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Abu Dhabi exchange gains on oil, increased IMF pledge
June 20, 2012--The ADX General Index advanced for the third trading session Wednesday, closing 0.90% higher at 2,489.15 points. Market bellwether Etisalat, the UAE's first telco operator, surged 2.75% to reach Dhs9.70.
Dubai crude oil prices added $0.54 to hit $94.33. According to Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi, "there are eeasons for some of the recent market optimism," he said in his Economic Intelligence Update released earlier today. "IMF declared pledges to boost its resources has risen to $456bn, almost doubling IMF lending capacity. The largest pledges were from Japan ($60bn), Germany (€41.5bn), France (€31.4bn). Saudi Arabia pledged $15bn. US pledged nothing. According to the IMF Managing Director, “the additional resources will be drawn only if they are needed as a second line of defense after resources already available from the members’ pool of resources. If drawn, they will be repaid with interest.
Arab stock market bank assets reach $1.39 trillion
June 20, 2012--According to a survey conducted by Forbes Middle East, the total assets of the biggest 75 lenders listed in Arab stock markets has reached $1.394trn, Arab News has reported.
With total assets of $82.995bn, QNB secured the top spot on this ranking, followed by Al-Rajhi Bank with total assets of $58.940bn. The 75 banks also recorded combined operational income of $60.6bn and combined net profits of $22.7bn, thanks in part to the creation of new credit portfolios (loans) totalling $855.7bn.
Saudi bourse gains the fourth session straight on Greece news
June 20, 2012--The Tadawul All-Share Index finished the week with a 0.3% rise Wednesday, closing at 6,838.05,
the highest level since the start of June. News from Athens that a deal was reached to form a new government under the leadership of pro-Euro zone's New Democracy party, three days after the decisive elections in the highly indebted country. Al Sagr Co-operative Insurance Co. gained the most (up 9.98% at SR25.90). Telecom operators Zain KSA (down 2.15% at SR9.10) and Etihad Atheeb Telecommunication Company (off 1.87% at SR15.70) weighed on the gauge. Ninety-nine shares advanced, 36 declined and 17 closed even.
Sabic advances helps Tadawul bourse ending in the green
June 19, 2012--The Saudi Arabian Tadawul All-Share Index added 0.14% to reach 6,817.26 points Tuesday, as oil prices stabilised and markets in Europe and the U. S. posted minor gains.
Trading volumes fell slightly compared to the last days of trading, while 78 shares advanced, 49 declined and 25 ended flat. Sabic, the petrochems and metals giant, recovered further after it hit a five-month low last week and advanced 1.38% to close at SR91.75. Mobile Telecommunications Company Saudi Arabia or Zain was the most actively share traded by value, ending off 2.11% at SR9.30.
DP World advances to one-month high
June 19, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.90% higher at 1573.10 today.
DP World were the only securities traded, closing 1.43% higher at $10.65. Earlier in the day The National reported that fastfood-chain Just Falafel considers to go public, saying that listing shares at the NASDAQ Dubai could be one option.
IMF Kuwait: Staff Report for the 2012 Article IV Consultation
June 18, 2012--KEY ISSUES
Context. Macroeconomic outcomes were strong in 2011, supported by high oil revenues. However, the pace of recovery of non-oil economic activity continued to be moderate, with still weak, although improved, growth of banks' credit; inflation also remained moderate. The policymaking landscape changed significantly in recent months, and a new government and
parliament are now in place. Kuwait ranks relatively low on essential elements for competitiveness and lags in the quality of its physical and social infrastructure relative to its
GDP per capita level.
Outlook and risks. Economic recovery is expected to strengthen, led by increasing government expenditure—particularly in wages and capital outlays. High fiscal and external
surpluses are expected to persist. Inflation is projected to moderate slightly, but inflation risk
is on the upside.
Risks for the outlook include low implementation rates of the capital budget and legislative bottlenecks, which could dampen the recovery. Like other countries, Kuwait is exposed to external risks, including the intensification of the European crisis, but these risks are manageable.
view IMF Country Report-Kuwait: Staff Report for the 2012 Article IV Consultation
Bargain hunters lift Qatar Exchange ahead of MSCI verdict
June 19, 2012--The QE 20 Index edged half a percentage point higher to reach 8,314 points Tuesday.
Banks in particular fuelled the rebound. On the coming Wednesday, June 20, index developer MSCI will decide if Qatar and the UAE are eligible to get the label of an emerging market. An upgrade from frontier market is expected to attract capital investments from global fund managers covering emerging markets.
National Bank of Abu Dhabi advances on S&P rating affirmation
June 19, 2012--The ADX General Index gained 0.32% to hit 2.467.97 points Tuesday, despite profit takings at developers Aldar Properties (off 0.90%) and Sorouh Real Estate (down one percent).
Investors shrugged off the market slump in Egypt, where uncertainty and confusion over the outcome of the presidential elections rule. The emirate's largest lender National Bank of Abu Dhabi or NBAD gained 0.60% to close at Dhs8.40. Earlier in the day NBAD said that U. S. rating agency Standard and Poor's (S&P) has raised its assessment of its capital and earnings to "very strong", and the Bank's stand-alone credit profile (SACP) to "a" from "a-," and affirmed NBAD's long- and short-term credit ratings of "A+/A-1" which maintains that NBAD has one of the strongest combined ratings in the Middle East. The outlook for NBAD was stable, S&P said, adding that "The stable outlook reflects our expectation that NBAD will remain a dominant player in the UAE, with no significant change in its ownership or business and financial profiles over the next two years."
Rollercoaster Tadawul bourse knocks out 6,800-level
June 18, 2012--In Riyadh, the Tadawul All-Share Index climbed 0.80% higher to close at 6,807.51 points, despite weak oil prices (off two percent at $82.38 (U. S. crude))
Market bellwether Sabic, the world's largest petrochems company, closed unchanged at SR90.50. Allianz Saudi Fransi Cooperative Insurance Company fell ten percent and closed this session wit the highest loss at SR74.50. 127 out of 152 traded securities advanced, while 12 declined.
Kuwait Stock Exchange leaves valley of tears
June 18, 2012--The KSE Market Index ended Monday a week-long decline, which almost erased its year-to-date gain.
The gauge surged 0.70% to close at 5,948.62 points, as 10 out of 12 sector indexes gained territory. National Bank of Kuwait (NBK) ended flat at KD1.020. Fujairah Cement Industries Company posted the largest decline (off six percent at KD0.078).
