEInfo.com]
Sabic gains on Jubail Industrial progress,, helps Tadawul market to recover
June 26, 2012--The Tadawul All-Share Index ended Monday 0.20% higher at 6,696.84 points.
Petrochems and metals giant Sabic edged up by 1.11% to hit SR91. Earlier in the day Sabic said that KEMYA, a SABIC affiliate, has awarded the Engineering Procurement and Construction contracts on June 25 for the elastomers project in Jubail Industrial City to the following engineering contractors: Daelim Industries, Technip and Tecnicas Reunidas. The total investment has been estimated to $3.4bn and the partners are planning to finance it from their own resources and through third party debt. Al-Jubail Petrochemical Company (KEMYA) is a 50-50 joint venture between Sabic and Exxon Chemical Arabia Inc., an affiliate of ExxonMobil Chemical.
Qtel shares slip as firms aims to buy remainig stake in Kuwait's Wataniya
June 26, 2012--The QE 20 Index fell 0.41% Tuesday to 8,194.65, bringing its year-to-date performance down to minus 6.66%.
Qatar Telecom or Qtel closed 1.10% lower at QR107.80. Earlier in the day, news channel Al Arabiya said that Qtel plans to buy the remaining share of 47.5 percent in Kuwait's Wataniya Telecom. The majority in the telco provider Qtel bought in 2007.
Kuwait Stock Exchange bounces back after government's resignation
June 26, 2012--Almost all sector indexes ended in the green in Kuwait City on Tuesday, pushing the KSE Market Index up by 0.60% to reach 5,824.34 points.
On Monday, the Kuwaiti government resigned in a move which analysts regard as a chance to break up the political deadlock in the oil-rich Gulf state. Last week, a court nullified parliamentary elections from February, when religious opposition groups won the majority in the Madjlis.
Profit taking drags Etisalat shares slightly lower
June 26, 2012--The Abu Dhabi market measure ADXGI closed off 0.23% at 2,482.05 points Tuesday.
All sector indexes with the exception of investments and financial services landed in the red. Market heavyweight Etisalat dipped 0.10% to Dhs9.63. Since the start of the year, Etislat share rallied over 12 percent, but lost some ground after hitting a 2012-high (as yet) at Dhs9.82 on June 21. Seven shares advanced, 17 declined and five closed flat. Some 27.7m stocks were traded, valued at Dhs59m.
DGCX to enhance its trading and clearing platform through partnership with Cinnober
June 25, 2012--Dubai Gold and Commodities Exchange (DGCX) has announced its partnership with leading global trading technology provider, Cinnober Financial Technology. Cinnober will provide a new exchange infrastructure for DGCX that promises to significantly enhance the Exchange's derivatives trading marketplace.
The exchange infrastructure is scheduled to go live in December 2012 following a phased implementation.
Saudi ministry to launch price index before Ramadan
June 25, 2012--Saudi Arabia's commerce and industry ministry is working on compiling a price index for Ramadan covering all categories of goods consumed in large quantities during the holy month, Saudi Gazette has reported.
The ministry releases a price index ahead of Ramadan every year, as part of measures to prevent attempts by traders to manipulate prices as demand for many consumer goods rises sharply with the advent of the holy month. [AMEInfo.com]
