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Saudi market soars ahead of OPEC meeting
June 11, 2012--The Riyadh-based market measure Tasi edged 0.61% higher to hit 6,790.96 points Monday as oil prices recovered in recent days amid speculations that OPEC member states will decide at the 161st meeting next Thursday to reduce production in order to keep brent prices in the range between $100 to $120.
In May the price of "black gold" fell by a fifth due to ongoing concerns over the Euro zone dent crisis. Petrochemical producer Sabic advanced 0.82% to reach SR92. Like at UAE market, tradigng volumes edged up. 108 out of 162 traded shares advanced, while 24 securities declined.
Kuwait Stock Exchange in stutter mode while Riyadh and UAE rebound strongly
June 11, 2012--The KSE Market Index failed to join the rebound in most other GCC markets, closing off 0.63% at 6,072.36 points Monday.
The fall came despite roubust advances in oil prices (up 3.1
Abu Dhabi blue chip shares push index towards 2,500
June 11, 2012--The ADX General Index added 0.36% to close at 2,463.38 points. Developers Sorouh and Aldar added another 0.95% and 0.88% respectively on news that the planned is possibly on the way to materialize.
Telecom giant Etisalat consolidated above Dhs9 (up 0.31% at Dhs9.08). Like in Dubai, market breadth ended deeply in the green as 20 shares advanced, while six declined. Some 82.6m shares worth Dhs102.7m changed hands.
Dubai bourse advances on Spain relief, as trading volumes triple
June 11, 2012--The DFM General Index gained for the fourth session straight Monday, closing 1.10% higher at 1,483.00 points.
Positive input from markets in Asia and later from Europe on Spain's bailout request for its troubled banks raised the mood at exchanges worldwide. In Dubai, district cooling specialist Tabreed jumped six percent to reach Dhs1.22. Emaar Properties added 0.70%, closing at Dhs2.88. Union Properties lost the most and fell 2.18% to hit Dhs0.403. Twenty-one shares advanced three closed down. Some 223m shares were traded (three times more than on Sunday), valued at Dhs222.5m.
Saudi Arabia's May inflation dips to 5.1%
June 11, 2012--According to data by Saudi Arabia's Central Department of Statistics (CDS), the kingdom's annual inflation eased to a nine-month low of 5.1% in May, despite a slight rise in food and housing prices, Reuters has reported.
Consumer prices slowed to 5.1% in May from 5.3% in the same month a year earlier, while monthly inflation remained unchanged from April at 0.2%, the data showed. The central bank said in a report that it expects inflationary pressures to continue in the second quarter. Last February, the CDS said it expected relative price stability or even a slight decline in inflationary pressures in the near term.
Composition of TASE Equity Indices as of June 17th, 2012
June 10, 2012--As of June 17th, 2012 the composition of the equity indices will be updated.
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United Arab Emirates: Selected Issues and Statistical Appendix
June 8, 2012--EXECUTIVE SUMMARY
This paper looks at the global spillovers to the UAE financial system. It concludes that although financial vulnerabilities of the United Arab Emirates (UAE) have decreased since the
2008 global real estate collapse, given the UAE's interconnectedness, it remains exposed to global financial conditions.
The analysis of the impact of external financial conditions is structured in four main parts: the domestic equity market, sovereign risk, the banking system, and the corporate sector. The
Government-Related Entity sector is not covered in light of insufficient data.
The paper finds an uneven degree of spillovers to the different segments of the UAE financial system. Regarding domestic equity markets, the combined market capitalization losses in the Abu Dhabi and Dubai stock exchanges between September 2008 and end-March 2012 exceeded $100 billion. Equity markets have become significantly more correlated with global markets since September 2008, and market volatility increased after the crisis, but seemed to have settled down since the beginning of 2011. Market perceptions of sovereign default risk remain elevated and linked to international financial market conditions, but less so than in 2008/09. CDS market exposure to financial distress abroad has increased again in recent months and can be traced to developments in Europe.
view IMF United Arab Emirates: Selected Issues and Statistical Appendix
Qatar Exchange misses chance for a sustainable rebound
June 7, 2012--After stabilising in the last three trading days, the Qatar Exchange (QE) 20 Index slipped 0.32% to 8,316.05 points Thursday.
Banks and industrials in particular weighed in the gauge. With a year-to-date loss of 5.21%, Doha remains at the bottom of the charts within the GCC.
First listing in pipeline since 2008 at NASDAQ Dubai- report
June 7, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.55% higher at 1549.85 Thursday.
Shares of global maritime port operator DP world gained 1.48% to close at $10.30. Interior design firm Depa Limiteddived 2.22%, finishing the session at $0.44. Earlier in the day The National reported that British firm RegisCard plans an IPO at the NASADAQ Dubai. It would be the first primary listing at the Middle East's only international exchaneg since July 2008, when jewelry trader Damas went public. RegisCard is a provider of solutions for debit cards and payment solutions.
Etisalat, real estate firms boost Abu Dhabi bourse
June 7, 2012--The Abu Dhabi market index gained 0.20% Thursday, finishing at 2,439.65 points as oil prices recovered in line with global speculations of a concerted stimulus for the indebted Euro zone.
Over the first week of June, the ADXGI ended unchanged, as the gauge, after falling at the beginning of the week, managed to recover territory in the last three days. Leasing specialist Waha Capital jumped 5.50% to rech Dhs0.58. Market bellwether Emirates Telecommunications Corporation or Etisalat added 0.34% to hit a one-month high at Dhs8.83. Merger candidates Aldar Proporties and Sorouh Real Estate added 0.91% and 1.96%, respectively. Some 55.2m shares were traded, valued at Dhs76.5m.
