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Taqa gains as energy giant earns 251% more in Q1
May 10, 2012--The Abu Dhabi market ADX slipped 0.12% Thursday, finishing the week at 2,478.15 points.
Abu Dhabi National Energy Co. or Taqa gained 0.83% to reach Dhs1.20. Earlier in the day, Taqa reported that its first quarter net profit (after minority interests) reached Dhs152m, representing a 252% year-on-year increase. The emirate's first real state developer Aldar Properties dived 3.67% to Dhs1.05.
Market breadth improves as Dubai market defends 1,500-level
May 10, 2012--The Dubai Financial Market General Index closed 0.78% lower at 1,515.02 points Thursday.
Nine shares advanced, 14 declined and three closed even. Emaar Properties climbed back Dhs2.98 (up one percent), while investment bank Shuaa Capital plummeted 7.50%. Despite the DFMGI's sharp fall this week (down 4.11%) amid an ongoing flow of bad news from the Euro zone , EFG Hermes' research said earlier in the day in its Short Term Update UAE: "We continue to believe in Dubai. We think the last part is irrational and could be washing out. Market will have significant support between current level down to the 1485 level." Some 145m shares were traded today, valued at Dhs219.4m.
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.
Saudi ratings affirmed as sound by S&P
May 09, 2012--Saudi Arabia: Standard & Poor's Ratings Services has affirmed its long-and short-term foreign and local currency sovereign credit ratings on Saudi Arabia at 'AA-/A-1+' with 'Stable' outlook, Saudi Gazette has reported.
"The ratings on Saudi Arabia are supported by our view of the government's very strong external and fiscal positions, which have been built over a number of years. By prudent macroeconomic management, the government has reduced its general government debt, generating additional fiscal space for countercyclical policies," S&P said. [AMEInfo.com]
Saudi Tadawul market hits 10-week low as Spain moves to take over troubled lender Bankia
May 09, 2012--The Saudi Arabian equity market gauge Tasi dived two percent to close at a 10-week low at 7,221.5 points Wednesday. Sabic, the petrochemicals bellwether,
fell again below SR100, closing down one percent at SR99. Bond yields in Spain crossed the 6% barrier for the second time in two weeks Wednesday on rising concerns over the European Kingdom's banking sector, Bloomberg reported. After the Saudi market closed it was revealed that the government of Spain may nationalise the country's fourth largest lender Bankia, which piled up toxic assets, mainly from the nation's sluggish real estate sector. The news is considered an escalation of the Euro zone crisis.
Etihad Rail MoU does not prevent DP World from falling further
May 09, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed the session on Wednesday at 1619.92 down 1.44%, from the previous close.
Dubai Ports (DP) World fell got the third day straight, closing at $10.85 or off 1.80% due to negative sentiment at global exchanges on ongoing worries over the Euro zone. On Tuesday, DP World and Etihad Rail, the UAE government-owned firm which develops a 1,200 kilometers-long railway track through the Gulf state, signed an MoU for the development of an intermodal rail terminal in the free port of Jebel Ali in Dubai. Jewelry trader Damas International dived nine percent to close at $0.40.
After failing to crack 6,500-level, the Kuwait market index declines for the second day stright
May 09, 2012--The KSE Market slipped by half a percentage point Wednesday, closing at 6,451.5, as alll sectors with the exception of the banking segment,
failed to gain territory. Commercial Bank of Kuwait or CBK gained 3.94% to reach KD0.790. National Bank of Kuwait closed unchanged. Investors Holding Group plummeted 10.87% to KD0.0205, closing as the top losing share.
Waha Capital decline continues as first quarter profit dives
May 09, 2012--The Abu Dhabi market gauge ended off 0.20% at 2,481.13 points Wednesday only a handful financials bucked the regional and global downtrend. National Takaful Company, known as Watania, lost the most, closing down 9.82% to hit Dhs1.01.
Leasing specialist Waha Capital closed 1.64% lower at Dhs0.60. Earlier in the day, Waha reported a 46.70% decrease in net profits in the first quarter, amounting to Dhs15.9m. Waha Capital CEO Salem Rashid Al Noaimi said in a statement to the ADX that Waha was reviewing its portfolio and that the firm took measures to increase operational efficiency. Since Waha hit a nine-month high at Dhs0.73 in April, the share has lost 17% of its value. Trading turnover increased slightly in Abu Dhabi, as 46.16m shares were traded valued at Dhs64m.
Dubai sell-out accelerates despite Arabtec's first quarter profit jump
May 09, 2012--Twenty-four out 25 traded shares lost at the DFM today, whose General Index dived 1.86% to close at an 11-week low at 1,526.94 poins Wednesday.
Arabtec Construction was the most liquid share and plummeted 5.11% to Dhs3.16. Earlier in the day, Arabtec reported for the first quarter a profit of Dhs84.08m, a 215%-increase over the same period last year. Trading volumes fell compared to yesterday, as 113.7m stocks valued at Dhs170.5m changed hands.
Saudi market losing streak halted as pressure on oil price eases
May 08, 2012--The Saudi Tadawul All-Share Index closed 0.20% higher to hit 7,371.42 points. The value of the "black gold" stabilised Tuesday at around 97 U. S. dollars per barrel (U. S. crude) Shares of Saudia Dairy & Foodstuff Company or Sadafco gained 0.44%, finishing at SR57.
Earlier in the day, Sadafco announced that partial operation of the re-opened Dammam factory is expected to start July of 2012. It is planned to start the production with snacks, tomato paste, snacks and cheese. The Board of Directors decided on September 27 to re-open the factory in Dammam.
