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Saudi Tadawul index re-captures 7,100-level, Jadwa believes year-end 8,050 possible
May 15, 2012--The Saudi Stock Exchange's market measure TASI gained 0.51% Tuesday, closing at 7,104.24 points, as oil prices stabilised between $94-$95 per barrel (U. S. crude).
According to Paul Gamble, Chief Economist and Head of Research at Jadwa Investment in Riyadh, the recent fall of Saudi shares was mainly due to global factors. "The TASI is down by 10% since the end of March, mirroring falls on global markets, which have been unnerved by weaker economic data and a heightening political backlash against austerity in the Eurozone," Gamble said in his monthly comment on the Saudi market published earlier today. Market breadth ended almost in a reversal to yesterday, as 115 shares advanced and 24 declined. All sector indexes landed in the green. Allianz Saudi Fransi Cooperative Insurance Company gained the most, closing 9.83% higher at SR95. It was somewhat paradox that market bellwether Sabic, the petrochemical giant, could not join the rebound and fell a quarter percentage point to end at SR96.25. Regarding further developments, Jadwa's Paul Gamble remains optimistic. "Net income of all listed companies in the first quarter was SR25bn, an increase of 14.9 percent year-on-year (...) We maintain our end-year projection for the TASI of 8,050."
Qatar bourse's index decline halted
May 15, 2012--The QE 20 Index Qatar Exchange ended Tuesday a four-day series of index losses by ending 0.03% higher at 8,491.32 points.
Shares of Qatar Islamic Bank gained 1.43% to reach QR77.90. General Insurance fell 2.22%. Al Meera Comsumer Goods declined 0.90%. Earlier in the day, Al Meera said that its subsidiary Al Meera Holding Company has entered into an MoU agreement with Business Trading Co., a company duly incorporated in the State of Qatar. " purpose of this MOU is to lay out the fundamental scope and terms of the proposed strategic relationship between the Parties in Tunisia, Libya, Egypt, Jordan, Oman and other jurisdictions and countries," Al Meera said in a statement.
Abu Dhabi market gauge closes flat the second day straight
May 15, 2012--The ADX General Index closed Tuesday trading unchanged at 2,473.32 points a 2,473.32, despite regional and global markets rebounding slightly.
Market bellwether Etisalat, the UAE's first telco firms, also ended even at Dhs8.73. Al Khazna Insurance gained the most (up 8.7%), while Abu Dhabi Ship Building posted the largest decline )down 6.14%). Trading volumes improved as 90.4m shares worth Dhs114.8m changed hands.
DP World shares jump, as global stock indexes rebound
May 15, 2012--The FTSE NASDAQ Dubai UAE 20 index closed Tuesday's session 1.95% higher at 1,605.8 points, ending an 11-day (!) losing streak.
The rebound happened in line with a general relief at regional and global markets over Greece's will to form an interim government of technocrats. Dubai Ports (DP) World jumped 8.91% to hit $11. Damas International ended flat at $0.44.
Last-minute-swing lifts Dubai bourse into the green
May 15, 2012--The Dubai market gauge DFMGI ended a roller coaster trading session 0.30% higher at 1,486.36 points Tuesday, halting a five-day losing streak.
The sentiment improved as bargain hunters entered he scene and European markets rebounded slightly. Arabtec, as the most active share by value, added 0.34% to reach Dhs2.92. The DFM, the sole Arab bourse whose shares are listed to the public, gained 0.10% to hit Dhs0.971. Real estate construction and maintenance firm Drake and Scull International, known as DSI, dived 3.53% to Dhs0.792. Earlier in the day, DSI announced that its first quarter net profit fell to Dhs37.576m, representing an 18% decline year-on-year. Dubai Islamic Bank or DIB saw its shares rising by half a percentage point to hit Dhs1.93. DIB is currently preparing the launch of a benchmark-sized Islamic bond (sukuk) with 5 years maturity, Reuters reported a week ago. Some 100m shares were traded, valued at Dhs126.5m. Fourteen stocks advanced, 13 declined and one security closed even.
Tadawul bourse falls as Greece crisis escalates
May 15, 2012--The Saudi Stock Exchange' market measure closed 1.6% lower at 7,067.99 Monday, as oil prices remained under pressure amid increasing doubts that Greece will remain in the Euro zone.
Saudi Basic Industries or Sabic declined the fourth day straight, closing off 1.78% at a four-month low at SR96.50. Market breadth ended deeply in the red as 10 shares advanced and 132 declined.
Etisalat advances halt Abu Dhabi market deline
May 14, 2012--After losing ground for three days straight, the ADX General Index closed flat at 2,473 Monday, as bellwether Etisalat added 0.60% to reach Dhs8.72.
Fifteen shares closed unchanged, among them Sorouh Real Estate. Dana Gas (off 2.50%) and Aldar Properties (down 0.96%) weighed in the gauge. Some 65m stocks worth Dhs101.4m changed hands.
Qatar Exchange hits fourth day of losing streak
May 14, 2012--The QE 20 Index fell 0.55% to 8,489.10 points Monday, as stocks sank across the board.
Qatar National Bank ended even, while Vodafone Qatar slipped two percent after hitting a four-week high yesterday. Earlier in the day, Vodafone Qatar said it will publish results for the fiscal year 2011/2012 which ended March 31 on June 7.
Bahrain Bourse consolidates at 1,160 points
May 10, 2012--The Bahrain All-Share Index closed unchanged at 1,160.08 points Thursday, as shares from the hospitality industry gained,
while financial remained sluggish. Islamic financial institution Salam Bank fell 4.17% to BD0.046. Bahrain Hotels and Bahrain Duty Free advanced three percent and 0.76%, respectively.
Qatar Exchange slips deeper into the year-to-date red
May 10, 2012--The QE 20 Index declined 0.66% to 8,548.26 points, mostly due to losses in the banking and real estate segment.
The country's largest lender Qatar National Bank declined 0.15% to QR133.10. Doha Bank added 0.20% to reach QR57.40. General Insurance gained the most, closing six percent higher at QR50. Year-to-date the QE Index fell 2.63%, which is the worst performance in the GCC.
