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Doha Insurance shares close flat, despite Q1 profit increase
April 17, 2012--The Qatar Exchange saw its QE 20 market index falling by 0.16% to 8,713.27 points Tuesday.
Shares of Doha Insurance ended even at QR24.60. Earlier in the day, Doha Insurance revealed a first quarter net profit of QR21.2m in comparison to QR19.2m for the corresponding period in 2011. Industries Qatar gained 0.43%, while most banks posted losses. Doha Bank bucked the sluggish trend and closed half a percent higher.
Bahrain Bourse advances the fourth trading session straight
April 17, 2012--The Bahrain All Share Index hit 1,144.10 points Tuesday, up half a percent from the previous session.
Bahrain Ship Repairing & Engineering Company gained the most (up 8.43%), while Bahrain Commercial Facilities ended flat. None of the traded shares posted losses. Islamic investment bank Gulf Finance House or GFH was not traded, currently valued at $0.25. Earlier in day GFH said it has appointed Hisham Alrayes to the position of Acting Chief Executive Officer. Mr Alrayes is currently the Chief Investment Officer at GFH and will take up his new position with immediate effect. He replaces former CEO Ted Pretty who left the lender end of March, Reuters has reported.
Saudi stock market jumps 3.21% driven by Sabic earnings, rising oil prices
April 17, 2012--The Tadawul All Share Index or Tasi closed at 7,511.72 Tuesday, up 3.12% after the index chart touched the lower end of the Bollinger Bands the day before.
Bellwether Sabic, the world's largest petrochem producer, gained 4.34% to hit SR102.25. Earlier in the day, Sabic announced its net income for the first quarter was SR7.27bn compared to the net income of SR7.69bn for the same quarter of last year, representing a decrease of 5%. But quarter-on-quarter Sabic earned 39% more. Sabic said in a statement to the Tadawul exchange: "The increase in net income for the first quarter compared to the preceding quarter is mainly driven by higher pricing for certain products, reduction in general and administrative costs, despite of increase in feedstock costs for certain products." Yanbu Cement lost the most (down 2.70% at SR72). A whopping 140 shares advanced, while six declined and two ended flat. Oil prices rebounded above $104 (U. S. crude) Tuesday, which also helped to improve the sentiment after the Tasi hit an 8-month low last Sunday. Trading turnover edged up likewise as 674.4m stock worth SR12.76bn changed hands.
Saudi Capital Market Authority to apply governance rules gradually
April 16, 2012--Saudi Arabia's market regulator has said corporate governance standards and requirements on Authorized Persons are to be applied gradually from the beginning of this year, Arab News has reported.
The Capital Market Authority (CMA) said the move aims to raise the quality, transparency and disclosure levels in the securities business sector in order to create a suitable investing environment. This decision completes the regulator’s gradual binding of the corporate governance regulations on authorized persons in addition to listed companies in the market, the CMA said.
'Spanish flu'spreads, weighs on Dubai market
April 16, 2012--Weak input from the Saudi, U. S. and East Asian markets pulled the Dubai Financial Market (DFM) General Index down Monday by 1.55% to 1,649.25 percent.
The day before, the Saudi Tadawul bourse fell to an eight-month low, mainly on worries the Spanish debt crisis could escalate. In addition, analysts in Europe expressed fears today's auction of French sovereign bonds could suffer due to the "Spanish flu." At the DFM, the UAE's second telecom provider Du fell the most (off 9.92%) while bellwether Emaar Properties, as the most liquid share, slipped 0.32%. Dubai Islamic Insurance & Reinsurance, known as Aman, surged 3.24%. Earlier in the day, Ernst and Young Middle East said in its 5th annual World Takaful Report on Islamic insurances (Takaful), global Takaful contributions are expected to hit $12bn in 2012, up 44% form 2010. However, the market in the GCC is expected to grow slower this year, following the implementation of compulsory medical in KSA and Abu Dhabi in the last two years. Three shares advanced, 21 declined and five ended flat. Some 150m stocks were traded, valued at Dhs210m.
Etisalat share price decline halted, while Abu Dhabi gauge dips below 2,500 points
April 16, 2012--In Abu Dhabi, the ADX General Index fell half a percent Monday, closing at 2,499.67.
Market heavyweight Emirates Telecommunications Corporation or Etisalat closed unchanged, ending a multi-week series of declines. Aldar Properties, the emirate's first real estate develeoper, dived 3.45%. National Corporation for Tourism and Hotels gained the most (up 9.90%)among the four advancing shares. Trading volumes declined further, as around 44m stocks worth 67.3m changed hands.
At NASDAQ Dubai, DP World shares buck global downtrend
April 16, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1692.980 today,
down 0.59%, from the previous close. Dubai Ports (DP) World recoverd 0.86% to reach $11.70. DEPA Limited, one of the GCC's largest interior design companies, closed even at $0.45.
Al Khaliji Commercial Bank closes even as first quarter profit improves slightly
April 16, 2012--The Qatar Exchange (QE) 20 Index slipped 0.14% to 8,727.07 points. Shares of Al Khaliji Commercial Bank closed flat at QR16.60.
Earlier in the day, the lender reported net profit of QR122m for Q1 2012, up from QR119.4m in the same period last year. "Strong fee income has lifted profit growth," Al Khaliji said in a statement to the Qatari bourse. Qatar banking activities contributed 83 percent of the Net Operating Income. Al Khaliji France S.A., a wholly owned subsidiary of al khaliji Group, contributed 17 percent. Impairment losses on loans improved as the bank was able to benefit from net recoveries. Non-performin loans, at less than 1%, remain at low levels, the bank added.
The Egyptian Exchange (EGX) opens its new premises
April 14, 2012--The Egyptian Exchange (EGX) has opened its new administrative headquarter in Smart Village, a business zone on the western edge of Cairo.
Thursday morning's ceremony was attended by Mr. Mohamed Salem, Minister of Telecommunications and Mr. Momtaz El-Saeed, Minister of Finance.
Trading will continue at the Bourse's premises in downtown Cairo, but the exchange's Board of Directors, trade watchdog and human resource departments will all operate from the new premises in the Cairo-Alexandria desert road.
Speaking at the event, Mohamed Salem said the head office's new location in Smart Village, a zone that is already home to several renowned global brands, will help attract foreign investment in Egupt.
Established in 1883, EGX is considered the third oldest in the world, according to the state-run MENA news agency.
DGCX To List Copper Futures For Trading On April 20
April 12, 2012--The Dubai Gold and Commodities Exchange (DGCX) will formally launch trading of Copper Futures on Friday, 20th April.
Copper is the third most widely used metal in the world and is listed on a number of major international exchanges.
The contract listed on DGCX will be the first Copper Futures contract to be introduced in the Middle East. The 5 metric tonne (MT) cashsettled
contract provides the optimal tool to hedge and mitigate price risk in physical copper and provides investors with access to one of the most liquid metal contracts in the world. The 5 MT contract size was a result of feedback from the physical hedgers, investors, and cross-exchange participants.
Speaking in advance of the official launch, Ahmed Bin Sulayem, Chairman of DGCX said:
