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Abu Dhabi-listed blue chip firms drag market index down
May 31, 2012--The ADX index fell 0.36% to 2,441.03 points Thursday, as market bellwether Etisalat (off 0.23%), Dana Gas (down 2.50%) and Sorouh Real Estate (one percent lower) weighed on the gauge.
National Marine Dradging Co. closed as a top gainer, closing 9.90% higher. After a strong first quarter, when the measure in Abu Dhabi gained 6.22%, the year-to-date gain decreased to 1.56% due to ongoing global concerns over the indebted Euro zone and the threat of an exit of member state Greece ("Grexit").
Dubai market ends tricky May with a mini day-gain
May 31, 2012--The DFM General Index added 0.06% Thursday, closing at 1,471.49 points amid higher higher trading volumes than yesterday. In line with the gauge,
Emaar Properties closed unchanged at Dhs2.91. Shuaa Capital gained the most (up 6.76% at Dhs0.695. Earlier in the day, Shuaa announced that its Group Chief Compliance Officer has resigned effective May 31 and that its Head of Legal Ghassan Hitti will assume his responsibilities in addition to his current position. Some 140m shares were traded valued at Dhs123.5m. In Q1 2012, the DFMGI advanced 21.92%, but after the sluggish trading during April and May, the year-to-date gain shrank to 8.73%.
IMF forecasts slower growth for Saudi economy
May 31, 2012--The International Monetary Fund (IMF) has said oil-dependent economy of Saudi Arabia should remain 'buoyant,' although growth is forecast to slow to 6% this year, down from 7.1% in 2011, given uncertainties over the euro zone debt crisis and a decline in crude prices,
Reuters has reported. Inflation would likely remain at around 5%, although the IMF urged Saudi authorities to monitor it closely for signs of economic overheating. The outlook for the Saudi economy was subject to "some uncertainty" given the prospect of lower oil prices, the IMF said.
Banks lift Bahrain exchange slightly
May 31, 2012--The Bahrain All-Share Index ended up 0.22% to hit 1,139.58 points.
Islamic financial institution Ithmaar Bank advanced 3.23% to reach $
DGCX Enhances Trading Proposition by Extending Trading Hours
May 31, 2012--The Dubai Gold and Commodities Exchange (DGCX) today announced an extension of its trading hours. From the 4th June, 2012, the Exchange will open from 07:00 (UAE time), 1 hour and 30 minutes earlier than its previous opening time. The extended trading time will provide DGCX participants with a 30 minute window before the exchange traded currency derivatives markets open in India.
Commodity and currency futures prices are tightly linked to the prices of their underlying instruments, with futures prices highly sensitive to price movements of the underlying. This makes them much more suitable for 'momentum trading' than equities. The 30 minute window between DGCX opening and the Exchange traded currency derivatives market opening in India will allow participants on the DGCX an opportunity to take positions based on overnight indicators, putting them ahead of the momentum curve.
Commenting on the initiative, Gary Anderson, Chief Executive Officer, DGCX, said: "DGCX has a strong track record in contract innovation and the Exchange remains committed to further enhancing trading opportunities in commodity and currency derivatives in the region.
Egypt bourse awaits Mubarak verdict
May 30, 2012--The verdict in the trial of ousted President Hosni Mubarak, due on Saturday, is a new cloud hanging over Egyptian stocks which were hammered this week after the country's two most divisive figures made it to the presidential election run-off.
Mubarak, 84, was charged with graft, abuse of power and ordering the killing of protesters during the 18-day uprising that ousted him on February 11, 2011. Court hearings in the trial concluded earlier this year and the verdict is due on June 2.
Riyadh equity gauge, market breadth end in the red
May 30, 2012--The Tadawul All-Share Index fell 0.82%. closing for the second time this week below 7,000, at 6,975.27 points. Oil prices (U. S. crude) fell to an 8-month low Wednesday,
fluctuating below 89 U. S. dollar per barrel after Credit Default Swaps (CDS) on Spanish bonds increased sharply in value. CDS are used as an insurances against the default of a bond. The Euro fell below $1.24 for the first time since July 2010. In Riyadh, Sabic touched a five-month low at SR93.50 (off 0.86%). Jouf Cement and Southern Cement were the top gainers, ending up 3.41% and two percent, respectively. Only 18 shares advanced out of 151 securities traded, while 122 declined.
Kuwait gauge rebounds as shares rise across the board
May 30, 2012--The KSE Market Index climbed 0.54% higher to reach 6,241.42 points, although oil prices fell to an 8-month low Wednesday, trading between $89 to $90 per barrel.
The Kuwait market usually correlates positively with the price of the 'black gold'. Despite the decline at markets in Europe due to fresh worries over a debt crisis escalation in Spain, Kuwait financial shares ended mixed. Al Ahli Bank of Kuwait jumped 5.35% to hit KD0.590. Kuwait International Bank slipped 1.85% to KD0.265.
Qatar Exchange halts decline, despite selling pressure in Europe
May 30, 2012--The QE 20 Index closed unchanged at 8,473.05 Wednesday. Qatar Telecom or Qtel fell 0.80% to QR114.50.
Earlier in the day, Qtel announced that it has signed with United Development Company (UDC), master developer of man-made The Pearl-Qatar, an agreement that will see Qtel acquire the full communications infrastructure of The Pearl-Qatar, which was previously wholly-owned by UDC.
Abu Dhabi market declines the fifth day straight
May 30, 2012--The ADX General Index closed off 0.23% at 2,449.73 points, as market bellwether Etisalat fell 0.11% to Dhs8.80.
Dana Gas closed even at Dhs0.39. RAK Bank and National Bank of Abu Dhabi gained 0.96% and 0.12%, respectively.
