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Emaar falls below three Dirham, as profit booking at Dubai market continues
March 20, 2012--The DFM General Index fell 1.48% Tuesday, closing at 1,643.31 points, as market bellwether Emaar ended off 2.62% at Dhs2.97.
Gulf General Investment Co. or GGICO added 2.86%. Ten shares advanced, while 19 declined. Some 250m shares were traded, valued at Dhs303m.
NASDAQ Dubai's primary listed shares post losses
March 20, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1642.850 today, down 1.81%, from the previous close. Jewelry trader Damas International lost the most (off 2.56%), while interior designer Depa Limited dived 2.17%.
Earlier in the week, The National reported, quoting sources 'familiar with the issue' Depa might de-list its shares in order to list them at another 'more liquid market', mentioning the exchange in Singapore or the DFM in Dubai. Asked by AMEinfo.com. on these rumors, a NASADAQ Dubai spokesman declined to comment. Shares of global maritime port operator DP World fell back to $11 (down 1.35%).
Arcapita shockwaves weigh on Saudi bank shares
March 20, 2012--The Saudi Arabian Tadawul market fell 1.28% to 7,518.66 points Tuesday. After Bahrain-based investment bank Arcapita filed for bankruptcy under chapter 11 New York on Monday, Riyadh-listed banks posted losses as a direct reaction.
Alinma Bank, as the most liquid share fell 3.70%, while Al Rajhi Bank slipped 0.32%. Arab National Bank ended 1.24% lower. Dairy producer Sadafco gained 0.45%. Earlier in the day, Sadafco announced in a statement to the Tadawul market, it decided to renew the existing Murabaha deposit of 150 million Saudi Riyals maturing on 29 March 2012, with United Gulf Bank in the Kingdom of Bahrain.
UAE economy growth seen at nearly 4% in 2012
March 20, 2012--The UAE's economy is likely to expand nearly 4 percent this year, the Gulf country's Economy Minister Sultan bin Saeed al-Mansouri said on Tuesday.
"The UAE economy is expected to grow by almost 4 percent in 2012," he told a conference in the UAE capital. "This is an estimate; by the end of the year it could be better."
Last November, Mansouri had said Europe's debt crisis and weakness in the US economy might slow the UAE's growth to around 3 percent in 2012.
Abu Dhabi bourse falls the fourth day straight on lower oil prices
March 20, 2012--The ADX General Index declined 0.70% to 2,586.53 points. The exchange correlates with oil prices, because around seven percent of the world's known global reserves are located in the sheikhdom.
Oil prices declined slightly Tuesday, after Saudi Arabia said it aims to drag prices down by pumping more quantities of the 'back gold' into the world market, the Financial Times reported. Gulf Cement Company posted the largest decline (off 8.50%). National Marine Dredging Co. gained the most (up 9.62%). Around 86m shares were traded, valued at Dhs129m.
Jazeera Airways gains, while Kuwait Airways staff strike continues
March 19, 2012--The Kuwait Stock Exchange closed down 0.04% at 6,231 Monday, as investment and real estate firms weighed on the gauge.
Jazeera Airways, the northern gulf state's budget carrier, advanced one percent, as its state-owned rival Kuwait Airways had to ground flights due to a strike by ground staff and airline employees who demand higher wages. The strike entered its third day on Monday. Earlier last week, Jazeera Airways announced it had secured flight rights to the Iraqi city of Al-Najaf. Jazeera plans to launch direct flights to Al-Najaf within the next six months. The airline under its CEO Stefan Pichler will be the first Kuwaiti carrier operating flights to the northern neighbouring country..
Merger candidates Aldar Properties, Sorouh Real Estate regain some ground
March 19, 2012--The Abu Dhabi market measure ADXGI closed insignificantly lower at 2,604.74 points Monday.
Developers Aldar and Sorouh, which started merger talks at the beginning of last week, advanced 0.75% and 0.77% respectively. Market bellwether Etisalat added slightly, whereas losses in the banking and industrial sector weighed on the market index. Some 73m shares were traded, valued at Dhs112.
Tadawul bourse closes roller coaster trading day unchanged
March 19, 2012--The Saudi Stock Exchange closed even at 7,616.01 points Monday, albeit market bellwether Sabic added a quarter percent to reach SR10.
But market breadth turned deeper into the red as 42 shares advanced, while 102 declined. Shares of telco provider Etihad Etisalat, known as Mobily, fell 0.80% to SR380. Earlier in the day, Etihad Atheeb Telecom (not traded) announced its collaboration with Mobily to provide fixed voice services to a number of commercial and residential complexes.
Choppy trading drags Bahrain Bourse slightly lower
March 19, 2012--The Bahrain All Share Index closed off 0.46% at 1,148 Monday. Islamic financial institution Ithmaar was the top gainer (up 5.90%), while Ahli United Bank fell 2.90%.
Earlier in the day, Kuwait's Global Investment Bank released a study on corporate profitability in the Kingdom of Bahrain, saying that "The companies listed on the Bahrain stock exchange witnessed a substantial jump in profitability in 2011. The aggregate net profit, based on 39 companies out of a total of 50 companies increased by 181.2% to BD928m. However, it is important to put this surge into perspective as 88% of the growth was contributed by the Investment sector. The investment sector posted a profit of BD228.5m in 2011 compared to a loss of BD299.4m in 2010. If we exclude Gulf Finance House profit and loss figures from the calculation, Bahrain's corporate profitability increased by 36.5% year-on-year in 2011."
Agricel launches revolutionary soil-less 90% water saving farming
March 15, 2012--Agricel, a specialist of unique soil-less agricultural technologies, launched a series of revolutionary farming methods that will fundamentally improve the way farming is carried out forever.
Agricel aims to remedy the problems of extreme food shortages due to finite agricultural land and resources and an exploding population whilst creating demand for jobs around the globe," Ghobash concluded.
Agricel is introducing its two main products: the Film Farm - Hydrogel based IMEC film; and the hydrophilic booster, SkyGel - a super absorbent polymer that acts as a reservoir holding water up to 1,000 times its weight whilst boosting plant productivity and yield. The IMEC Film and SkyGel are developed specifically to reduce the use of water, increase plant productivity and crop yield, while producing a best in class nutritious and healthy food that is highly rich in sugars, GABA and Lycopene.
