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Qatari bank shares fall as bank deposit growth slows in 2012
April 09, 2012--The Doha-based QE 20 Index fell 0.25% Monday, ending at 8,756.64 points. Year-to-date the gauge is also with minus 0.25% in the red.
No lender, expect International Islamic Ban added valued. According to the GCC Quarterly, published today by Dubai-based bank Emirates NBD, bank deposits in Qatar declined 1.6% month-on-month in February, but were still 5.4% higher than February 2011. "The main driver appears to have been a 6.7% m-o-m decline in public sector deposits, as private sector deposits rose 0.9% m-o-m in February," the report said. Qatar National Bank dipped 0.44%, while Al Ahli Bank fell 1.44%. Vodafone Qatar soared 6.77%, ending as a top gainer.
Bahrain Telecom continues to outperform Manama market
April 09, 2012--The Bahrain All Share Index ended 0.32% lower at 1,139.40 points. Financials in particular dragged the gauge down.
Islamic bank Ithmaar (down 5.26%), Salam Bank (off 2.04%) and Ahli United Bank (1.64% lower) posted the largest declines. Bahrain Telecom or Batelco was the only gaining stock (up 2.27%).
Etisalat shares fall to two-and-a-half month low
April 09, 2012--The Abu Dhabi stock market index ADXGI ended off 0.45% Monday, at 2,546.54 points.
After rising in lockstep on Sunday, Aldar and Sorouh fell in lockstep today. Both developers, which have entered merger talks ast month, declined 1.68% and closed at Dhs1.16. The UAE's first telecom provider Etisalat slipped 0.34% to Dhs8.70. A whopping 11 shares closed flat, while five gained and 15 declined. Around 43m shares were traded, valued at Dhs60.4m.
Resilient Dubai market saves 1,650-level despite headwinds
April 09, 2012--The Dubai Financial Market (DFM) traded nervously Monday amid weak input from Saudi Arabia and Asia, but avoided a meltdown amid low trading turnover as Europe remained closed due to Easter holidays.
The DFMGI ended 0.66% lower at 1,657.59 points. Emaar slipped 0.92%, but Arabtec Construction (up 1.82%) and Union Properties (3.37% higher) cushioned the fickle market. Positive remarks by Emirates NBD (off 1.05%) Chief Economist Tim Fox supported the gauge. "The easing in global risk aversion in recent weeks has benefitted Dubai," Fox said in his GCC Quarterly published Monday. "The emirate's 5-year Credit Default Swaps (CDS) has declined 110 basis points year-to-date and is currently at the lowest level since early August 2011. Dubai based issuers have taken advantage of the improved market conditions and issued $2.5bn worth of debt in Q1 2012, more than double the $1.1bn issued in Q1 2011." ENBD's Fox concluded: "Given the high refinancing requirements of Dubai Government Related Entities (GREs) this year, the strong start to the year in terms of debt issuance is encouraging and reduces some of the re-financing risk facing the emirate in 2012." Some 193m shares were traded, valued at Dhs255.4m.
Kuwait to see 4.5% GDP growth in 2012, says IMF
April 08, 2012--The International Monetary Fund (IMF) has said Kuwait's real GDP is forecast to grow by 4.5% on further increase in oil production and increased government spending, Saudi Gazette has reported.
The Gulf country's real GDP in 2011 is seen to have grown by 5.7%, the IMF said. According to the central bank data, Kuwait's nominal GDP in 2010 grew by 17% to reach KD35.6bn, compared with a decline of 23% during the previous year. The growth was primarily driven by a 22% jump in oil revenue as average Kuwait Export Crude oil (KEC) prices shot up by 26% to $76.3 per barrel amid recovery in international markets.
NASDAQ Dubai follows DFM trend
April 05, 2012--Like the local Dubai bourse DFM, the FTSE NASDAQ Dubai UAE 20 Index lost one percent Thursday, closing at 1724.39.
Market bellwether DP World retreated 1.45% to close at $11.53 amid high trading volumes. Interior design firm Depa Ltd. ended down 2.17% at $0.45. Jewelry retailer Damas International closed flat at $0.435.
Kuwait Stock Exchange ends week in the red
April 05, 2012--Sluggish markets in Asia and the West dragged the KSE Market Index down by 0.21% to 6,145.5 points.
The country's largest lender National Bank of Kuwait or NBK closed unchanged at KD1.060. Logistics provider Agility slipped 1.21%. Islamic bank Boubyan gained against the trend (up 1.8%).
Abu Dhabi bourse remains stuck below 2,600
April 05, 2012--The ADX General Index slipped 0.19% to 2,558.98, mainly dragged down by financials and real estate shares.
Sharjah Islamic Bank lost the most (off 8.51% at Dhs0.86), while fish farming firm Asmak posted again the largest advance (up 9.73% at Dhs16.35). Around 65m shares were traded, valued at Dhs90m.
Weak input from Asian, Western markets weigh on Dubai bourse
April 05, 2012--Following a fierce battle between bullish and bearish traders, the Dubai equity index DFMGI finished one percent lower at 1,686.50 points Thursday.
Indexes in East Asia, Europe and the U. S. were fickle as investors preferred to stay on the sidelines ahead of U. S. employment reports on Friday. While Union Properties rebounded 1.13%, Emaar, as the most liquid share, dropped by 0.61%. Market breadth was negative as 10 shares advanced and 14 declined. Around 463.3m shares were traded, valued at Dhs626,4m.
Dubai Mercantile Exchange reaches three billion barrels traded since launch in another record trading month
Total volume traded since 2007: 3,002,709 contracts (three billion barrels equivalent)
New record monthly trading volume: 112,993 contracts
First quarter 2012 average daily volume: 4,832 contracts (an increase of 1,753 contracts over first quarter 2011)
(*as at close of trading on 30 March 2012)
April 4, 2012 --The Dubai Mercantile Exchange (DME), the leading energy futures exchange in the Middle East, today announced the increasing success of its flagship DME Oman
contract after trading three million contracts, equivalent to three billion barrels of crude oil, since launch in June 2007.
The news came at the end of another record trading month, which saw the exchange trade 112,993 contracts, a five percent increase on the number of contracts traded in February, which was also a record month for DME.
