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Qatar Exchange rebounds on banks, insurers and United Development Company
March 15, 2012--The QE 20 Index advanced 0.40% to re-reach 8,659.87 points Thursday.
The four largest listed lenders added between 0.30% to 0.70%. Shares of United Development Company or UDC, builder of the man-made island The Pearl Qatar, soared 2.61%. Earlier in the day, UDC announced that "The Arbitral Tribunal of the International Chamber of Commerce has issued its award in the suit filed by one of the contractors at The Pearl- Qatar against United Development Company, and the other one filed by the latter against the said contractor. "After stating that each party should compensate the other, the Arbitral Tribunal ended by ordering United Development Company to pay the contractor an amount of Thirty Million Three Hundred Seventy Four Thousand Five Hundred Seventy Six Qatari Riyal and Sixty One Dirham, with annual interest of 4% on the original amount of Twenty Seven Million Nine Hundred Thirty Five Thousand One Hundred Fifty Six Qatari Riyal and Ninety Three Dirham. The statement concluded: "United Development Company has filed an annulment suit before the competent Qatari court. The esteemed court has decided to suspend the execution of the arbitral award till the issuance of the judgment in the annulment suit."
Exhausted Abu Dhabi stock exchange dips slightly
March 15, 2012--After advancing for six consecutive trading sessions, the ADX General Index ended off 0.16% at 2.625.85 points Thursday.
Shares in Aldar Properties and Sorouh Real Estate, fell 3.40% and 4.10%, respectively. The two largest developers in Abu Dhabi annoounced Sunday, they were currently examining if a merger with the blessing of the Abu Dhabi government would be possible. Market bellwether Etisalat, the UAE's first telco provider advanced slightly. Some 83m shares were traded, valued at Dhs134.4m.
DP World drags FTSE NASDAQ Dubai UAE 20 Index down
March 15, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1694.150 today, down 1.57%, from the previous close.
Shares of global port operator Dubai Ports (DP) World dived 2.57% to $11.01. Interior design firm Depa Limited closed even. No other shares posted trading volumes at the NASDAQ Dubai.
Losses in Emaar, DFM weigh on Dubai market
March 15, 2012--The DFM measure DFMGI fell half a percent to close at 1,683.41 points Thursday.
Market bellwether Emaar Properties fell 0.32%, the DFM, the only Arab bourse listed to the public, plummeted 3.10%. Over the week, the Dubai measure has advanced five percent. Commercial Bank of Dubai or CBD, the number nine in the UAE banking market, gained 7.80%. Earlier in the day, CBD announced that the annual general assembly held on Wednesday approved a 20% cash dividen and 5% bonus sharesof the capital as of December 31st 2011. Gary Dugan, CIO Private Banking at Emirates NBD (off 0.63%) said in his weekly commentary published Wednesday, that the UAE markets were still attractive, but warned of volatility. "Valuations are low, the UAE and KSA equity markets could certainly justify moving to a higher level but you must have a stomach for the ups and downs," Dugan said.
GCC companies saw 2011 profits up 26% at $52.3bn
March 15, 2012--According to an economic report, Gulf companies reported a 26% increase in 2011 profits to $52.3bn compared with 2010, KUNA has reported.
The net profits of commodities sector's companies reached $13.3bn in 2011 compared to $3.8bn in the previous year, thanks to the record rise petrochemicals' prices, the report issued by Kuwait Financial Center (Marzak) has added. The report has pointed out that the banking sector profits rose by 17% in 2011 to $20bn due to the huge government spending. The data also showed 23% slid in telecommunication sector profits. Meanwhile the real estate sector posted a total net profit of $2.4bn
Saudi Cable Company wins multi-million contract, shares jump
March 14, 2012--The Riyadh-based Tadawul All Share Index ended up 0.62% Wednesday, finishing at 7,567.98 points.
Saudi Cable Company advanced two percent. Earlier in the day, Saudi Cable said it has won on Tuesday, March 13 2012 a contract from Sepco for an amount of SR109m ($29.1m) approximately for supply of high voltage cables. Sabic shares advanced 0.72%, while Qassim Agriculture lost the most (down 4.68%).
Kuwait Stock Exchange edges up on banks, real estates
March 14, 2012--The KSE Market Index ended 0.25% higher at 6,138.8 points Wednesday.
National Bank of Kuwait or NBK (up 1.8%) and Al Ahli Bank of Kuwait (ABK, gaining 5%) helped the gauge to rebound. Almadina for Finance and Investment poseted the largest decline (off 7.5%). Kuwait Real Estate Co. added slightly. The KSE's year-to-date gain remains for days stuck at six percent.
Abu Dhabi energy group Taqa soars, as total revenues increase
March 14, 2012--The Abu Dhabi market measure ADX General Index added 0.28% to reach 2,630.
Abu Dhabi National Energy Co., known as Taqa (the Arabic word for energy), jumped 4.76%, after reporting a 13% year-on-year increase in total revenues for 2011. Net profit after minority interests, however, fell 27% to reach Dhs744bn ($202.90bn).
Bahrain market slips, whilst economy is expected to rebound in 2012
March 14, 2012--Bahrain: The Bahrain Al Share Index ended off 0.27% to close at 1,149.13 points in amid lacklustre trading Wednesday.
Bahrain Telecom fell 1.46%. Earlier in the day, Kuwait-based Global Investment House said "the Bahraini economy is expected to recover strongly by 3.6% in real terms in 2012 (up from a 1.5%-decline in the year before) as oil prices are expected to remain high and other sectors such as tourism and financial sector recover after a turbulent 2011." Global added that "compared to its regional peers, in the GCC, Bahrain is the least oil dependent nation. However, it still forms a major proportion as mentioned above. The contribution has picked up in 2010 and likely to remain high in 2011 due to sustained rise in crude oil prices."
Damas Jewellery, DP World edge higher at NASDAQ Dubai
March 13, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1723.14 up 1.28%, from the previous close Tuesday.
Shares of jewelry trader Damas surged four percent, while Dubai Ports (DP) World added 0.90%. Interior designer Depa Limited fell 2.22%.
