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Egyptian officials look to set up Islamic index
February 1, 2012--Egypt's newly-elected Islamists say they want to introduce an index of companies that comply with sharia law as part of a wider move towards an Islamic economy.
Officials from Freedom and Justice, the political arm of the Muslim Brotherhood, and from Nour, a party of ultraconservative Salafi Islamists, argue that such an index would encourage a slice of investors who, they allege, have shunned the bourse for fear that it might somehow contravene religious law.
Tadawul market adds 3.25% in January
January 31, 2012--The Saudi Arabian Tadauwul All Share Index advanced one per cent Tuesday, closing at 6,626.04 points. Market bellwether Sabic added likewise one per cent.
During the first month of the year, the Riyadh-based gauge gained 3.25%, the second highest GCC performance behind the Dubai Financial Market (up six per cent). Rising oil prices supported the sentiment. The barrel oil rose over 2.3% to reach $101 on concerns over an escalation of the tensions between the West and Iran.
Saudia Dairy & Foodstuff Co. advances on land ownership registration in Riyadh
January 30, 2012--Saudi Arabia's Tadawul market index continued its step-by-step rise, climbing 0.10% higher at 6,560.25 points.
While petrochemicals and metals giant Sabic ended even, shares of Mobile Telecommunications Company Saudi Arabia, known as Zain Ksa, hit an 11-month high at SR7.55 (up 4.90%). Saudia Dairy and Foodstuff Company or Sadafco gained half a per cent to reach SR52.25. Earlier in the day, Sadafco announced the completion of all regulatory and legal requirements to register the ownership of the land in Riyadh Sulaymaniya district on Sunday. Year-to-date, the Tadawul gaugae gained 2.22%. the bourse's announcement to allow forein companies to list its shares in Riyadh soon has lifted the market sentiment. The move is expected to have positive spill-over effects in all GCC capital markets.
DP World, Damas advance at NASDAQ Dubai
January 30, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1442.66 up half a per cent from the previous close.
Global maritime port operator and market bellwether Dubai Ports (DP) World rebounded by two per cent to hit $10.97, while jewelry trader Damas added 2.86%, closing at $0.36.
Al Khaliji Holding gains as net profit increases slightly
January 30, 2012--The Qatar Exchange (QE) Index closed 0.61% higher at 8,491.56 points as shares gained across the board.
Al Khaliji Holding added 1.10%. The manufacturer and import company of cement has achieved a net profit of QR74m in 2011 compared to QR71.2m in 2010.
Kuwait's Al Dar National Real Estate Co. rises to ten-week high
January 30, 2012--The KSE Market Index advanced 0.13% to reach 5,865.4 points, as banks, investment firms and dvelopers pushed the measure slightly higher.
Al-Dar National Real Estate Co. gained the most (up nine per cent at KD0.018), the highest level since Novemember 17 2011.
Dana Gas share of the day, as Sharjah-based energy giant's profit soars 220%
January 30, 2012--The Abu Dhabi market gauge slipped 0.45%, closing at 2,421.68 points, as market bellwether Etisalat fell 0.60%. Dana Gas was the most liquid share, adding 2.70%.
Earlier in the day, the energy giant headquartered in the emirate fo Sharjah announced its net profit for 2011 rose 220% year-on-year amounting to Dhs506m ($138m) as higher output and energy prices lifted the result. Bloomberg, however, reported in recent weeks that the Dana Gas sukuk yield soared on concerns in the market that it might be unable to repay a $1bn Islamic bond due to in October this year "as the firm failed to provide details how to pay off" the maturing sukuk. Around 50m ADX-listed shares were traded, valued at Dhs48.2m. Abu Dhabi's Finance House (FH).
Dubai Gold & Commodities Exchange Weekly Market Commentary
January 29, 2012--Economic Data Overview
The coming week presents a fairly steady flow of economic data releases, but only a few are likely to grab market attention ahead of the key payroll data on Friday.
The January report on the employment situation on Friday will include the annual revision to the establishment survey. Revisions will likely push the numbers for 2011 up a bit, but the focus will be on January 2012 and if there continues to be improvement in private payrolls.
At the moment, analysts expect payrolls to rise 148,000 in January after jumping 200,000 in the previous month on widespread gains. The unemployment rate is expected to rebound to 8.6%.
The ADP National Employment Report for January at on Wednesday should signal another increase in private payrolls. The numbers have registered a fairly substantial miss in the last two months, but have been consistent with the direction of private payroll gains and should at least hint at whether markets can expect another decent reading.
The Challenger report on layoff intentions for January on Thursday may show some pick up in the pace of job cuts. No one industry seems particularly active for the month, but a variety of announcements could add up to a slight deterioration in what has been a largely unchanged rate of layoffs intentions in the last three months of 2011.
Initial jobless claims for the week ended January 21 on Thursday should remain on track with an uneven trend slowly downward. Most of the volatility seen earlier in the month due to a mismatch in seasonal adjustment and movements in unadjusted claims levels should have cleared the numbers, and the underlying trends should be more visible.
The ISM Manufacturing Index for January at on Wednesday is expected to reflect the modest expansion shown in the various surveys of manufacturing from regional purchasing managers and Fed District Banks. The factory sector is still regaining some upward direction after the softness seen in the summer months in 2011.
Prior to the release of the national data from the ISM
Egypt's external debt climbs to $34.9bn
January 29, 2012--The central bank of Egypt has said the country's external debt has reached $34.9bn at the end of the 2010-11 financial year, up by $1.2bn on the year before, Ahram has reported.
The European Union is Egypt's largest creditor and is owed a total of $10.8bn by the country. Japan is listed as the second biggest creditor to the tune of $4.2bn, while the US is in third place with $3.1bn. Kuwait topped the list of Arab creditors, with total loans to Egypt of $854.1m by the end of the 2010-11 fiscal year in June, followed by Saudi Arabia with $307.6m, while the UAE is owed $162.4m, the figures showed.
Egypt benchmark stock index climbs most in 10 months after uprising anniversary
January 26, 2012-- Egypt's stock market posted its strongest gains in about 10 months, with the benchmark index rallying over 7 percent on Thursday as the peaceful passing of the one-year anniversary of the uprising that ousted former President Hosni Mubarak injected optimism.
The Egyptian Exchange's briefly halted trade after the broader EGX100 index hit a 5 percent circuit-breaker — a measure aimed at calming the market. It continued its climb after trading resumed, closing up 5.76 percent and gaining almost 300 points, or 7.18 percent, by the end of the trading day.
"There is a gradual stability (in the political scene) emerging day by day, and there is growing confidence in the economy, day by day," said Khaled Nagah, trading manager at Mega Investments.
