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8At NASDAQ Dubai, DP World ends tricky week on high note
April 12, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1729.100 Thursday, up 0.50%, from the previous close. Dubai Ports (DP) World advanced 0.34% to re-reach $11.79, the
old level of the start of the week. Interior designer Depa Limited closed even at $0.45.
Bahrain's Nass Corporation rises on Port Khalifa land reclamation deal
April 12, 2012--The Bahrain All Share Index added 0.23% to reach 1,136.25 points.
Islamic financial institution Ithmaar bank jumped 5.56% to reach $0.095. Salam Bank advanced 4.17%, finishing at BD0.05. Shares of industry and contracting group Nass ended 1.46% higher at BD0.139. Earlier in the day, Nass reported in a statement to the Bahrain Bourse its subsidiary Nass Contracting has received a letter of intent from the BFD to reclaim land at the Khalifa Port in Manama. The project has a value of BD4.35m.
Qatar Islamic Bank gains on first quarter earnings
April 12, 2012--The Qatar Exchange (QE) 20 Index surged 0.30% Thursday, closing at 8,785.17 points amid gains in the industrials and real estate sector.
Shares of Qatar Islamic Bank (QIB) advanced 0.78% to QR77.60. On Wednesday, QIB reported a 21% jump net profits for the first quarter, amounting to QR388m ($106.6m). QIB benefitted from the central bank's decision to separate islamic from conventional banking. Since January 1, conventional local and foreign banks are not allowed to offer Shari'ah-compliant financial products through an Islamic window.
Kuwait bourse ends sluggish week slightly in the green
April 12, 2012--A rebound in oil prices helped the KSE Market Index to close Thusday 0.40% higher at 6,188.9 points.
National Ranges Company or Mayadeen gained the most (up 11%). The northern Gulf state's largest lender National Bank of Kuwait or NBK egded up by 1.88%. Kuwait's announced plans to study alternative routes for oil exports in case Iran would shut down the Straits of Hormuz helped the market to regain momentum this week.
EFG-Hermes Holding raises Dubai to overweight from neutral
April 12, 2012--EFG-Hermes Holding has raised Dubai to 'overweight' from 'neutral' as the Gulf's business hub restructures its debt, economic growth accelerates and its property industry shows signs of recovery,
Bloomberg has reported. "Debt restructuring will no longer be a major overhang by year-end, with no government-related entities expected to default," analysts Fahd Iqbal and Simon Kitchen wrote in research note. The biggest Arab investment bank maintained its overweight recommendation on Saudi Arabia, the biggest Arab economy, Qatar and Oman. “We see a further 10% upside for Middle East and North Africa in 2012, with large cap stocks outperforming,” according to the note.
Egypt works out IMF-backed economic programme
April 12, 2012--The International Monetary Fund (IMF) has said it is in close touch with Egyptian authorities as they work out a budget and round up political support that would make an IMF financing package possible, Reuters has reported.
An IMF mission was in Cairo from March 25 until Tuesday discussing details of an IMF-backed economic programme. "A financial arrangement to support Egypt's economic programme will be presented to the IMF Executive Board once this work is completed and external financing from bilateral donors and other international institutions is confirmed," the IMF said.
Saudi Stock Exchange rebounds on Alcoa, oil price recovery
April 11, 2012--The Saudi Arabian Tadawul bourse closed 0.28% higher at 7,573.28 points Wednesday, as U. S. markets rebounded across the board. Aluminium producer Alcoa opened Tuesday the earnings season and surprised markets by announcing a quarterly
profit. A recovery in oil prices, climbing above $102 per barrel after a sharp decline last week, also helped the Tadawul to stabilise. Earlier in the day, Swiss private bank Sarasin's Gobal Second Quarter outlook stated that "the rise in the price of oil is not a threat so far, but it remains a risk to the global cycle." Petrochemicals and metals giant Sabic edged a quarter percent higher. Saudi Industrial Development Co. fell the most (down 4.80%). The Tadawul market rose despite a negative market breath. 35 shares advanced, while 104 declined. Some 713m stocks were traded, valued at SR13.9bn.
Jazeera Airways corrects further as oil prices push carriers' cost base up
April 11, 2012--The Kuwait Stock Exchange (KSE) Market Index advanced 0.25% to reach 6,164.30 points Wednesday, as industrials and real estates pulled the gauge higher.
Shares of The Commercial Real Estate Group soared 3.25% to close at KD0.095. Low-cost-carrier Jazeera Airways fell 2.17%, as
Islamic banks outperform at Abu Dhabi market ADX
April 11, 2012--The Abu Dhabi Securities Exchange ADX declined 0.58% to 2,532.03 points, as share fell across all sectors.
While the conventional Bank of Sharjah or Bos dipped 0.60%, shares of Abu Dhabi Islamic Bank, known as ADIB, and Sharjah Islamic Bank advanced 1.74% and 1.12%, respectively. According to The Banker Middle East, Shari'ah-compliant UAE lenders account for 30 percent of the global islamic banking industry. 64.5m shares were traded, valued at Dhs103.5m.
Air Arabia shares extend bullish flight
April 11, 2012--The Dubai bourse DFM dipped slightly on Wednesday, ending off 0.38% at 1,672.01 points.
While the UAE's first developer Emaar slipped 0.62%, logistics provider Aramex gained the most (up 1.11% at Dhs1.82). Air Arabia advanced 0.42% to close at Dhs0.721. Earlier in the week, the low-budget carrier from Sharjah decided to raise its dividen payout to 6 fils per share. Some 177.1m shares were traded, valued at Dhs238m.
