Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Dubai Financial Market gains the third day straight
June 7, 2012--Driven by global speculations of a stimulus plan in the indebted Eurozone, the DFM General Index surged 0.53% to reach 1,463.69 points Thursday.
The rise was broad as 20 shares out of 27 traded securities advanced, while five declined. District cooling specialist Tabreed was the most liquid stock (up 2.56% atd Dhs1.20). Bellwether Emaar Properties added 0.35% to hit Dhs2.85. Shuaa Capital did not join the rally and slipped 0.44% to Dhs0.676. From a chart-technial perspective, the DFMGI rose amid narrowing Bollinger Bands during the last three days, usually an indication for more volatility to come. Some 111.5m shares worth Dhs103.8m changed hands.
DGCX Announces Third Consecutive Monthly Volume Record
June 6, 2012--May 2012 sees volumes of 853,191 contracts, up 259% from last year.
Highest ever monthly total value recorded at $32.67 billion
Indian Rupee Futures sets monthly value record of $26.82 billion
Gold futures volume rises 117% from previous month
Dubai Gold and Commodities Exchange (DGCX) announced record-breaking trading volumes for a third consecutive month in May 2012 on the back of major upswings in Gold and Rupee Futures trading. The total trading volume for May hit 853,191 contracts, up 259%from the 237,920 recorded in May last year. May 2012 also witnessed the highest ever monthly total value, amounting to $32.67 billion.
Year-to-date total volumes on DGCX reached 2,958,871 contracts; over 158% higher than for the same period in 2011.
Egypt authority halts foreign stock trading for local brokerages
June 06, 2012---The Egyptian Financial Supervisory Authority (EFSA) decided to ban local financial institutions from trading foreign securities, saying it exposes investors to risks that Egyptian authorities are unable to monitor, Reuters has reported.
Traders said the move came after Egyptian investors suffered losses due to a sharp drop in Facebook shares after the social platform's initial public offering. EFSA said it had received several complaints from people dealing with brokerage firms "stating that they have lost large sums of money as a result of following the guidance and advice these firms gave to invest through them in foreign securities traded on foreign exchanges."
Saudi Tadawul market in fierce fight to defend 6,600 points
June 6, 2012--The Riyadh equitye measure TASI fell the second session straight Wednesday, closing at 6,661.26 points, as only nine shares advanced, while 130 declined.
Sabic fell back to SR90 (down one percent). Since the Riyadh-based gauge hit a three-and-a-half year high at 7,930 points on April 4, the measure fell sharply. Its next support is between 6,600 to 6,650, the old trading range from mid-2011.
Batelco helps Bahrain Bourse to halt decline
June 6, 2012--The Bahrain All-Share Index added 0.10%, ending at 1,132.17 points Wednesday.
Bahrain Telecom, known as Batelco, added 0.42% to reach BD0.474. Aluminum Bahrain or Alba and Ahli United Bank closed unchanged. Year-to-date, the Bahrain Bourse fell by one percent amid ongoing political uncertainty in the Kingdom.
Abu Dhabi developers Aldar and Sorouh recover further
June 6, 2012--The ADX General Index gained 0.10% to reach 2,435.19 Wednesday, as data compiled by the UAE National Statistics Bureau exposed Abu Dhabi's significant contribution to the 2011-rise of 4.2% in the Gulf state's real GDP.
According to National Bank of Abu Dhabi or NBAD, "UAE real GDP growth rate was +4.2% y-o-y, up from +1.3% in 2010. The rise in oil and gas sector output accounted for 49% of overall real GDP growth, while trade, construction, transport and communication, and manufacturing were some of the other sectors driving growth." Abu Dhabi harbours some 8% of the world's known oil reserves and nine tenth's of the UAE's "black gold". Shares of Aldar Properties soared 1.85% to reach Dhs1.09, while Sorouh Real Estate jumped two percent, finishing at Dhs1.02. Some 46m shares were traded, valued at Dhs61.3m.
Qtel advances as telco giant takes majority stake in Iraq's Asiacell
June 06, 2012--The Qatar Exchange's market measure QE 20 gained a quarter percentage point, closing at 8,342.51 Wednesday.
The gauge ended a week-long losing streak thanks to gains of market bellwether Industries Qatar (up 0.76% at QR133.40) and of Qatar Telecom, known as Qtel (advancing half a percentage point at QR112.50). Earlier in the day Qtel announced it has increased its stake in Iraqi telco operator Asiacell to 60%. In a statement to the Qatar Bourse, Qtel said it "has agreed to increase its shareholding to 60% for a total consideration of $1.47bn. Qtel will initially increase its ownership in Asiacell to only 53.9%, the further increase in shareholding is subject to Iraqi Government and Regulatory Authority approval." The transaction will be financed from existing funds, the firm said. The statement added that "Asiacell has already delivered significant value to its shareholders and is expected to continue to do so. (...) we continue to work hard on preparing for Asiacell’s landmark IPO planned for later this year. Asiacell is a very important company for the Qtel Group. We continue to expand our regional footprint and diversification of our revenue sources. More than 80% of Qtel Group’s revenues are now generated outside Qatar."
Dubai market edges up amid low trading volumes
June 06, 2012--The Dubai market DFM closed 0.43% higher at 1,455.96 points, as Emaar gained 0.35% to reach Dhs2.84.
Gulf Finance House plummeted two percent to hit Dhs0.54. Tamweel closed flat at Dhs1.12. The market rose in line with a rebound in Europe, as the European Central Bank (ECB)'s rate decision. Around 55m shares were traded, valued at Dhs71.6m.
Batelco helps Bahrain Bourse to halt decline
June 06, 2012--The Bahrain All-Share Index added 0.10%, ending at 1,132.17 points Wednesday.
Bahrain Telecom, known as Batelco, added 0.42% to reach BD0.474. Aluminum Bahrain or Alba and Ahli United Bank closed unchanged. Year-to-date, the Bahrain Bourse fell by one percent amid ongoing political uncertainty in the Kingdom.
Even when reigonal markets rebound, the Qatar Exchange is left behind
June 05, 2012--The Doha-based QE 20 Index slipped 0.13% to 8,322.19 Tuesday, despite modest gains at most other GCC equity markets.
All sector indexes with the exception of the transport segment ended in the red. Qatar Islamic Bank and Qatar Navigation bucked the sluggish market trend and added 0.40% and 0.50%, respectively.
