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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.
Saudi Arabian Mining Company (Maaden) returns to profit amid robust gold sales
February 14, 2012--The Riyadh-based Tadawul All Share Index (Tasi) declined 0.22% to 6,816.49 points Tuesday. Saudi Basic Industries Corporation or Sabic closed unchanged at SR95.
National Agriculture Marketing Co. (Thim'ar) dived three per cent to SR34.70. Saudi Arabian Mining Company or Maaden slipped 0.70% to SR28.30. Earlier in the day Maaden announced that its net income for the fiscal year 2011 amounted to SR413m compared to the net loss of SR9m in 2010. Maaden commented on the 2011 results: "The increase in the net income for the fiscal year 2011 is attributed to the beginning of commercial production of ammonia starting from 1st of October 2011, an increase in the average prices of ammonia in the fourth quarter, an increase in the average realized prices per ounce of gold sold, an increase in the volume of gold ounces sold compared to 2010 and the decrease of the Zakat (Islamic charity) provision compared to 2010. The net income improvement was achieved despite the low return on cash deposits and an increase in exploration expenses." The price of gold as a safe haven investment hit an all-time high in September 2011 at almost $1,800 per ounce. Currently, its value remains solid at around $1,720 due to the ongoing Euro zone crisis and tensions in the Middle East. According to Brad Bourland, Chief Economist at Jadwa Investment in Riyadh, "the commodity that is currently having the greatest impact on inflation in the Kingdom is gold. Gold, and to a lesser extent other precious metals, is the main material for jewelry, which is a key component of the 'other expenses and services' sub-index of the cost of living index." The research department of National Bank of Abu Dhabi (NBAD) reported today that in January 2012 inflation in Saudi Arabia stood at 5.30% year-on-year, but was unchanged month-on-month. The International Monetary Fund (IMF) expects that consumer price inflation in KSA will be the highest within the GCC this year.
Kuwait market storms 6,000 points on bullish investment, real estate shares
February 14, 2012--The KSE Market Index rose to a five-month high Tuesday, closing at 6,009.5 (up 1.10%).
Al-Dar National Real Estate gained 14.3% to reach KD0.020. Banks performed overall weaker. The country's largest lender by assets National Bank of Kuwait or NBK fell 1.70% to KD1.160. Its Islamic rival Kuwait Finance House slipped 1.20%. Budget carrier Jazeera Airways surged 3.3% to close at KD0.460. Earlier in the day, Jazeera's rival Air Arabia from Sharjah announced expansion of Kuwait services from its Sharjah hub. "Effective 25 March 2012, the carrier will offer three daily services to Kuwait," Air Arabia said in an e-mailed statement.
Buoyant Abu Dhabi bourse flooded with corporate results
February 14, 2012--On Valentines Day, investors in Abu Dhabi fell in love with real estate shares and sent Aldar Properties and Sorouh Real Estate up by five per cent and 7.50%, respectively.
Yesterday, Aldar announced it has returned to profits in 2011, which amounted to Dhs642.5m, mainly due to land sales. The Abu Dhabi market index ADXGI closed one per cent higher at 2,489.50. Abu Dhabi Islamic Bank or ADIB, jumped 4.28% to reach Dhs3.40. In 2011, ADIB posted a net profit of Dhs1.16bn, a 12.8% increase over 2010. Abu Dhabi's largest Shari'ah compliant financial institution improved its retail banking business in particular. Abu Dhabi Commercial Bank or ADCB, the UAE's third largest lender by market value, added 0.70%, closing at Dhs2.91. Earlier in the day, ADCB reported preliminary results for the last year. Worth mentioning is the net profit from Islamic financing which surged four-fold to Dhs139.98m. Basic earnings per share improved to Dhs0.51 from Dhs0.04. Pharmaceutical producer Julphar from the emirates of Ras al-Khaima, closed unchanged. In 2011, Julphar achieved a net profit of Dhs170.18m, a 10% increase over the prior year. Some 215m shares worth Dhs215m were traded. Market breadth remained bullish as 22 shares advanced, and four declined.
