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Saudi Arabia: Financial System Stability Assessment -Update
April 18, 2012--EXECUTIVE SUMMARY--Findings
Saudi Arabia confronted the global financial crisis from a position of strength. In the years before the crisis, the authorities strengthened the balance sheet of the government and
enhanced the financial sector's resilience.
The available fiscal space allowed the authorities to substantially reduce the impact of the crisis. The initial effect of the recent political instability in the region has also been contained.
The authorities have made progress in implementing the 2004 FSAP recommendations.
In particular, they have taken numerous and substantial steps to strengthen the regulation and supervision of banks and securities activities.
The banking sector as a whole is well capitalized and appears able to withstand severe temporary shocks, but could be vulnerable to a large and prolonged oil price decline.
The aggregate solvency ratio remains above 8 percent for almost all of the individual shocks considered. However, the system could be vulnerable to a prolonged and deep oil price decline, especially if it were accompanied by a slowdown in domestic economic activity.
Although this would leave the banking system insolvent, the cost of recapitalization would be modest in macroeconomic terms.
view IMF Country report-Saudi Arabia: Financial System Stability Assessment- Update
Source: IMF
Saudi bond sales hit record this year
April 17, 2012--Saudi Arabia: EFG-Hermes Holding has said sukuk sales in Saudi Arabia rose to a record this year, as the government's $500bn spending plan encourages companies to raise funds to invest,
Bloomberg has reported. Islamic bond offerings jumped to $6.55bn so far in 2012, about 77% of the Gulf region's total issuance and the most since 2003. The kingdom's General Authority of Civil Aviation was the Gulf's top bond issuer this year to help finance an airport in the Red Sea port city of Jeddah. "Over the last six to 12 months, economic activity has picked up and the government has stepped back a little from funding the projects directly because there is significant appetite to fill up that space," said EFG-Hermes analyst, Murad Ansari .
Source: AME Info
Saudi Arabia' Mobily advances as first quarter net profit jumps 21% year-on-year
April 17, 2012--The Saudi Stock Exchange's market index Tasi slipped 0.96% to 7,277.89 points Monday.
Market breadth improved slightly as 24 stocks gained and 117 declined. Shares of telecom provider Etihad Etisalat, known as Mobily, surged 1.15% to reach SR66.00. Mobily said its net income for the first quarter 2012 amounted to SR1.2bn, as compared to SR998m for the same period last year, with a growth of 21% and a decline of 29% over Q4 2011. Mobily added in the statement to the Tadawul bourse: "It should be noted that the results of the last quarter of the year are usually better than those of the first quarter of the year, as the fourth quarter coincides with the Hajj (main pilgrimage) season and other year-end events. Thus, for the sake of a fair comparison, showing the evolution of the company's financial performance, the results of the first quarter of 2012 should be compared with the same quarter of the previous year."
Source: AME Info
Dubai bourse decline halted, helped by Nakheel, Sabic figures and EU markets
April 17, 2012--The Dubai Financial Market General Index (DFMGI) ended roller coaster Tuesday flat at 1,649.14 points.
While market heavyweights Arabtec Construction (up 2.44%) and DFM (0.88% higher), the only listed Arab bourse, rebounded, bellwether Emaar Properties slipped 0.32%. Positive news from Dubai's state-owned developer Nakheel, which reported a 33% profit increase for 2011, and from Saudi petrochem giant Sabic, which reported earlier today a 39% quarter-on-quarter profit jump, helped the DFM to end a three-day long index decline. The slight rebound at European markets on early Tuesday also improved the sentiment. Twelve shares advanced, 16 declined and two securities finished flat. Trading turnover remained muted, as 134m stocks were traded, valued at Dhs202m.
Source: AME Info
Etisalat pushes Abu Dhabi market index back above 2,500 points
April 17, 2012--The ADX General Index closed 0.23% higher at 2,505.43 Tuesday.
Market bellwether Etisalat, the UAE's first telco firm, edged 1.27% higher. Investors at GCC market were keen on adding telco shares after Saudi Arabia's Mobily reported a 21% year-onyear jump in net profits. Abu Dhabi's largest real estate developer Aldar Properties fell 0.90%. Earlier in the day, Aldar announced it signed up for a Dhs4bn revolving credit facility with National Bank of Abu Dhabi or NBAD.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
'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.
Source: AME Info
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