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Dubai bourse extends losing streak for a seventh day
May 03, 2012--The DFM General Index fell 0.93% Thursday, closing at 1,582.09 points as sluggish share performances of Emaar (down 1.27%)and Arabtec (off 0.86%) were the most liquid shares.
Bank Emirates NBD bucke the trend, gaining 2.15%. The week-long decline in Dubai happens despite a number of good news which the emirate delivered at the beginning of May. Rental prices are reported to head upwards, a first in three years. Earlier today, HSBC reported a rise of the HSCB UAE Purchasing Manager Index to hit a ten-month high at 53.5 points, up from 52.3 in March.
DP World shares decline the fourth session straight at NASDAQ Dubai
May 02, 2012--In line with the general sluggish trend at global and regional markets, shares of maritime port operator DP World declined 0.90% to $11.15 Wednesday.
Interior designer Depa Limited closed flat at $0.45. The FTSE NASDAQ Dubai UAE 20 Index closed at 1675.09 today, down half a percentage point from the previous close.
Qatar Exchange falls further after failed attack on 8,700 level
May 02, 2012--The QE 20 Index ended off 0.10% at 8,666.24 points Wednesday. Like at most GCC stock exchanges, trading activity remained lacklustre.
Earlier in the day, the IMF said in its update on the regional outlook for the Middle East, North Africa and Pakistan (MENAP), Qatar's real GDP growth will fall further in 2013, to 4.6% from 6% in the current year.
Abu Dhabi stock market closes flat
May 02, 2012--The ADX General Index added 0.03% to reach 2,505.54 points Wednesday.
Trading activity remained lacklustre as Dana Gas, Sorouh Real Estate and Invest Bank closed unchanged. Aldar Properties slipped 0.87%, Ras al-Khaima (RAK) Poultry and Feeding gained the most (up 3.85%). Some 31m shares worth Dhs 55.8m changed hands.
Dubai market falls below 1,600 point, hits 10-week low
May 02, 2012--Selling pressure continued to drag the Dubai Financial Market down Wednesday, as the market measure DFMGI closed 1.64% lower at 1,596.92 points, the lowest leve since February 21 2012.
Emaar dived 3.08% to close at Dhs3.15, while Arabtec shed half a percentage point. DFM shares closed flat at Dhs1.12. The DFM is the only Arab bourse listed to the public. Around 149m shares were traded, valued at Dhs213.7m. Ten shares gained, 16 ended down and three closed even.
Shares of DP World drop, shareholders approve dividend payout
May 01, 2012--The NASDAQ Dubai UAE 20 Index closed at 1683.26 Tuesday, off 0.64%, from the previous close.
Dubai Ports (DP) World, the global maritime port operator, declined 1.83% to $11.25. Earlier in the day, DP World announced that at the Annual General Meeting its shareholders approved in resolution 2 of ththe proposed payout of a dividend of $0.24 per share. Regional jewelry trader Damas International Limited advanced 0.69% to hit $0.438.
Sabic recovers territory, while Tadawul gauge remains in stutter mode
May 01, 2012--The Saudi Arabian Tadawul market index Tasi closed 0.17% lower at 7,545.28 Tuesday, as banks and real estate shares overall underperformed.
Market bellwether share Saudi Basic Industries Corporation or Sabic edged up by half a percentage point to close at SR103. Insurance company Buruj lost the most, finishing 3.88% lower at SR62. Fifty-six shares advanced, while 68 securities declined. Some 467.5m shares were traded, valued at SR9.6bn.
Arkan Building Materials dive as Q1 profit plummets by a quarter
May 01, 2012--The Abu Dhabi bourse ADX added 0.04% to hit 2,504.78 Tuesady. National Bank of Fujairah or NBF topped the charts by gaining 9.76%.
Dana Gas dived 2.22%. Arkan Building Materials Company ended 5.32% to Dhs0.87. Earlier in the day, Arkan reported a 25.87% year-on-year decline in net profits in the first quarter, amounting to Dhs6.88m.
Dubai bourse declined for the fifth days straight
May 01, 2012--The Dubai Financial Market General Index (DFMGI) closed 0.46% lower at 1,623.52 points Tuesday. Arabtec Construction was the most liquied share, closing 2.35% higher at Dhs3.49.
Emaar slipped 0.61% to Dhs3.25. Mashreq Bank, the only UAE lender which has no souvereign shareholder, lost the most (off 9.95% at Dhs82.35). Shuaa jumped 4.61% to hit Dhs0.79. Earlier in the day, Shuaa commented in a statement on its turnaround strategy. "Year-on-year we have already improved our monthly operating cash flow by 57%," said Shuaa Executive Chairman Sheikh Maktoum bin Hasher Al Maktoum. He added that Shuaa aims to reduce its cost by 14% in the first half of the year, which would lead to a total improvement of operating cash flow of 71%. In 2011, Shuaa suffered a full-year loss of Dhs293.8m. On April 26, rating agency Moody's Investors Service downgraded Shuaa to "B1" from "Ba3". Around 124m shares were traded, valued at Dhs294.8m.
Saudi indices to be reintroduced, says MSCI
May 01, 2012--Global provider of investment decision support tools, MSCI has said it is to reintroduce coverage of the Saudi Arabia equity market with the release of standalone country indices.
The move comes nearly two years after MSCI withdrew its Saudi indices after a licensing rights dispute with Tadawul. The reintroduced MSCI Saudi Arabia Domestic Indices, including large cap, mid cap and small cap indices, are designed for institutional investors wishing to invest in Saudi Arabia, and who are not constrained by foreign ownership limits.
