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Sabic gains, plans asset purchase of $8bn sukuk
June 13, 2012--The Saudi stock market Tadawul advanced 0.25% to close at 6,744.53 points Wednesday.
Bellwether Sabic, the world's largest petrochemicals producer, added 0.84%, finishing at SR90.25. Earlier in the day Sabic said it plans to purchase the assets of its second Islamic bond (sukuk) amounting to SR8bn which was issued in July 2007, in accordance with the terms and conditions of the Sukuk. In accordance with Shari'ah, sukuk must always be asset-based, as Islamic law forbids to create money out of pure monetary streams. "As a result of this, trading of the sukuk will cease on 16th June 2012 and the amounts due to the Sukukholders will be deposited to the sukuk-holders accounts on 15th July 2012 from the companys available cash. Subsequently the Sukuk will be delisted and cancelled," Sabic explained in a statement to the Tadawul bourse.
Qatar market sinks deeper into the red
June 13, 2012--Share prices and trading turnover headed south in Doha on Wednesday, as the QE 20 Index slipped a quarter percentage point to close at 8,261.09 points.
The gas-rich Gulf state's largest lender Qatar National Bank, known as QNB, also fell by a quarter percentage point to close at QR131.10. Earlier in the day QNB said it has signed a facility agreement with Qatar Fuel Additives Company Limited (QAFAC) to fund the establishment of a CO2 recovery plant. The facility is $80m, according to the bank's statement to the Qatar Exchange. Since January 1 2012, the Qatar market declined by 5.9%.
Aldar, Sorouh Real Estate recover as market Abu Dhabi measure closes flat
June 13, 2012--The ADX ended unchanged at 2,448.22 Wednesday.
Telecom operator and market bellwether Etisalat jumped one percent to hit Dhs9.19. Merger candidates Aldar and Sorouh extended their rallies, closing up 1.82% and up one percent, respectively. But ongoing global uncertainty over the Euro zone debt crisis weighed on lenders, keeping the ADX's gauge at bay. Some 32.8m shares worth Dhs53.2m changed hands.
Bahrain Bourse dives as investors dump bank shares
June 13, 2012--The Bahrain All-Share Index lost 1.55% Wednesday, closing at 1,116.99 points.
Lenders Khaleej Commercial Bank (off 7.69%, largest day-loss), Ahli United Bank (down 6.78%), and National Bank of Bahrain or NBB (1.81% lower) weighed on the gauge as global concerns over Spain's bailout request prevailed. The Manama-based market fell 2.33% since January 1, the second worst performance before Qatar (as yet), which lost 5.83% year-to-date.
Dubai market edges 0.62% higher
June 13, 2012--The DFM General Index ended slightly higher at 1,477.86 points after Asian markets bounced back and oil prices recovered to $0.67 to reach $96.13 (DME Oman Crude).
DMF bellwether Emaar Properties gained 1.40% to hit Dhs2.89. DFM shares (up half a percent at Dhs0.96) advanced, too, ahead ahead of MSCI's verdict whether or not the UAE will be upgraded to emergering market from frontier market. The index rise was not broad, as 14 shares gained, while 10 declined. Some 109.1m securities added value, valued at Dhs122.7m.
Bahrain Bourse dives as investors dump bank shares
June 13, 2012--The Bahrain All-Share Index lost 1.55% Wednesday, closing at 1,116.99 points.
Lenders Khaleej Commercial Bank (off 7.69%, largest day-loss), Ahli United Bank (down 6.78%), and National Bank of Bahrain or NBB (1.81% lower) weighed on the gauge as global concerns over Spain's bailout request prevailed. The Manama-based market fell 2.33% since January 1, the second worst performance before Qatar (as yet), which lost 5.83% year-to-date.
Saudi Cable Company gains on million dollar deal in Turkey
June 12, 2012--The Saudi Tadawul All-Share Index slipped 0.94% to 6,727.83 Tuesday, despite a relief in oil prices and a recovery at Western market late afternoon.
Saudi Cable Company closed 1.33% higher at SR15.25. Earlier in the day Saudi Cable said that its wholly owned subsidiary in Turkey, Mass Kablo, has won on an order for supply of High Voltage Cables for an important project in one of the European countries for $15.6m. "The deliveries will start from the beginning of the fourth quarter of 2012 for a period of 24 months," Saudi Cable addedd in the statement to the Tadawul bourse.
Qatar Exchange does one step forward, two steps back
June 12, 2012--The Doha-based QE 20 Index declined 0.42% to 8,280.58 points.
Shares of Qatar's second telco firm Vodafone Qatar slipped 0.66% to QR9.09. Om Monday Vodafone Qatar said its loss in 2011 fell to QR486m, down from QR600.7m. Al Kaleej Insurance gained the most, closing up five percent to reach QR43.55.
Abu Dhabi banks end Tuesday trading mixed
June 12, 2012--Like all GCC markets, the ADX General Index lost slightly Tuesday, closing off 0.64% at 2,447.57 points.
Concerns over Greece's upcoming elections and how the result will affect the country's eagerness to remain in the Euro zone or not weighed on the sentiment worldwide, albeit European exchanges recovered later on. In Abu Dhabi, First Gulf Bank and National Bank of Abu Dhabi fell 0.20% ad 0.10% respectively. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank, on the other hand, added one percent and 0.70%, respectively. Trading volumes fell by half compared to Monday, as 29.3m shares worth Dhs47.6m changed hands.
Dubai market retreats slightly on some profit booking
June 12, 2012--After five consecutive days of rising, the DFM General Index closed 0.96% lower at 1,468.82 points Monday. Traders booked small profits in Emaar Properties (off one percent at Dhs2.85), telecom operator Du (down 1.29% at Dhs3.05) and Sharjah-based low cost carrier Air Arabia (off two percent at Dhs0.584).
Only four shares advanced, among them investment bank Shuaa Capital (up 0.30% at Dhs0.662). EFG Hermes said it expected "some sellers’ action in the upcoming few sessions, however, the worse now becomes less likely." Meanwhile, European markets recovered after a small setback on doubts if Spain's EUR100bn bailout request would be enough. Some 77.5m shares were traded, valued at Dhs87.5m.
