Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Egypt inflation dips in March
April 11, 2012--According to figures by Egypt's state statistics agency CAPMAS, urban consumer inflation was 9% in the 12 months to March, down from 9.2% in February, Reuters has reported.
On a monthly basis, urban inflation increased 1.2%. The urban consumer price index for March was 122.6 versus 112.4 a year earlier, the data showed.
Sabic shares hit five-week low as sluggish oil prices weigh on Riyadh
April 10, 2012--The Tadawul All Share Index or Tasi could not follow the rebound in Dubai (up 1.26% on Tuesday) and fell for the fifth session straight, closing off 1.89% at 7,551.88 points as Asia,
European and U. S. markets started weakly into the post-Easter week. Declining oil prices (down 4.24% month-on-month' 6.25% lower year-on-year) added to the negative sentiment in Riaydh as well. Petrochemicals giant Sabic fell to the lowest level since March 6, diving 2.61% to SR102.50. ACE Arabia Cooperative Insurance Company gained the most (up 9.91% at SR94.25). 19 out of 148 traded shares advanced, while a whopping 124 declined in value.
Qatar Exchange week-long decline halted
April 10, 2012--The Doha-based measure QE 20 added 0.16% Tuesday, closing at 8,771.07 points.
All sector indexes ended in the green. The country's largest lender Qatar National Bank or QNB added 0.10%, so did market bellwether Industries Qatar.
Kuwait shares gain across the board, lift market by half a percent
April 10, 2012--The KSE Market Index finished at 6,148.7 Tuesday, 0.47% higher compared to the previous close. According to a study released today by Global Investment House (unchanged),
Kuwait’s public finance in 2011/12 is all set to post a surplus for the thirteenth year in a row. "Total government revenue is expected to reach KD29.5bn for 2011/12 while expenses even if they touch the usually budgeted high figure of KD19.4bn will amount to a budget surplus of KD10.1bn," Globa said. Islamic financial institution Boubyan Bank soared 3.57%. Ajwan Gulf Real Estate lost the most (off 7.5%).
Abu Dhabi bourse's real estate rebound offset by sluggish Etisalat shares
April 10, 2012--The Abu Dhabi market gauge ADXGI closed even at 2,546.82 points.
Developers Aldar and Sorouh gained 2.56%, while market heavyweight Etisalat fell
Dubai market bounces back amid rising trading volumes
April 10, 2012--The Dubai Financial Market (DFM) General Index gained 1.26% Tuesday to close at 1,678.40 points,
despite a negative debut of the week at European exchanges. Shares of the DFM, the only listed Arab market, jumped 3.42% to reach Dhs1.21. Emaar added 0.93%, ending at Dhs3.25. Drake and Scull International or DSI fell one percent to hit Dhs1.01. Earlier in the day, the global maintenance specialist said its subsidiary in Qatar sees progressive tender activities and expects a substantial pick up in the Qatari construction index in Quarter two. “Tenders for major projects in the hospitality, rail and the infrastructure sectors are underway in Quarter two and we are currently bidding across all our business lines. (...),” said Khaldoun Tabari, CEO of DSI. Trading volumes surged 40%, as some 273m shares were traded, valued at Dhs352.5m.
GCC private sector nets $320b for domestic economy
April 10, 2012--According to figures by the Federation of GCC Chambers of Commerce and Industry (FGCC), the private sector in the GCC countries has grown by an annual average 15% over the past few years to boost its
contribution to the domestic economy to nearly $320bn in 2010, Gulf Times has reported. From around $205bn in 2005, the private sector’s contribution to the GCC’s overall GDP surged to nearly $236bn in 2006, an increase of about 14.9%, the figures showed.
Kuwait Audit Bureau mulls tax hike
April 10, 2012--Kuwait Audit Bureau has said it will "seriously consider" a new taxation mechanism that will increase revenue into the state's budget and also function as an effective tool of monetary and economic policy,
Kuna has reported. A recent report by bureau he bureau said it is now “crucial to make overall tax reforms” to overcome loopholes in the implementation of the current income tax policy and address shortcomings which affect national labour.
King Abdullah orders crackdown on Saudi stock market manipulation
April 10, 2012--Saudi King Abdullah has ordered a crackdown on manipulation of the country's booming stock market, insisting action should be taken if necessary against improper trading by members of the royal family,
Reuters has reported. Trading rules should be applied to everyone including royals, the king said in a message to the chairman of the Capital Market Authority (CMA). "With the current return of investors to the stock market, there has been a return of some violations that require investigation and accountability, requiring violators' cases to be looked at by the specialised legal authority," the king said.
Saudi Stock Exchange dips slightly, Methanol Chemicals soars on strong quarterly earnings
April 09, 2012--The Riyahd-based market measure Tasi closed off 0.25% Monday at 7,697.7 points.
While market breadth ended neutral (67 shares were up, 68 down), possibly indicating a near-end of the current correction phase, market bellwether Sabic (down 0.71%) weighed on the gauge. Shares of Methanol Chemicals Company gained 1.25%. Earlier in the day, Methanol Chemicals announced its net profit during the first quarter amounted to SR25.25m as compared to SR9.65m for the same period of last year which is an increase of 162%. Quarter-on-quarter, the Q1 result represents a slight decrease of 8%. The firm commented in a statement to the Tadawul bourse: "The increase in net profit for the first quarter of 2012 is mainly due to improved sales volume, as well as higher operational efficiencies over the same period of last year."
