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Etisalat shares add slightly, as firms comments on potential Africa tower sale, India judgment
February 02, 2012--The Abu Dhabi market measure ADX General Index (ADXGI) advanced 0.43% to reach 2,476.62, Real estate firms Aldar and Sorouh both closed flat. Abu Dhabi National Energy Co., known as Taqa surged 2.50%. Market bellwether Emirates Telecommunications or Etisalat (Arabic for connections) added 0.10%.
Earlier in the day Etisalat commented on two issues. Firstly, Etisalat clearified on news published about a sale of mobile phone towers in Africa. Etisalat said that assessment of potential infrastructure sharing or sale was at a preliminary stage and that no decision had been takes as yet. The National reported yesterday Etisalat hopes to reap $500m to $600m from the sale of 4,000 to 5,000 towers in Africa. Secondly, Etisalat said in regards to an Indian court's verdict to cancel all 122 of the 2008 spectrum licensees granted to eight operators including Swan Telecom (Etisalat DB Telecom India), there was no immediate cash flow impact but an assessment of a negative impact of Etislat DB's business plan will be made through an impairment test.
NASDAQ Dubai: DP World shares knock at $11.00
February 02, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed flat at 1493.050 today. Market bellwether DP World rose 1.29% to close at $10.99 as 3.5m DPW stocks were traded.
Interior designer Depa Limited ended even at $0.36.
Egypt bourse shockwaves felt at Dubai Financial Market
February 02, 2012--The DFM General Index dipped 1.21%, closing at 1,435.96 points as the Egyptian Exchange dived over two per cent Thursday on fears the military could reinstate the martial law after riots in a Port Said football stadium left more than 70 dead yesterday evening.
Part of the DFM losses may also be triggered by profit booking, after the DFMGI gained over six per cent in Januar. Emaar Properties declined 0.71% to Dhs2.78. Logistics specialist Aramex fell half a per cent to Dhs1.79. Earlier in the day, Aramex reported a full year net profit reaching Dhs211.5m, plus four per cent year-on-year. Aramex' fourth quarter saw also an increase of 4% in net profits, amounting to Dhs57.2m. Some 135m were traded, valued at Dhs185.7m.
S&P affirms Dubai's DIFC Investments credit ratings
February 02, 2012--Dubai-based DIFC Investments’ 'B+' long-term and 'B' short-term corporate credit ratings have been affirmed by Standard & Poor's Ratings Services, Reuters has reported. The outlook for the real estate and financial investments group remains ‘Negative,’ S&P said.
“The affirmation of the 'B+' long-term rating on DIFCI reflects Standard & Poor's lowering of the stand-alone credit profile (SACP) to 'ccc-' from 'ccc+' primarily due to our opinion of the company's weak liquidity position, with $119m of cash as of December 31, 2011, against $1.4bn of debt falling due in 2012”, the firm said.
Kuwait banks drag stock market gauge lower
February 01, 2012--Kuwait: The KSE Market Index slipped 0.22% to 5,865.4 points. While shares of National Bank of Kuwait ended even,
Al Ahli Bank of Kuwait fell 1.50%. Islamic lender Boubyan Bank bucked the downtrend by adding 1.1%. Year-to-date the KSE's main measure has added 0.68%.
Saudi Arabia's Emaar The Econonomic City rises to seven-month high
February 01, 2012--Bullish prospects for the Saudi stock market in 2012 keep the Riyadh-based Tadauwul market index on rising.
The main gauge Tasi added 0.60% to reach 6,663.50 points. Earlier in the day, the largest exchange by market cap in the GCC announced the IPO of Takween Advanced Industries Company. The Saudi Arabian Monetary Agency (SAMA) plans to open its capital market to non-GCC investors in the first quarter this year. Dar Al Arkan Real Estate Development was the most liquid share, adding 8.54%. Shares of Emaar The Economic City were lifted by 4.4%. Sabic shares remained in a fluctuating mode, ending half a per cent lower at SR94.00. Market breadth decreased as 79 shares advanced and 58 declined.
Dubai Market hits four-month high as trading volumes continue to rise
February 01, 2012--The Dubai equity market gauge DFMGI closed 1.24% higher at 1,453.53 points. Emaar Properties pushed 2.19% up, ending at Dhs2.80. Arabtec Construction soared fiver per cent. In the least four weeks, Arabtec shares increased their value by over a fourth. District cooling producer Tabreed fell half a per cent to close at Dhs0.54.
Tabreed achieved a profit for the year 2011 of Dhs181.5m, up from Dhs146.3m in the prior year, as the firm revealed earlier in the day. Some 192m shares were traded, valued at Dhs260.1m. Diluted earnings per share fell from Dhs0.36 to Dhs0.09. As trading volumes advance, shares of the DFM, the only Arab bourse which is publicly listed, are increasingly demanded. DFM shares were up 1.36% today and up 11% during the last week of trading.
Egypt money supply tipped 6.7% last year
February 01, 2012--The Egyptian central bank has said the country’s M2 money supply rose by 6.7% in the year to the end of December, Reuters has reported.
Money supply was EGP1,039bn ($172.26bn), up from EGP1,032bn at the end of November and EGP974bn at the end of December 2010. M2 is a category of money supply that includes general use in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.
Iran grain shipments stranded due to sanctions, 400,000 tonnes
February 01, 2012--Around 400,000 tonnes of grain have been held up on at least 10 ships outside Iranian ports for as long as three weeks as the result of the European Union sanctions, Reuters has reported, citing trade sources.
"The myriad of sanctions have worked to the point where the Iranian banking system is virtually defunct, thereby not allowing international trade houses to receive workable letters of credit," one European grain trader said. "Their ships are stopped while people figure out how to get payment done, it's a mess." The trader said. "The exporters cannot unload without payment as they would face multi-million dollar losses if they do not get their money," said another grain trader.
Iran reserves total $120 billion cash, 907 tons of gold
February 01, 2012--The chairman of the Tehran Chamber of Commerce announced Iran has $120bn in foreign exchange reserves and possesses 907 tonnes in gold reserves,
Mehr news has reported. Iran had purchased the gold in recent years at an average $600 per ounce, said Yahya Ale-Eshagh.
