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Saudi Tadawul market gains slightly, as index provider MSCI joins forces with bourse
April 30, 2012--The Saudi Arabian Tadawul Index added 0.04% to reach 7,558.47 Monday.
The index fell at the opening but eventually performed a w-formation and ended the green. Earlier in the day, the Saudi Stock Exchange announced that is has signed an agreement with MSCI, a leading provider of investment decision support tools worldwide, authorizing MSCI (Morgan Stanley, Capital International) to use Tadawul market data to create and issue indexes on the Saudi Arabian equity market. MSCI will reintroduce coverage of the Saudi Arabia equity market with the release of standalone country indices. MSCI will also reintroduce the MSCI GCC Countries Index (MSCI GCC Countries ex Saudi Arabia Index + MSCI Saudi Arabia Domestic Index) and the MSCI Arabian Markets Index (MSCI Arabian Markets ex Saudi Arabia Index + MSCI Saudi Arabia Domestic Index), as well as domestic versions of existing regional indices.
Qtel shares upbeat on first quarter results
April 30, 2012--The QE 20 Index gained the third day straight Monday, closing 0.18% higher at 8.703.64 points.
Shares of the country's first telco firm Qatar Telecom or Qtel gained 1.52% to hit QR140.10. On late Sunday, Qtel announced it has earned 12%less year-on-year in the first quarter when net profits hit QR711.4m, beating analysts' expectations, according to Bloomberg. Qatar National Bank or QNB slipped 0.07% to QR133.40.
Kuwait Stock Exchange gains on real estate-- investment firms
April 30, 2012--The KSE Market Index ended a two-day siedways trends, advancing half a percentage point to reach 6,368.6 Monday.
While banks overall underperformed, developers and investment companies edged higher. Al Dar National Real Estate Company posted the highest advance, jumping 9.6% to reach KD0.0285, followed by investment firm Manazel (up 8.625% at KD0.0315). Bahrain-based Islamic investment bank Gulf Finance House declined 6.4% to KD0.058.
Taqa, developers weigh on Abu Dhabi bourse
April 30, 2012--The Abu Dhabi bourse's market measure ADX General Index closed off 0.33% Monday, at 2,503.82 points. Abu Dhabi National Energy Company or Taqa plummeted 3.20% to Dhs1.25.
The emirate's second developer Sorouh Real Estate fell 1.74% to Dhs1.13. On Sunday, Sorouh announced that its net profit for the first quarter surged 22% year-on-year to reach Dhs76.3m. Like in Dubai, trading activity remained low as 41.6m shares were traded, valued at Dhs63.1m.
Positive corporate results fail to stop sluggish trading at Dubai market
April 30, 2012--The paradox situation of a fickle market despite good news from earnings season continued at the Dubai bourse DFM on Monday.
The DFM General Index ended down 0.52% at 1,630.95. Shares of Dubai Islamic Bank or DIB fel one percent to close at Dhs1.97. On late Sunday, DIB reported an 11% increase in net profits for the firt quarter, amounting to Dhs245m. Real estate bellwether Emaar Properties gained against the trend, closing 0.31% higher at Dhs3.27. Islamic home financing firm Tamweel and the DFM, the sole Arab bourse being listed, ended unchanged. Trading volumes fell to 101m shares being traded, valued at Dhs144.67m.
NA Mergers and Acquisitions value drops 40% in Q1 2012
April 26, 2012--According to Ernst and Young's MENA Mergers and Acquisitions update, the total value of mergers and acquisitions (M&As) announced in the Middle East and North Africa (MENA)
region dropped by 40%, to $8.5bn in Q1 2012 from $14.1bn in Q1 2011. [AMEInfo.com]
Kuwait account surplus jumped 78% in 2011
April 26, 2012--Kuwait's central bank said has said the country's current account surplus surged 78% in 2011, mainly due to a jump in exports, Reuters has reported.
The current account of one of the world's top oil exporters booked a surplus of KD19.53bn ($70.3bn) in 2011, or 54.8% of 2010 gross domestic product, compared with KD10.98bn in 2010, or 30.8% of GDP, it said. "That increase...was mainly an outcome of the rise in the surplus of the balance of goods," the central bank said, adding that it soared by 66.7% on an annual basis," the central bank said.
Bahrain gauges investors for non-imminent sovereign bond
April 26, 2012-Troubled by ongoing social unrest, Bahrain is testing whether it could attract investors into a potential sovereign bond sale, although the issuance is unlikely to be imminent, Reuters has reported, citing government and banking sources.
"Bahrain sent out requests for proposals (RFPs) earlier this week. There are no mandates yet but they seem to be very serious about tapping the market," said a banker, who asked not to be identified. "They tend to give out mandates and wait. There's no requirement to issue immediately," another banker said.
Dubai Financial Market gains slightly over the week
April 26, 2012--The DFM General Index closed at 1,651.90 Thursday, down half a percentage point compared to Wednesday, but 13.65 points higher week-on-week. Losses at Arabtec Construction (off 0.55%) and district cooling specialist Tabreed (down 4.17%) weighed on the market.
Islamic investment ban Gulf Finance House or GFH from Bahrain gained the most (up 2.80%). Emirated NBD recovered from yesterday's losses and closed 1.42% higher. According to the DIFC Middle East and North Africa (Mena) Chartbook, published earlier today, "despite the recent rise in the loan-to-deposit ratio, the (UAE) financial sector remains in a stronger position than in 2008 to withstand another global downturn that could stem from the European debt crisis. The exposure of the country’s banks to sovereign and private sector debt in the Euro area is very small." Dubai-based investment bank Shuaa Capital, however, dived 5% after rating agency Moody's downgraded Shuaa to "B1" from "Ba3". It is Moody's second downgrade on Shuaa within four months. Moody's also assigned a "negative" outlook on the investment bank as it faces multiple challenges such as fierce competition and a rough regional and global investment climate. Six shares advanced, 16 declined and five ended even. Some 177m shares were traded, valued at Dhs177.9m.
Abu Dhabi market slips despite rise in oil prices
April 26, 2012--A lackluster Abu Dhabi bourse saw the ADX General Index falling by 0.17% to 2.507.90 points Thursday. Blue chips like Etisalat (down insignificantly), energy giant Taqa (off 3.82%) and Aldar Properties (1.74% lower) weighed on the gauge.
Qatar Telecom or Qtel gained the most (up 7.60%). Over the last full trading week in April, the ADX added half a percentage point.
