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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%.
Investors stay loyal to Arabtec, send Emaar, Dubai market lower
February 16, 2012--February 16, 2012--The Dubai Financial Market (DFM) ended an overall bullish week with a day-loss of 0.45% Thursday as the benchmark index DFMGI closed at 1,516.05 points.
Arabtec Construction was the most liquid shares and added another 0.68%, bringing its six-month gain up 116%. At the Dubai Outlook 2012 summit yesterday, HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said Dubai's GDP is poised to grow between 4.5% to 5.00%, due to the emirate's strength in international trade, tourism and logistics. Market breadth remained low as 13 shares advances and 11 declined. Shares of Emirate NBD (off 4.67%) took a beating. During the week, the DFMGI gained 2.42%.
Bank shares keep Bahrain bourse buoyant
February 16, 2012--The Bahrain All Share Index added 0.12% to reach 1,143.77 points. The gauge swung with today's trading session into positive territory on a year-to-date basis.
Islamic investment bank Gulf Finance House surged 9.52% while Ithmaar Bank surged 6.67%. The Bahrain Saudi Bank or BSB, which closed unchanged, reported earlier in the day a net profit for the year 2011 of BD1.9m ($5.03m), a 73.3% increase compared to the corresponding period in 2010. Earning per share increased to BD3.8 from BD2.2. BSB's statement of income reveals that the lender was successful in reducing its operating expenses slightly, while total operating income surged 14.83%.
Saudi Arabia's Tadawul market declines slightly, as Sabic retreats
February 15, 2012--Riyadh's benchmark index Tasi ended off 0.10% Wednesday, closing at 6,811.97, as petrochemical giant and market bellwether Sabic fell half a per cent to SR94.50.
Shares of Malath Cooperative Insurance and Reinsurance closed a quarter per cent higher at SR21.60. Earlier in the day, Malath said its income before Zakat for the year 2011 reached SR20.855m, compared to SR23.5m for the previous year, a decrease of 11% and the net profit for the year is SR14m, compared to SR18.1m for the previous year, a decrease of 22%. Malath commented on the result: "The decline in result of 2011 versus the previous year 2010 was mainly due to the company selling on credit and arose mainly due to a change in the bad debt provision calculation methodology based on the Saudi Arabian Monetary Agency (SAMA) instruction number 201007/5/ and which resulted in the bad debt provision increasing by SR12m during 2011, and motor claims provision increase as result of the new royal decree on blood money."
Kuwait investors cash in profits, send bourse down by 0.77%
February 15, 2012--After hitting a five-month high Tuesday, the KSE Market Index declined 0.77% to 5,963.5 points. Shares of Sokouk Holding posted the largest advance (up 11.95% to reach KD0.0235).
Industrial Investments Company lost the most (off 9.8%). According to Gary Dugan, Chief Investment Officer bank Emirates NBD in Dubai, "commodities are starting to show a more robust performance (...) We remain positive on commodities and favor oil." In the past the KSE often corellated positiveley wit the price of oil, because Kuwait's federal budget relies 95% on export revenues from the 'black gold'. The price for a barrel of oil (U. S. crude) rose in early Wednesday trading by 1.3% above $102 after Iran's parliament decied to stop oil exports to the six European Union countries France, Spain, Italy, Portugal, Greece and The Netherlands in a preventive response to the EU's import ban on Iranian oil from July 1st 2012 on.
Qatar market shows no dynamics after National Sports Day
February 15, 2012--The Doha-based QE 20 Index fell 0.74% to 8,630.28 points Wednesday amid dwindling trading volumes. The country's largest lender Qatar National Bank or QNB declined 1.25% to QR134.60.
Earlier in the day QNB announced the successful completion of its first US Dollar bonds issue under its Euro Medium Term Note (EMTN) Program in international capital markets on 14 February 2012. The issue amounted to $1.0bn with a five year maturity and a coupon rate of 3.375%. QNB added: "Strong interest from investors reflecting almost 5 times over-subscription, and comprising more than 270 investors globally. The notes net proceeds will be utilized for general purposes of the bank." The issue was arranged and offered through a syndicate of joint lead managers comprising Barclays Capital, Citigroup, HSBC, QNB Capital and Standard Chartered Bank.
Egypt to continue safeguarding currency exchange rate
February 15, 2012--Egypt: Egyptian finance minister, Momtaz el-Saieed has said his country will continue to "safeguard the exchange rate" of its currency, Bloomberg has reported.
The minister was responding to a newspaper report that said the US dollar may appreciate 5% against the Egyptian pound in the coming short period. "These reports are untrue," el-Saieed said. "We've increased our efforts to raise money from Egyptians abroad. We're offering certificates of deposits and land, and we expect these dollars will help stabilise the situation."
Egyptian gains lead year's global rally
February 14, 2012--Egypt's stock market is poised to extend gains this week amid increased optimism over political progress.
The EGX 30 Index has risen 28 per cent so far this year. January was a good month for world markets, too - giving them their best run in 18 years.
Trading in Egyptian stocks has increased, boosted by foreign participation, as sentiment improved after the country formed its first parliament since Hosni Mubarak was deposed from the presidency a year ago.