Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Kuwait market falls the sixth day straight
May 23, 2012--The KSE Market Index fell 0.22% to hit a three-week low, closing at 6,366.95 Wednesday.
Kuwait correlates with the price of oil, which lost 11.37% in value in the last four weeks as GCC and Iraq production volumes hit multi-year highs in order to compensate for Iranian export losses. National Bank of Kuwait or NBK closed unchanged, but losses in the industrial and the telco segment weighed on the gauge. Islamic financial institution Kuwait Finance House pr KFH advanced 2.81%, finishing the session at KD0.730.
Qatar Exchange struggles with resistance level at 8,500 points
May 23, 2012--The QE 20 Index slipped 0.40% Wednesday, ending at 8,467.42 points.
Investors booked profits at bank shares in particular, after former Greek Prime Minister Lucas Papademos said his highly indebted country's exit from the Euro zone was still one of many options. After a series of gain in recent days, Doha Bank fell half a percentage point, albeit Qatar's exposure to the Euro zone is minimal. Vodafone Qatar jumped 2.21% to hit a multi-year high at QR9.70.
Abu Dhabi bourse adds slightly despite negative market breadth
May 23, 2012--The ADX General Index closed 0.20% higher at 2,475.52 points Wednesday.
Gulf Medical Projects Company jumped 9.33% to reach Dhs2.11. Islamic insurer Watania plummeted nine percent to Dhs1.09. Real estate giants Aldar and Sorouh fell by 2.70% and 2.80% to Dhs1.07 and Dhs1.03, respectively. Fund managers became increasingly impatient due to pending updates on a merger between Aldar and Sorouh, The National reported today. Both developers announced in mid-March theyr entered talks to unify with the blessing of the Abu Dhabi government.
Najran Cement lures buyers amid improved sentiment
May 23, 2012--The Saudi Arabian Tadawul All-Share Index rose one percent Tuesday, as oil prices climbed above $92 per barrel.
Najran Cement, which was listed on May 12, was the most liquid share and posted the biggest day gain (up 4.56% at SR22.95). Najaran's Initial Public Offering (IPO) in April was oversubscribed by 306.11%. The IPO's subscription period, in which 85 million shares were floated at SR10 each, lasted from April 16 to April 28. Sabic added in line with the market index 1.06%. But market breadth showed that the new rebound is not carried by the whole market, as 95 shares advanced and 42 declined. Nama Chemicals lost the most, ending off 9.81% at SR17.
Batelco bucks Bahrain Bourse downtrend
May 22, 2012--The Bahrain All-Share Index declined 0.78% to 1,138.32, as financials weighed on the Manama-based gauge.
On a year-to-date basis, the measure fell back in the red zone (off half a percentage point). Islamic financial institution Ithmaar Bank plummeted 9.38% to $0.145. Bahrain Telecommunications, known as Batelco, added 0.42% to reach BD0.48. On May 20, Batelco and Omantel signed a partnership agreement. Building on existing agreements, this partnership will allow bi-lateral Data IP Services to be sold between Bahrain and Oman, as well as providing one-stop-shop transit services to Batelco's and Omantel's carrier partners, enabling both parties to extend corporate VPN solutions between their respective markets.
Doha-listed shares advance across the board
May 22, 2012--The QE 20 Index gained 0.90% to close at 8,498.73 Tuesday. Buyers were in particular keen on adding banking shares to their portfolios.
The country's largest lender by assets Qatar National Bank gained 0.75%, while Doha Bank soared by 1.60%. Barwa Real Estate closed flat at QR26.65. Earlierin the day, Barwa announced it has launched its major project "Barwa City", with an area of2.7m square meters in Mesaimeer area in Doha. The project offers 200,000 square meters of green spaces, 128 residential buildings for tenants and investors and 6,000 residential units with the capacity to accommodate 25,000 residents.
Taqa decline halted as energy giant eyes expanding to Turkey
May 22, 2012--The Abu Dhabi market measure ADXGI closed Tuesday's trading session 0.10% higher at 2,471.05 amid rising trading turnover.
Developer Aldar and Sorouh topped the charts by gaining 3.88% and 3.74%, respectively. Abu Dhabi National Energy Company or Taqa closed unchanged at DHs1.16. Earlier in the day, Taqa announced that a delegation has made a formal visit to Turkey to discuss ways of developing the relationship between Abu Dhabi and Turkey and to identify investment opportunities in Turkey’s energy sector. delegation was led by H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of Taqa’s Board and Chairman of the Abu Dhabi Department of Finance. Carl Sheldon, CEO of TAQA said: “Developing our international power business in the Middle East and North Africa region is a core to Taqa’s growth strategy. We have ambitious plans for growth and consider Turkey to be an attractive market offering a range of investment opportunities." Taqa, which is owned 51% by Abu Dhabi Water and Electricity Authority (ADWEA) already runs operations in 8 foreign countries, among them are Canada, The Netherlands, KSA and Ghana.
Dubai Financial Market knocks at 1,500 points
May 22, 2012--The DFM General Index added 0.60%, closing at a one-week high at 1,496.56 points Tuesday.
The gauge rose over one percent in the first hour of trading but stocks pared gains after European bourses became fickle when Fitch cut Japan's rating by two notches to A+ with negative outlook because of the Far Eastern country's negligence in reducing its debt. Takaful Emarat gained the most (up 9.12% at Dhs0.598). The Dubai-based Islamic insurer has recetly increased its product portfolio by introducing saving plans for families as well as insurances for blue collar workers. Emar gained slightly but remained below a key resistance level at Dhs3, closing at Dhs2.97. Islamic home financing company Tamweel fell 0.85% to Dhs1.17. With oil prices stabilising risng above $92 per barrel (U. S. crude), most GCC markets continued to recover today. In Dubai, some 122.6m shares were traded, valued at Dhs160.m.
Egypt to sell $500m in treasury bonds to Saudi
May 22, 2012--Egypt's planning minister Faiza Abu el-Naga has announced the signing of an agreement signed to sell $500m in treasury bonds to Saudi Arabia, Reuters has reported.
The bonds are part of a package of financial support promised by Saudi Arabia a year ago. As part of the package, Riyadh earlier this month transferred $1bn as an eight-year deposit at Egypt's central bank, Abu el-Naga said at the time. [AMEInfo.com]
Batelco bucks Bahrain Bourse downtrend
May 22, 2012---Bahrain: The Bahrain All-Share Index declined 0.78% to 1,138.32, as financials weighed on the Manama-based gauge.
On a year-to-date basis, the measure fell back in the red zone (off half a percentage point). Islamic financial institution Ithmaar Bank plummeted 9.38% to $0.145. Bahrain Telecommunications, known as Batelco, added 0.42% to reach BD0.48. On May 20, Batelco and Omantel signed a partnership agreement. Building on existing agreements, this partnership will allow bi-lateral Data IP Services to be sold between Bahrain and Oman, as well as providing one-stop-shop transit services to Batelco's and Omantel's carrier partners, enabling both parties to extend corporate VPN solutions between their respective markets.
