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Saudi Stock Exchange sheds another 0.92 percent
June 25, 2012--The Tadawul All-Share Index closed 0.92% lower at 6,683.34 points Monday.
The third consecutive decline was broad as 19 shares advanced, while 125 declined. After a fulminant listing debut on Sunday, insurance firm Alinma Tokio Marine Co. posted the second largest loss (off 8.40% at SR71) on profit takings. Globally, markets took a hit on seemingly never-ending concerns over the Euro zone debt crisis and a fears of a hard economic landing in China. Saudi Enaya Cooperative Insurance Company gained the most, finishing 9.84% higher at SR67. Three trading days ahead of the end of the first half-year of 2012, the Saudi year-to-date profit stands at 4.14%. This is the second best performance in the GCC behind the Dubai Financial Market.
DFM shares gain against Dubai market downtrend
June 25, 2012--The Dubai Financial Market (DFM) General Index fell the fourth session straight Monday, closing off 0.30% at 1,456.32 points.
Bellwether share Emaar, the UAE's first real estate developer, closed flat at Dhs2.87. The DFM itself, the only Arab bourse being listed, posted the largest gain, ending up 1.50% at Dhs0.96, although trading volumes were on the retreat again. Four shares advanced, 18 declined and four closed even. Some 43m stocks were traded, valued at Dhs56m. According to EFG Hermes, there is an important support line at 1,450 points from a chart-technical pointof view. This level was successfully tested today by the DFMGI.
Qatar Exchange decline halted by banking, industrial shares
June 25, 2012--The QE 20 Index ended a three-day fall Monday by closing unchanged at 8,228.52 points.
Qatar National Bank, the country's largest lender extended its advance from yesterday, finishing half a percentage point higher at QR132. But losses across all sectors prevented the gauge from rebounding. Market bellwether Industries Qatar slipped 0.10% to close at QR129.10.
Abu Dhabi bourse bounces back
June 25, 2012--The ADX General Index ended up 0.30% at 2,487.71 Monday, thanks to gains in market leder Etisalat (0.10% higher at Dhs9.74), First Gulf Bank (gaining one percent at Dhs7.88)
and Dana Gas (up 2.70% at Dhs0.37). Trading volumes melted like a ice cream in the sunshine. Only 26.7m shares worth Dhs45.2m changed hands. Thirteen stocks advanced, eight declined and four ended flat.
Depa shares dive on contract termination in Doha
June 25, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1546.68 Monday, off 0.27% from the previous close. Market bellwether DP World fell 1.33% to close at $10.36.
Interior design company Depa Ltd. plummeted 6.34% to close at $0.399. On Sunday June 24, Depa said that its joint venture firm Lindner Depa has had its contract at the New Doha International Airport terminated by the Qatari side. The contract had a value of Dhs900m ($245m). Depa said in a statement to the NASDAQ Dubai, "This follows the announcement on June 20 that Lindner Depa’s performance bond and advance payment guarantee were pulled due to Lindner Depa's refusal to accept new non-favourable contract terms and conditions. The Company is in discussions with its lawyers in order to assess the situation and consider its options."
EGX and Istanbul Stock Exchange signed a Memorandum of Understanding to enhance cooperation between the two markets
June 25, 2012--The Egyptian Exchange (EGX) and Istanbul Stock Exchange-Istanbul Menkul Kiymetler Borsasi (IMKB)-signed a Memorandum of Understanding (MoU) on Friday 22nd June 2012 in Istanbul-Turkey.
By signing this MOU both exchanges aim to enhance cooperation between the two markets; mainly in the field of automated trading systems development, exchanging technical information, sharing expertise for more efficiency of capital markets in both countries and cross listing of ETFs.
The MoU states that officials in both markets will cooperate to develop the links between the two exchanges which supports their plans in order to attract more investments. Signing that MoU comes as part of EGX’s participation in the meetings of the Organization for Economic Co-operation and Development (OECD) taking place in Istanbul-Turkey.
Abu Dhabi bourse finishes bullish week at six-week high
June 21, 2012--The ADX General Index shrugged off disappointments over the MSCI verdict to leav the UAE a "frontier market" and ended 0.76% higher at 2,508.59 points.
Market bellwether Etisalat jumped 2.40% to close at Dhs9.64.
Dubai market's disappointment over MSCI verdict remains limited
June 21, 2012--The Dubai Financial Market (DFM) General Index slipped 0.40% to 1,470.92 points, as global index provider MSCI's decision to remain the UAE as a frontier market and postpone and upgrade to emerging market was widely expected.
Commenting on the MSCI verdict, Charles W. Clarke, the Chief Economist at HSBC Middle East in Dubai said earlier today, "For the UAE, the major sticking point is more technical. The market has operated a delivery versus payment or DVP model now for a year, meaning that there is no time lag between stocks and cash being exchanged. The main concern of investors was control of the assets should settlement instructions not match. The model introduced last year did not address this issue and since December 2011 no further changes have taken place. However the exchanges are looking at how they can improve the model to meet MSCI's and hence investors' concerns, so they are taking action." Emaar Properties, the UAE's number one developer fell 1.40% to Dhs2.91, while Arabtec Constrction bucked the trend and gained 1.41% to close at Dhs2.88. Some 78m shares were traded, valued at Dhs130.5m. Over the week, the DFMGI gained half a percentage point amid rising trading volumes.
Bahrain's Ahli United Bank edges up on alliance with Network International
June 20, 2012--The Bahrain All-Share Index stabilised above 1,100 points, closing 0.10% higher at 1,129.23 points. Ahli United Bank gained 1.70% to close at $0.60.
Earlier in the day, the lender said it has entered into an agreement with Network International (NI), "one of the leading payment solutions providers in the Middle East", to launch state of the art Point-of-sale acquiring services and e-commerce in the Kingdom of Bahrain. Commenting on the deal, Al Ahli Deputy Group CEO Abdulla Al Raeesi said: "The Network International platform which supports advanced acquiring functionality will enable Ahli United Bank to meet its objectives of providing enhanced merchant solutions in Bahrain and its subsequent extension to cover other key AUB markets, with innovative features such as integrated multi-lane solutions, hotel solutions, new e-commerce services, dynamic currency conversion and loyalty programs to address the specific needs of all business sectors".
Qatar market slips, awaits MSCI verdict
June 20, 2012--The QE 20 Index declined 0.10% to 8,307.18 points Wednesday.
Qatar National Bank slipped 0.15% to QR133, while Al Ahli Bank soared 1.70% to hit QR60. Qatar and the UAE hope to get this night at midnight Doha time green light for an upgrade to 'emerging market' from index provider MSCI. Both Gulf states were under a review to be re-classified from the current 'frontier market status since 2010.
