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Aldar, Sorouh gain on Abu Dhabi Executive Council's green light for new construction plans
January 24, 2012--The Abu Dhabi market gauge ADXGI added 0.40%, finishin at 2,361.55 points. Development bellwethers Aldar Properties and Sorouh Real Estate gained six per cent and 5.30%, respectively.
Earlier in the day, the Abu Dhabi Executive Council approved the new development of projects. "It appears to be a reaffirmation of the plans on a number of projects," commented Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi (NBAD). "Budgets and opening dates were approved for the museum projects in the cultural district on Saadiyat Island. One of the most eye catching is the proposed “development of an auto city which will be located adjacent to Industrial City Abu Dhabi. It is intended to act as a cluster development for all auto-related businesses and is intended to serve the future growth needs of the automobile sector in Abu Dhabi." Shares of Abu Dhabi Islamic Bank, which were among the top gainers in recent days, dipped 1.30% to Dhs3.07. Some 72m shares worth Dhs66.3 changed hands at the ADX Tuesday.
Banks push Bahrain Bourse slightly higher
January 24, 2012--The Manam-based Bahrain All Share Index advanced 0.30% to reach 1,144.38 points. United Gulf Bank posted the largest gain, closing four per cent higher at BD0.308.
Islamic financial institution Al Salam Bank added 2.63%, while Bank of Bahrain and Kuwait or BBK gained 1.50%. The Kingdom of Bahrain implemented a policy of reconcilation with opposition groups after it was hit by the Arab Spring last year. Since the start of the year the market gauge shows increasing signs of stabilisation. Bellwether Bahrain Telecom, branded and known as Batelco finished flat at BD0.394. Earlier in the day Batelco announced that it is investing JD50m to obtain 3G license in Jordan, via Umniah, a 96% owned subsidiary. "Umniah has obtained a 3G license pursuant to paying JD50 million to the Telecommunications Regulatory Commission (TRC) and will further invest towards infrastructure and network expenses related to the roll out during the next 6 months," the statement posted by Batelco on the Bahrain Bourse website says.
Qatar Exchange declines further
January 24, 2012--The QE Exchange Index fell a quarter per cent to 8,386.88 points. While market belwether Industries Qatar added half a per cent, Doha Bank (off 2.40%) and Al Ahli Bank (down 5.30%)weighed on the gauge.
Shares of Qatar Cinema ended unchanged at QR75.30. Earlier in the day, Qatar Cinema said the preliminary financials revealed a net profit of QR13.4m in 2011 up from QR13.4m, up from QR12.9m in 2010.
Kuwait bank shares fluctuate as loan growth remains weak
January 24, 2012--The KSE Market Index closed half a per cent higher at 5,820.60 points. The banking sector index was the only segment which lost Tuesday (off 0.12%).
National Bank of Kuwait, the country's largest lender, ended even at KD1.140. Islamic bank Kuwait Finance House dipped 1.14% to KD0.860. According to credit data compiled by National Bank of Abu Dhabi (NBAD), loan growth in the Kuwaiti banking sector improved in December 2011 but was still low at around one per cent (year-on-year). Loans to the private sector declined slightly.
Saudi market advances slightly as prospects for foreign investors lom
January 24, 2012--The Tadawul market index in Riyadh edged 0.10% higher to close at 6,466.54 points, as losses in bellwether Sabic (down half a per cent at SR91.75) weighed on the gauge. According to new regulations by the Saudi Arabian Capital Market Authority (CMA), foreign companies are to be allowed to list securities on the Arab world's biggest bourse, fuelling speculation the country may completely open to foreign investors, Reuters Thomson has reported.
Under the new rules, securities on another exchange with comparable listing rules to those in Saudi Arabia can apply for a dual listing in the kingdom. The Kingdom currently does not allow foreigners to directly own shares in Tadawul listed companies. The government allowed citizens of neighbouring GCC states to trade in shares in 2007.
Dubai bourse gains the second day amid rising turnover
January 23, 2012--The DFM General Index closed 0.46% higher at 1,340.70 points. Arabtec Construction (up four per cent at Dhs1.79) was the most liquid share, while Union Properties surged 3.64%, finishing at Dhs0.285.
Bellwether Emaar, the largest UAE developer, did not follow and fell 0.40% to Dhs2.46. Market breadth remained on the bullish track as 20 shares gained and ten lost value. Some 118m shares were traded, valued at Dhs101.4m
Etisalat shares consolidate above nine Dirham
January 23, 2012--The Abu Dhabi market gauge ADXGI advanced half a per cent to reach 2,352.74 points. Market bellwether Emirates Telecommunications gained 0.33%, finishing at Dhs90.6. Dana Gas ended even at Dhs0.38. Abu Dhabi National Energy Co. or Taqa, the largest oil and gas commpany in the UAE, gained 1.69%.
Earlier in the day, the EU decided to impose an oil embargo on Iran from July on in order to put pressure on Tehran to stop its nuclear enrichment program. Taqa has no operations or interest in the Islamic Republic of Iran.
Qatar International Islamic Bank slips despite annual net profit jump
January 23, 2012,--The QE Index in Doha fell 0.41% to 8,409.15 points. Qatar International Islamic Bank or QIIB declined to QR51.60 (off 1.71%). Earlier in the day, the Shari'ah-compliant bank said its net profit in 2011 was QR653m, a growth 17% percentage from the prior year.
QIIB added in its media statement: "The Board of Directors recommended to the General Assembly of shareholders the distribution of dividend 35% of it’s paid up capital equivalent to QR3.5 per each share."
NASDAQ Dubai, DP World fluctuate slightly
January 23, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1369.50 today, down 0.05%, from the previous close. Bellwether DP World declined 0.85% to $10.51.
Depa Limited closed even at $0.34. Damas Jewellery remained on a growth track (up 2.8% at $0.36). Dubai Gold Securities added 0.37% as Gold prices stabilised around the level of $1,676 per ounce Monday.
Zain KSA surges to 14-week high
January 23, 2012--Lacklustre trading in Riyadh led the Saudi Tadawul measure increase by 0.15%, closing at 6,460.55 points.
Sabic ended even at SR92.25. Shares of telecom provider Zain KSA, jumped 5.31% to hit SR5.95. Last week , Zain KSA reported that net loss during the twelve-month period amounted to SR1,925m, compared to SR 2,358m for the same period last year, which represented a decrease of 18%. The Zain KSA share was upgraded to 'buy' by Riyad Capital in December 2011.
