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Kuwait Stock Exchange gains the third day straight
February 20, 2012--The KSE Market Index closed half a percent higher at 6,114.7 points. While banks underperformed overal, advances in the real estate segment pumped the gauge up.
After a s tricky start into 2012, the KSE rebounded and has advanced 5.17% year-to-date. According to the DIFC Economic Weekly, "better than expected financial results of GCC companies, amid positive news from the global markets, supported rallies in the region’s stock exchanges leading to substantial gains in Kuwait and Dubai bourses."
Qatari bourse advances 0.32% as country's inflation remains low
February 20, 2012--The QE 20 Index closed 0.32% higher at 8,650.36 points Monday, mostly driven by gains in the industrial and services sectors.
Market heavyweight Industries Qatar added 1.28%, while the country's largest lender Qatar National Bank slipped 0.15%. According to the DIFC weekly economic commentary, Qatar’s January Consumer Price Index rose 1.2% year-on-year.
Aldar Properties shares consolidate above one Dirham
February 20, 2012--The Abu Dhabi market gauge ADXGI closed 0.61% higher at 2,504.17 points.
While the sheikhdom's leading energy company Taqa (off 0.80%) weighed on the measure, insurers Watania and Methaq Takaful soares 10% and seven per cent, respectivley. Real estate bellwether Aldar Properties surged 2.88% to close at Dhs1.07. Some 227m shares were traded, valued at Dhs210.9m
Shares of Dubai developers remain buoyant amid solid construction prospects for the UAE
February 20, 2012--The Dubai Financial Market (DFM) General Index dipped 0.14% to 1,568.94 points. Emaar Properties, the most liquid stock, gained 0.34% and Islamic developer Deyaar soared 1.90% to reach Dhs0.321.
According to Dr. Nasser Saidi, Chief Economist at the DIFC Authority and Head of External Relations, "the UAE has the largest share of the $1 trillion worth of construction projects to be completed by 2020 in the GCC - at $636bn," he wrote in his weekly DIFC economic commentary published earlier on Monday. Dubai Islamic Bank (off 1.35%) and telecom operator Du (1.32% lower) weighed on the benchmark. Some 299m shares were traded, valued at Dhs290.4m.
Thai economy shrinks 10.7% on flood impact
February 20, 2012--Thailand's economy suffered a double-digit contraction in the fourth quarter of 2011, the sharpest on record, it said Monday after the kingdom's worst floods in half a century pummelled industry.
Gross domestic product (GDP) shrank 10.7 percent in October-December from the previous quarter, according to the National Economic and Social Development Board (NESBD). GDP fell 9.0 percent compared with the same period in 2010.
It was the sharpest drop in a single quarter since comparable records began in 1993, according to Apichai Thamsermsukh, an official at the government agency.
Iraq inflation fell to 6.1% in January
February 16, 2012--The central bank of Iraq has said the country's core rate of inflation has dropped to 6.1% year-on-year in January from 7% in December, Reuters has reported.
The fall compared with December was due to an easing in electricity bills and housing costs, said deputy governor, Mudher Kasim. The inflation rate was, however, significantly higher than the 5.3% reported for January of last year.
Dubai government to continue backing state-linked firms
February 16, 2012--Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee has said the government is to continue to support state-linked entities,
Reuters has reported. "We will continue to support the GREs (government-related entities)," said Sheikh Ahmed. Asked whether the Dubai Financial Support Fund, created in 2009 to help Dubai entities, will need to be replenished after shelling out billions to support state-linked firms, such as Dubai World, Sheikh Ahmed replied: "I am pleased with the way business is going in every aspect."
Kuwait market rebounds despite government's parliament setback
February 16, 2012--Investors in Kuwait shrugged off worries over a possible ongoing political stallmate in the northern Gulf state by sending the KSE Market Index 0.32% higher to 5,982.2 points.
The government of Kuwait faced its first setback in the new parliament yesterday when its candidate for the post of Majlis speaker lost against the opposition's favorite candidate Ahmed Al Saadoun. Burgan Bank ended even while Commercial Bank of Kuwait surged 5.6%.
Qatar Electricity and Water dips, reports slightly higher net profit
February 16, 2012--The QE 20 Index fell one per cent to 8,544.18 Thursday as shares lost across the board.
Qatar Electricity and Water slipped 0.10% after the utility giant reported a net profit of QR1.29bn for the year 2011 versus QR1.19bn in 2010. Earnings per share amounted to QR13 in 2011 compared to QR11.98 in 2010. The board of directors recommended distribution of cash dividends of 6%5 from the original share value, i.e. QR6.5 for each share.
Taqa rebounds, Etisalat weighs on Abu Dhabi bourse
February 16, 2012--Like the DFM in Dubai, the ADX General Index closed half a per cent lower Tuesday, finishing the week at 2,474.43 points.
Abu Dhabi National Energy Co. or Taqa added 0.83%, while market bellwether Etisalat, the UAE's first telco operator, fell 0.43%. Shares of Abu Dhabi Aviation plummeted 6.70% to Dhs3.35. Earlier in the day, Abu Dhabi Aviation, the Middle East's largest helicopter operator and joint-owner of private het company RoyalJet, reported a 22% increase in net profit which amounted to Dhs280.9m, up from Dhs230.1m. Some 50.7m shares were traded, valued at Dhs69.5m. During the week, the Abu Dhabi gaige ADCGI added 0.85%.
