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Qatari stock market bounces back
June 18, 2012--After falling to new 2012- lows last week, the Qatar Exchange 20 Index closed 0.31% higher at 8,276.62 Wednesday.
Investors used the general relief at global markets after the Greek elections, which saw pro-Euro zone parties winning, and bought shares across the board. According to Deutsche Bank Research, "High Liquified Natural Gas (LNG) production should help maintain large fiscal and current account surpluses," adding in its Qatar Frontier Country report published on June 15 that "the government will continue to follow an expansionary fiscal policy over the next years as it has significant investment needs for both the hydrocarbon and infrastructure sectors (...) GDP growth will slow down in 2012, but other factors mitigate. Qatar’s real GDP growth is expected at 7.1% year-on-year in 2012, respectable, but significantly lower than 20% year-on-year in 2011."
Developers, Etisalat drive Abu Dhabi exchange's advance
June 18, 2012--The ADX General Index gained 0.56% higher to close at 2,460.14 points, driven by gains in the UAE's first telecom provider Etisalat (up 0.65% at Dhs9.35)
and real estate merger candidates Aldar Properties (0.90% higher at Dhs1.12) and Sorouh Real Estate (gaining one percent at Dhs1.02). National Corporation for Tourism and Hotels lost the most, finishing down 9.90% at Dhs5.01).
Dubai market buoyant, but not euphoric
June 18, 202--Fuelled by the dramatic victory of Greece's Euro supporting parties in the parliamentary elections on Sunday, the Dubai market measure DFMGI closed Monday 0.68% higher at 1,473.64 points.
The increase was broadly supported, as 18 shares advanced, five declined and three closed even. Emaar Properties added up 1.05% at Dhs2.88. Islamic insurer Takaful Emarat lost the most, closing off 2.35% at Dhs0.541. Some 79m shares worth Dhs89.8m changed hands.
Egypt economy growth slows to under 2%
June 18, 2012--"We have a revolution," central bank governor Farouk El-Okdah told the news service when asked why growth would slow. He did not elaborate.
In April, the International Monetary Fund had forecast Egypt's gross domestic product growth would slow to 1.5% in 2012 from the 1.8% which it estimated for 2011. [AMEInfo.com]
IMF: Kuwait economic growth to drop over 2%
June 18, 2012--The International Monetary Fund has said Kuwait's economic growth is expected to slow to 6.6% in 2012 from 8.25% in 2011, though higher public spending and buoyant oil revenues should keep the economy growing rapidly this year,
Zawya Dow Jones has reported. High oil revenues and prices have helped the Gulf country generate large fiscal surpluses that have fed its growing public spending, but the IMF said it expects Kuwaiti growth to slow rapidly to 1.8% in 2013. It didn't provide a reason for the sharp drop in next year's predicted growth rate. The IMF had warned in May that a combination of higher wages and a rising population risks consuming all the country's oil revenues by the year 2017, which would prevent Kuwait from setting aside surplus oil wealth for future generations.
Bahrain Bourse bounces back
June 14, 2012--Against the regional setback at markets, the Bahrain All-Share Index edged higher by 1.18% to hit 1,130.19 Thursday.
Banader Hotels Company soared 10% to close as a top gainer at BD0.066. Ahli United Bank soared 7.27%, closing at $0.59. Islamic investment bank Ithmaar dived 7.41%, finishing at $0.125.
Qatar Exchange's year-to-date loss hits six percent
June 14, 2012--The QE 20 Index in Doha finished the week with a day loss of 0.10%, closing at 8,252.42 points.
The declined was broad and could not be prevented by gains in market bellwether Industries Qatar (up 1.20% at QR133.60) and real estate giant United Development Company (gaining 1.23% at QR18). Earlier in the day the Qatar Exchange announced that the trading in the shares of Dlala Brokerage & Investment Holding Company will be suspended on Sunday June 17 due to the company’s Ordinary General Assembly Meeting being held on that day.
Merger candidates Aldar, Sorouh fall back on profit booking
June 14, 2012--The Abu Dhabi equity measure ADXGI closed insignifcantly lower at 2,446.42 points.
Abu Dhabi National Energy Company or Taqa gained against the trend, closing 1.70% higher at Dhs1.18. The emirate's largest developers and merger candidates Aldar Properties and Sorouh Real Estate fell 0.90% and 0.97%, respectively, after both firms recovered significantly in recent days on news that their merger talks were advancing. Some 45.7m shares were traded, valued at Dhs81.9m.
Dubai market falls slightly, but saves level from last week
June 14, 2012--The DFM General Index ended off 0.96% Thursday at 1,463.73 points.
The drop was not broad as seven shares advanced and 17 declined. Emaar Properties dipped 1.38% to close at Dhs2.85. It is noteworthy that shares of the DFM, the only publisly listed Arab bourse, advanced several times during the session and closed unchanged at Dhs0.96. Investment bank Shuaa Capital jumped 5.14% to hit Dhs0.696. Compared to the closing from last week, the DFMGI ended even, a first since May 22. The next resistance line is at 1,500 points, which the gauge touched on the aforementioned date, before falling back in the wake of Euro zone debt concerns.
Bahrain Bourse bounces back
June 14, 2012--Against the regional setback at markets, the Bahrain All-Share Index edged higher by 1.18% to hit 1,130.19 Thursday.
Banader Hotels Company soared 10% to close as a top gainer at BD0.066. Ahli United Bank soared 7.27%, closing at $0.59. Islamic investment bank Ithmaar dived 7.41%, finishing at $0.125. [AMEInfo.com]
