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Developers gain, financials lose on Spain worries at Dubai market
May 30, 2012--The DFM General Index ended a roller coaster Wednesday trading session down 0.30% to close at 1,470.61 points.
New worries about more bank defaults in Spain, where prices of Credit Default Swaps shot up, dragged global equity indexes down. For the second day in a row, Union Properties posted the largest advance (up 2.54% at Dhs0.404. Emaar Properties added 1.04% to reach Dhs2.91. Bank shares performed mostly waeker. Shuaa Capital fell 7.27%, while Commercial Bank of Dubai, the 9th largest lender in the UAE, dived 4.91%. But according to Mashreq Bank's Chairman Abdul Aziz Al Ghurair, the UAE's public and private sector's exposure to the finance sector in the "Club Med" (i. e. the southern European states) is insignificant. Around 93.7m shares were traded, valued at Dhs101.8m.
Tadawul bourse dips 0.33% to 7,033, Almarai outperforms on new 5-year plan
May 29, 2012--The Riyadh-based Tadawul All-Share Index declined 0.33% to 7,033.11 points Tuesday, as most GCC markets looked for direction due to a lack of catalysts.
Shares of dairy food producing company Almarai gained 1.11% to reach SR68.25. Earlier in the day, Almarai said that on Monday evening, 28th May 2012, "the Board of Directors of Almarai approved its strategic 5 year plan for the period 2013-2017." Almarai added that "this plan aims at growing Almarais business, in all segments, to further product quality and to better serve our consumers. To meet these ambitious goals, the board of Directors reviewed and approved the largest capital investment plan ever put forward by Almarai. This plan will amount to SR15.7 billion over the period."
DP World remains locked in $10-$11 range
May 29, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1561.19 Tuesday,
down 0.53%, from the previous close. Global maritime port operator DP World fell 0.88% toclose at $10.13. Since May 7, DP World has been trading in a range between $10 to $11.
Qtel declines slightly after successful completion of Rights Issue
May 29, 2012--The QE 20 Index fell 0.40% to hit 8,474.83 points Tuesday, as shares lost acorss the board.
Qatar Telecom ended down 0.43%, finishing at QR115.40. Earlier in the day, Qtel announced the successful completion of its Rights Issue. "The Rights Issue was fully subscribed and raised QR 6.8bn. The net proceeds of the capital increase will be used for general corporate purposes, including refinancing existing indebtedness. The subscribed new shares will be added to shareholder accounts after the regulatory approvals."
Etisalat gains, subscribes rights issues in Qatar Telecom
May 29, 2012--The ADX General Index slipped 0.06% to close at 2,455.31 points as the leading real estate developers Aldar, Sorou and RAK Properties closed unchanged.
Earlier in the day, Aldar announced that "HE Mubarak Saeed Al Dhaheri, the Undersecretary of the Ministry of Labour, today officially inaugurated phase one of the new operative village, a 75,000 SQM development, in Al Ain created by Aldar to support ongoing development in Al Ain and improve the quality of labour accommodation." The UAE's first telecom operator Etislat advanced 0.23% to reach Dhs8.79. Earlier in the day, Etisalat, which owns 1% in Qatar Telcom or Qtel since 1998, it has subscribed to the Qtel's rights issue at QR75 per share, based on Qtel's EGA held on March 25 2012, when a rights issue of 30% was completed. "On Thursday May 24 2012, Etisalat subscribed to the rights issue of Qtel at QR75 per share in return for a total consideration of Dhs69m," the telco firm said in a statement to the ADX. The closing price of Qtel shares, which are listed at the Qatar Exchange, was QR114 as of May 24.
Emaar, Arabtec fall in lockstep, weigh on Dubai gauge
May 29, 2012--Despite a recovery at Western markets, the DFM General Index declined 0.14% to close at 1,474.97 points Tuesday amid higer trading volumes than yesterday.
According to EFG Hermes' Short Term Analysis on the UAE, "the DFMGI is moving tightly within our accumulation zone 1455 – 1500. We still consider the minor resistance zone 1505 – 1525 as a short-term profit taking area." Union Properties posted the largest advance, closing 7.65% higher at Dhs0.394. Emaar Properties and Arabtec Construction declined in lockstep and finished trading 1.03% lower at Dhs2.88 and Dhs2.87, respectively. Eleven stocks gained, 13 declined and one ended even. Around 84.5m shares were traded, valued at Dhs92.5m.
Greek surveys, oil price rebound pull Saudi bourse up
May 28, 2012--The Tadawul All-Share Index climbed 0.96% to reach 7,056.68 Monday.
According to four surveys conducted in Greece, the vast majority of the voters want to vote for the conservatives and they want that their country stays in the Euro zone. This triggered index gains and and a small rebound in oil prices. In Riyadh, Sabic advanced 0.80% to reach SR94.50. Market breadth improved strongly, as 129 out of 151 symbols traded advanced, while 11 securities declined.
Qatar Exchange re-captures 8,500-level
May 28, 2012--The QE 20 Index advanced 0.22% to hit 8,508.97 points Monday.
Al Khalij Commercial Bank gained the most among the financials, closing 4.35% higher at QR18. The country's largest lender Qatar National Bank could not follow and slipped 0.10% to QR134.40. Vodafone Qatar dived four percent to QR9.28 on profit booking after Qatar's second telecom provider hit a mutliple-year high last week.
Five Abu Dhabi blue chips close unchanged
May 28, 2012--The ADX General Index declined 0.15% to 2,456.68 points. Only four shares gained in that more than lacklustre session on Monday.
Islamic insurer Methaq Takaful advanced two percent to reach Dhs1.01. The two largest developers, Aldar Properties and Sorouh Real Estate and the lagrst lender, National Bank of Abu Dhabi, ended flat. First Gulf Bank also finished even. Telco giant Etisalat dipped slightly to close at Dhs8.76. Around 38m stocks were traded, valued at Dhs52.6m.
Arabtec Construction rises on new contracts awarded in Dubai
May 28, 2012--The Dubai benchmark index DFMGI fell 0.22% to close at 1,477.04 Monday, although bellwether Emaar gained 0.34% to hit Dhs2.91.
Dubai Islamic Bank (down 2.10% at Dhs1.89) and Tabreed (off 2.44% at Dhs1.20) weighed on the gauge, while low trading volumes led to a volatile trading session. Arabtec Construction gained 1.05% to close at Dhs2.90. Earlier in the day, Arabtec said that one of its subsidiaries, Arabtec Engineering Services was awarded three contracts in Dubai with a total value of Dhs47.2m. The contracts included sewerage and drainage system works and road improvements.
