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UAE economy grew 3.3% last years, says minister
March 12, 2012--UAE's economy minister has said that the country's economy reported an estimated 3.3% growth last year, Reuters has reported.
The UAE which had faced unprecedented regional and global challenges last year, was helped by the rising contribution of non-oil sectors, Economy Minister Sultan bin Saeed Al-Mansouri has added.
DGCX February Volumes Rise 147%; Exchange Records Highest Ever Daily Volume during the Month
March 12, 2012--Overall monthly volumes on the Exchange total 519,222 contracts, valued at $21.92 billion
DGCX registers highest ever overall daily volume of 39,034 contracts on 29 February
Indian Rupee futures set monthly and daily volume records
Dubai Gold and Commodities Exchange (DGCX) built on its excellent start to the year with a 147% year‐on‐year rise in monthly volumes in February. Total monthly volumes on the Exchange in February touched 519,222 contracts, valued at $21.92 billion.
Brisk trading during the month saw DGCX setting four all‐time daily volume records on 29 February. Total overall daily volumes of 39,034 contracts registered by DGCX on the day surpassed the previous highest of 35,996 contracts set in September 2011. DGCX also recorded its highest‐ever number of daily trades of 23,950 contracts on 29 February.
Qatar plans up to $2bn investment in Sudan for bonds and resources
March 08, 2012--Qatar has announced plans to invest up to $2bn in Sudan, including purchase of government bonds, the Associated Press has reported.
In addition to buying Sudanese bonds, Qatar is also considering investing in the country’s mining, oil and agriculture sectors.
Dubai Financial Market rebounds lightly, defends level at 1,600 points
March 08, 2012--The DFM General Index added 0.20% Thursday, closing at 1,610.48 points.
The first trading week in March marked the time in 2012 when the DMF posted a week loss (off 5.4% amid profit booking). While most financial like the DFM (up 7.62%) or Dubai Investment Company (0.35% higher) helped the gauge to defend the important level at 1,600 points, construction, real estate firms and related stocks weighed on the index. Arabtec plummeted 8.90%, after the UAE's first construction company reported a 15% drop in net profits for 2011. Net profits amounted to Dhs260.5m. Islamic home finance provider Tamweel, which is owned 58.25% by Dubai Islamic Bank (up half a percent), lost the most (down 9.63%). Market breadth returned to positive as 22 shares advanced and six declined. Some 397m shares were traded, valued at Dhs484.5m.
Abu Dhabi Islamic Bank advances as Abu Dhabi banking sector increases UAE share
March 08, 2012--In line with the general recovery at global financial markets Thursday, the ADX General Index closed 0.33% higher at 2,561.74 points
. Fujairah Cement Industries gained the most (up 9.20%), while First Gulf Bank, as the most liquid shares, dipped slightly. Shares of Abu Dhabi Islamic Bank (ADIB) gained 0.30%. Earlier in the day, National Bank of Abu Dhabi's Chief Economist Dr. Giyas Gokkent said in an eMailed statement, "data from financial statements of listed banks continue to point to a rise in the share of Abu Dhabi based banks in the UAE banking system. Abu Dhabi based banks’ assets are getting closer to accounting for half of the UAE banking system, up from about 34% at the start of 2008." He added that "listed Abu Dhabi based banks’ deposits rose by 8.1% year-on-year in 2011, while top listed Dubai banks’ deposits fell by 3.5% year-on-year in 2011."
Kuwait's Jazeera Airways drops on profit booking
March 08, 2012--The Kuwait Stock Exchange (KSE) Market Index fell 0.10% to 6,177.10.
Only industrials and real estat shares advanced slightly. Shares of budget carrier Jazeera Airways closed two percent lower at KD0.480. Jazeera, which was one of the best performing stock in the GCC last year, reported earlier in the week it returned to profit in 2011, as net income amounted to KD10.6m or $38m compared to a loss of KD2.8m in the prior year. Year-to-date, Jazeera Airways advanced eight percent.
Aluminium Bahrain advances as AGM approves cash dividend
March 08, 2012--The Bahrain All Share Index gained for the fourth day straight Thursday, closing 0.32% higher at 1,161.11 points.
