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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%).
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."