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Aldar, Sorouh soar on bullish construction prospect for UAE
February 28, 2012--The Abu Dhabi market gauge ADXGI closed 0.70% higher at 2,593.22 points.
Shares of developers companies Aldar Properties and Sorouh Real Estate gained 3.50% and 4.50%, respectively. Gulf News reported earlier today, the combined value of current construction projects in the UAE is about $1.25tr (Dhs4.59 trillion). "New research states that 2012 will see $15.07bn worth of contracts awarded in the Emirates — an increase of 26.57 percent over last year," Gulf News said, quoting research firm Venture Middle East. Only two shares lost at the ADX, among them bellwether Etisalat (off 0.10%). According to Talal Touqan, Head of Equity Research at Al Ramz Securities in Abu Dhabi, the strong rebound at UAE markets is not only teachnical, but also due to fundamental reasons, among them: "Forceful cash dividends and high yields, an average that exceeds 5 per cent; Recovering corporate results, especially in the property sector; Cyclicality, low return on other asset classes (a state of exhaustion hit bond yields, cash deposits, as well as commodities except energy)" Year-to-date, the ADXGI gained 7.82%.
Dubai market rebounds, eyes 1,700 points
February 28, 2012--The Dubai Financial Market (DFM) General Index hit at a 16-month high Tuesday, closing 2.66% higher at 1,698.22 points.
Shares of the DFM, the sole Arab exchange which is listed publicly, gained 4.61% to reach Dhs0.999. Islamic banks Ajman Bank and Dubai Islamic Bank failed to join the rebound and lost 6.44% and 1.80%, respectively. Market breadth returned to the bullish mode, as 27 shares advanced and three declined. Some 644m shares were traded, valued at Dhs755m.
Bahrain Bourse declines half a percent, fails to reach year-to-date break even
February 28, 2012--The Bahrain All Share Index closed 0.50% lower at 1,140.33 points, as industry bellwether Aluminum Bahrain or Alba plummeted 6.50%.
Islamic bank Gulf Finance House and Ithmaar Bank advanced 8.70% and 5.90%, respectively.
Saudi shares advance across the board
February 27, 2012--The Saudi Tadawul market gained 0.90% Monday, to close at 7,149.74 points. Sabic, the petrochemicals and metals producer, closed even at SR100.50.
Saudi Enaya Cooperative Insurance Company was successfully traded for the first time at the Tadawul bourse after its SR400m-IPO. The offer price per share was SR10, according to the firm's website. Enaya opened at SR24.50 and closed the day as a top gainer at SR36.70. Market breadth returned into positive territory as 98 shares advanced and 38 declined.
Stock prices, trading turnover slip at Qatar Exchange
February 27, 2012--After almost reaching a year-to-date break even yesterdat, the QE 20 Index fell back by 0.21% to 8,758.36 points Monday.
Shares of Doha Bank gained 0.76%, the share is on the way to test the resistance level at QR67, the level it failed to crack in mid-January. Industries Qatar weighed on the market as the share fell 0.80%.
Abu Dhabi bourse closed unchanged as real estate firms dip, banks and insurers gain
February 27, 2012--The ADX General Index closed even at 2,573.10 points Monday. First Gulf Bank was the most liquid stock, gaining half a percent.
RAK Properties shed 2.44%. Like the market gauge, Sharjah-based Dana Gas closed flat. Some 157.6m shares were traded, valued at Dhs181.2m.
Dubai investors halt market rally, book some profits
February 27, 2012--After hitting a 10-month high yesterday, the DFM General Index ended 1.33% lower at Monday.
Market bellwether Emaar Properties, the most liquid share, fell 1.90% to Dhs3.08. DFM shares lost after the exchange reported a decline of nine tenth in net profits for 2011 yesterday, amounting to Dhs8m. Arabtec Construction bucked the downtrend, closed 2.56% higher at Dhs3.20. Some 460m shares were traded, valued at Dhs468.5m.
Qatar nominal GDP reached $172bn in 2011-2.5% of global
February 27, 2012--QNB Capital has estimated Qatar's nominal GDP reached QR628bn ($172bn) in 2011, or 2.5% of global GDP and 12.5% of GDP in the GCC, Arab News has reported.
The Gulf country’s share of global and regional GDP rose from 2% and 11.8% in 2010, respectively. This was attributed to the exceptionally fast nominal GDP growth of around 48.6% in Qatar's oil and gas sector in 2011, which has led to overall nominal growth estimated at 35.4%, said QNB Capital.
Dubai Gold & Commodities Exchange Weekly Market Commentary
February 26, 2012--Economic Data Overview
Last week was one of the best news weeks for commodities, equities, bonds and beleaguered currencies in some time. Oil rallied aggressively on a combination of continued geopolitical concerns, positive economic data, hedging pressure and speculative interest. The worries sparked by Iran's nuclear program continue to have wide reaching consequences with international condemnation coming from the US and Russia.
There also is the increased prospect of a pre-emptive strike by Israel to keep the status quo in the region, for the market to digest. All these facts also pushed gold prices higher. The US stock market closed at its highest level since June 2008, as the economy continues to improve and investors are willing to take more risk in search of both dividend yield and capital appreciation. The US bond market benefited by Fed purchases at the long end. Finally, Europe has a bailout deal with Greece and this helped most major western currencies rally against the dollar. The yen however continued to lose ground as the BOJ pursues active reflation of the Japanese economy. Another interesting week lies ahead, as a G20 response to Europe's progress on the bailout will be seen from their meeting in Mexico. This gathering should also update the market on their thinking about financing an additional IMF rescue fund. Inflation data is expected in Europe and the US next week. Another ECB tender on February 28 could see European banks awash with cash, as financial institutions are expected to ask for over €450 billion in funds. The destination for some of this money is likely to be sovereign bonds which will help keep yields low and also allow the banks to refinance their depleted balance sheets. A by-product of which will be more euro strength.
Saudi boosts market monitoring to boost transparency
February 23, 2012--Saudi Arabia: Saudi Arabia's Capital Market Authority (CMA) has adjusted stock ownership guidelines in a bid to boost transparency, as the Middle East's biggest bourse takes steps toward opening up to direct foreign investment, Reuters has reported.
Under the new guidelines, the actual owner of the stock will now be identified, which will help the regulator impose ownership limits when the market eventually opens up, using the Qualified Foreign Institutional Investor (QFII) route.