Aluminium Bahrain or Alba added 1.63%, reaching a three-week high at BD0.63. Earlier in the day the Kingdom's industry leader announced the Annual General Meeting held today approved the distribution of cash dividends amounting to BD94.71m ($252m) equivalent to 67% of the nominal value of the company's shares. Audited financial statements for the fiscal year 2011 were also approved at the AGM where net profit reached $564m, 53% higher to 2010. The Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji said: "2011 is a break-through year for Alba - it will be marked as a year in which the company achieved a sound financial performance underpinned by healthy cash flows as well as the highest metal production in the company's 40-year history."
Saudi Tadawul market dips slightly amid profit booking
March 07, 2012--The Riyadh-based market gauge Tasi closed at 7,374.92 points, off 0.34% Wednesday. Sabic slipped a quarter percent to SR101.75.
Al Ahsa Development Company gained 1.46% to reach SR20.80. Earlier in the day, Al Ahsa announced that three former Members of Board of Directors has filed a case against Al-the company in the Court, demanding regardless Directors remuneration, for the year 2009 for total amount of SR250k for each member which was approved during the Ordinary General Assembly Meeting, held on April 5 2010. The firm declared further: "The Management of the company has stopped to release the remuneration, after receiving a letter from the Capital Market Authority, stating that the company proceeded in violation in that Assembly, against the Article of Association provisions of Article 43 and Article 74 of Companies Regulations, was committed to what was stated in the Shareholders Report, and the regulations issued by the higher authorities, and approved the distribution of remuneration to the Members of the Board of Directors without dividends given to shareholders. Based on freezing of remuneration for Members of the Board of Directors, a case was raised against the against company in Dammam Court; and the company believes and legal adviser to the plaintiffs the former members of Board of Directors, are not eligible for any remuneration in accordance with the statue of the company and the corporate system."
Bahrain Bourse advances for the third consecutive trading day
March 07, 2012--The Bahrain All Share Index in Manama added 0.10% to reach 1,157.38 points Wednesday.
National Bank of Bahrain or NBB gained the most (up 2.63%). Bahrain Telecom, known as Batelco, added half a percent. Shares of Bahrain Middle East Bank fell 8.70%. Earlier in the day, Dr. Mark Mobius, Executive Chairman at Templeton Asset Management said at the Middle East Investment Summit in Dubai, "emerging markets will continue to see higher growth rates than their counterparts in the West, as they benefit from solid population growth rates, resulting in higher demand for commodities, goods and services." After a sluggish start into 2012, the Bahrain Bourse reversed the trend end of February and has gained 1.20% year-to-date.
Global Investment House bullish on Qatari banking sector, despite sluggish stock prices
March 07, 2012--The Doha-based QE 20 Index dived two percent to close at 8,605.17 points, as shares lost across the board. Market bellwether Industries Qatar added slightly (up 0.10%).
The Gulf state's largest lender by assets Qatar National Bank or QNB (off 0.22%) number two Commercial Bank of Qatar, known as CBQ (down 1.50%) outperformed. Earlier in the day, Kuwait's Global Investment House said in earlier today it was still bullish on the Qatar banking sector. "Albeit slightly expensive on relative valuations, Qatar's burgeoning economy will trickle down quite favorably to its banking sector. Qatari banks are still expected to exhibit one of the strongest loans disbursements in the GCC especially as the major spending on FIFA World Cup inches closer." Global added that provisioning was not an issue in Doha: "Qatari banks so far have enjoyed among the best asset quality in the region. The non-performing loan (NPL) ratio of banks under our coverage amounted to 1.3% with provisioning coverage at 103.6%. Regarding individual shares, Global said: "Overall, our recommendations remain unchanged. We continue to maintain a Strong Buy recommendation on CBQ, Buy on QNB and Hold recommendations on Doha Bank and Shari'ah-banks Qatar Islamic Bank (QIB) and Masraf al-Rayan (MAR)." While stock indexes in Riyadh and Dubai have seen double-digit increases year-to-date, the QE 20 gauge declined 1.90% since January 1.
