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Dubai Ports (DP) World fall to 6-week low
May 08, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed a quarter percent lower at 1643.65, as global maritime port
operator DP World fell 0.72% to $11.05. Interior designer Depa Lmited closed unchanged at $0.45.
Qatar's United Development Company gains, cancels position of Managing Director
May 08, 2012--The Doha-based Qatar Exchange (QE) 20 Index ended 0.20% higher at 8,666.51 points.
Shares closed mixed, as a clear sector direction was not visible. Shares of real estate giant United Development Company or UDC, developer of the man-made island The Pearl Qatar, advanced 0.20% to reach QR18.18. Earlier in the day, UDC said it has cancelled the "Managing Director" position from UDC’s administrative structure.
Abu Dhabi Securities Exchange advances slightly
May 08, 2012--The ADX General Index closed at 2,489.69, as market heavyweight Etisalat advanced by a quarter percent to reach Dhs8.62.
Dana Gas and Aldar Properties closed unchanged at Dhs0.43 and at Dhs1.10, respectively. Trading volumes remained loaw as 32.1m shares were traded, valued at Dhs58.4m.
Dubai market rebound fails, EFG Hermes expects correction soon to be over
May 08, 2012--The Dubai Financial Market General Index (DFMGI) opened in the green but eventually lost steam and shed half a percentage point Tuesday,
closing at 1,555.89, as market bellwether Emaar Properties fell one percent, while gains among some fiancial stocks could not prevent the gauge from declining. Ajmanbank gained. 1.90%, after the Islamic financial institution reported yesterday a 154% year-on-year increase in net profits in the first quarter, reaching Dhs4.5m. Commercial Bank of Dubai or CBD added 1.82%. Eight shares advanced, 16 declined and two ended even. Some 125m stocks valued at Dhs160.9m changed hands. EFG Hermes said earlier today: "We believe DFMGI is at low, in our view. We look at market correction from the 1778 high as Zigzag and likely over. Market is trading at attractive contrarian sentimental levels although, a bit below our initial forecast. Should our assumptions prove correct, market is likely to erase quickly its losses, up to the 1674/1678 zone."
Tadawul market extends losing streak while market breadth improves
May 07, 2012--Saudi Arabia: In Riyadh, the Saudi Stock Exchange's benchmark measure Tasi closed 0.25% lower at 7,358.87 points as oil prices declined below $97 per barrel (U. S. crude).
Oil lost 6.42% during the last four weeks on worries over a global economic slowdown. Sabic, the global petrochem producer, ended off 0.25% at SR99.50. Zamil Industrial slipped 0.66% to SR29.90. Earlier in the day, Zamil anounced that its subsidiary Zamil Steel Buildings Vietnam has been awarded a SR60m ($16m) contract from PT Caterpillar Indonesia, a heavy machinery and equipment manufacturing company located in Cileungsi, Bogor, Indonesia, to fabricate and supply Pre-engineered Steel Buildings for the new Caterpillar Batam facility in Indonesia. Market breadth improved as 51 shares advanced while 86 declined. [AMEInfo.com]
Tadawul market extends losing streak while market breadth improves
May 07, 2012--In Riyadh, the Saudi Stock Exchange's benchmark measure Tasi closed 0.25% lower at 7,358.87 points as oil prices declined below $97 per barrel (U. S. crude).
Oil lost 6.42% during the last four weeks on worries over a global economic slowdown. Sabic, the global petrochem producer, ended off 0.25% at SR99.50. Zamil Industrial slipped 0.66% to SR29.90. Earlier in the day, Zamil anounced that its subsidiary Zamil Steel Buildings Vietnam has been awarded a SR60m ($16m) contract from PT Caterpillar Indonesia, a heavy machinery and equipment manufacturing company located in Cileungsi, Bogor, Indonesia, to fabricate and supply Pre-engineered Steel Buildings for the new Caterpillar Batam facility in Indonesia. Market breadth improved as 51 shares advanced while 86 declined.
Qatar Telecom dips slightly, Tunisia subsidiary scores 3G license
May 07, 2012--The Qatar Exchange 20 Index declined 0.38% to 8,651.76 points. Losses occured across all sectors without any clear direction visible among the segments.
Qatar Telecom or Qtel declined by half a percentage point to hit QR137.40. Earlier in the day, Qtel announced that its Tunis-based unit of Qtel, Tunisiana has acquired licences to operate 3G and fixed-line networks in the North African country, Gulf Times has reported. The company will pay $132m for the rights, the Tunisian ministry of information technologies and communications said.
Batelco shares rebound further while market index stagnates
May 07, 2012--The Manama-based Bahrain All-Share Index dipped insignificantly Monday, closing at 1,161.43 points.
Gulf Hotels Group lost the most, closing down 9.72% at BD0.65. Islamic financial institution Ithmaar Bank posed the largest advance (up nine percent at $0.24). Bahrain Telecom or Batelco added 1.30% to reach BD0.468. Batelco reached a 11-month high two weeks ago when it climbed to BD0.486, but retreated thereafter on profit booking. Year-to-date the Bahrain gauge added 1.55%.
Abu Dhabi exchange posts the fourth consecutive day loss
May 07, 2012--Contrary to Dubai, the ADX bourse saw no end in sluggish trading Monday, as its main gauge ADXGI ended off 0.30% at 2,487.84 points.
Sharjah-based Dana Gas dived 2.27% to close at Dhs0.43. Etisalat, RAK Properties and RAK Cement closed the day unchanged. Green Crescent Insurance Company gained the most, closing 6.90% higher at Dhs0.31. Around 39.9m shares were traded, valued at Dhs68.8m.
Dubai market bounces back as Shuaa Capital soars
May 07, 2012--The Dubai Financial Market General Index (DFMGI) gained 0.25% Monday to close at 1,564.15, despite negative input from Asian and European stock exchanges. Investment bank Shuaa Capital jumped 6.21% to reach Dhs0.787.
Earlier in the day, Shuaa reported that its first quarter loss narrowed Dhs8.5m, compared to Dhs26.3m in the corresponding period in 2011. Shuaa commented the development: "Revenues in the first quarter 2012 increased by 103% to Dhs55.0m over Q1 2011 and net loss for the period narrowed to Dhs8.5m as the business makes progress. Overall expenses declined 7.4% to Dhs62.1m million vs Q1 2011 as our rightsizing program starts to show results." Market bellwether Emaar slipped 0.33%, while the DFM, as the only listed Arab bourse, rebounded 1.87%. With today's gain, the DFMGI ended the longest consecutive series of losses since 2006. Around 185.4m shares were traded, valued at Dhs250.7m .
