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Kuwait market fickle ahead of National Day
February 22, 2012--Banks and real estate shares mostly weighed on the KSE Market Index, which slipped 0.16% to close at 6,088.5 points.
The country's largest lender National Bank of Kuwait (NBK) fell 1.69% to KD1.160. "Will higher oil prices spike the markets' rise?" Gary Dugan, CIO Private Banking at Emirates NBD, asked in his weekly commentary. Dugan wrote: "We continue to caution against chasing markets after such a strong run-up in recent weeks. For sure there is a growing confidence that the worst Euro zone outcomes may have been avoided. However there are also head winds to markets that will at the very least slow progress. The recent 10% rise in oil prices if sustained will detract from global growth and slow the pace of interest rate cuts in the emerging countries. The situation in Greece is better but still far from secure and any significant setback in negotiations could lead to some rapid profit taking." Year to date, Kuwait, which wil celebrate its National Day on Sunday, February 26, has seen a 4.72% rise in its stock market gauge.
Etisalat gaines as telecom provider denies media reports on syndicated loan
February 22, 2012--In Abu Dhabi, the ADX General Index advanced 0.31% to reach 2,534.91 points. Market bellwether Emirates Telecommunications, known as Etisalat (Arabic for connections) added 0.42%, finishing at Dhs9.55.
Earlier in the day Etisalat denied media reports that it is currently seeking a syndicated loan. Nevertheless, the firm added that constantly evaluating financing opportunities in both local and international markets. Some 80m shares were traded, valued at Dhs121.6m
Dubai market rally shows no signs of exhaustion
February 22, 2012--The DFM General Index hit 1,608.92 points (up 0.80%), the highest closing since mid-June 2011, although bellwether Emaar declined slighly (off 0.65% at Dhs3.05.
But market breadth remained solid, as 22 shares advanced and seven declined. Trading volumes also confirmed the current strength of the Dubai bourse, as 464m shares worth Dhs420m were traded. Real estate district cooling provider Tabreed soared 14.90% to reach Dhs0.911. Having gained 18.80% year to date, the highest advanced aming all Arab stock exchanged, the DFM might be technically ripe for a correction, but the market strength and the positive economic outlook for the emirate of Dubai speaks another language (as yet).
Banks push Qatar bourse higher
February 21, 2012--The QE 20 Index gained 0.35% to reach 8,681 points Tuesday.
The country's second largest lender Commercial Bank of Qatar (CBQ) advanced 1.85%, while Al Ahli Bank dived 2.11%. Market bellwether Industried Qatar (up 0.60%) supported the bullish sentiment in the GCC amid rising oil and gas prices.
Kuwaiti stock investors cash in some profits, send bourse slightly lower
February 21, 2012--After gaining for three days in a row, the KSE Market Index fell 0.27% to 6,098.2 points Tuesday as banks and services shares underperformed, while real estates and investment stocks edged slightly higher.
Islamic bank Kuwait Finance House (KFH) closed 2.3% lower. Coast Investment and Development Co. soared 8.33%, closing as the third best share Tuesday.
Etisalat, developers drive Abu Dhabi market advance
February 21, 2012--The ADX General Index rose the third day straight Tuesday, closing at 2,527.04 points.
Finance House soared the most (up 6.75%), while the UAE's first telco operator Etisalat added 2.14. While Aldar Properties ended even, RAK Properties and Sorouh Real estate advanced 5.41% and 1.83%, respectively. Market breadth remained bullish (18 shares advanced, five declined), although the ADX gauge gained the third day straight. Around 176m shares worth Dhs200.7m changed hands.
Dubai market gauge flirts with 1,600 points
February 21, 2012--Despite a sluggish Tuesday opening, the DFM General Index rebounded 1.74% to close at 1,596.26 points.
Rising oil prices and a general relief at global markets over Greece's second bailout package worth EUR130bn it was granted by EU finance ministers Monday supported the positive sentiment. Dubai Investment or DIC gained the most (up 12.54%). Emaar Properties reached an eight-month high at Dhs3.07. Gulf General Investment Co. failed to benefit from the bullish mood and fell 6.56%. Some 312.9m shares were traded, valued at Dhs374.8m.
Saudi central bank sees price stability soon
February 21, 2012--The Saudi Arabian Monetary Agency (SAMA) has said that relative price stability or a slight decline in inflationary pressures is expected in the near-term, Reuters has reported.
"There are two factors that may... lead to the expectation of a relative stability or a slight decline in the inflationary pressures in the coming period," SAMA said in its latest inflation report. "These include a decline in world food prices, and relative stability in the domestic market."
Yemen eyes Islamic bonds issue in near future
February 20, 2012--Mohamed Awad Bin Humam, the governor of the Yemeni central bank, has said his country plans to issue Islamic bonds soon to finance government projects, Reuters has reported.
"We have plans with the finance ministry to issue Islamic bonds to finance government projects and other sukuk," Bin Humam said. "We will try to do so as soon as possible." [AMEInfo.com]
Rising oil prices keep Saudi Stock Exchange on track
February 20, 2012--The Tadawul bourse advanced for the third consecutive day, closing half a percent higher at 6,904.38 points.
After The Islamic Republic of Iran announced on Sunday it has stopped oil sales to British and French companies, oil prices (U. S. crude) soared to a ten-month high at $105 per barrel. Sabic gained 1.58% to close at SR96.50. Amana Insurance posted the largest loss (off 4.22%).
