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Dubai Financial Market fluctuates, ends in the green
January 10, 2012--The DFM General Index added 0.36% to reach 1,340.32 points, finishing a roller coaster trading session on Tuesday.
Arabtec Construction topped again the list of the most liquid shares, gaining 1.18% to reach Dhs1.71. Bank Emirates NBD fell 0.71% to Dhs2.80. Thirteen sharea added value, nine fell and seven closed unchanged.
Lacklustre Abu Dhabi market ends even
January 10, 2012--The ADX General Index added 0.05% to reach 2,362.17 points. like the market gauge, Sorouh Real Estate and Bank of Sharjah closed unchanged.
Bellwether Etisalat, the UAE's first telecom operator extended its recovery tour and gained half a per cent, finishing at Dhs9.12. Some 40.25m shares were traded, valued at Dhs51.3m.
Qatari bank shares, market index tumble
January 10, 2012--The Qatar Exchange (QE) dived two per cent to 8,629.25 points, as shares lost value across the board, with banks taking a severe hit in particular.
The country's largest lender Qatar National Bank or QNB plummeted 5.17% to QR145. According to bloomberg, investors were disappointed with QNB's dividend payout plan. QNB's preliminary 2011 financials results revealed a QR7.5bn net profit (a 32% increase) and recommends a 40% cash dividend and 10% bonus shares at its AGM and EGM on January 29 2012.
Saudi Hotels Company gain on 2011 profit increase
January 10, 2012--The Saudi Arabian Tadawul market index soared half a per cent Tuesday, closing at 6,476.6 points. Petrochemical leader Sabic added 0.80% to close at SR94.75.
Shares of Saudi Hotels & Resort Areas Co. advanced 1.23% to finish at SR32.80. Earlier in the day, Saudi Hotels Co. announced that its net profit during 2011 amounted to SR153.7m as compared to SR122.7m for the same period of the previous year, representing a 25.3% increase. The share gained around 18% last year as the Saudi tourism market increasingly opens up to foreigners and successfully lures domestic travellers.
Arab Global Commodities DMCC Launches New Commodities Research Service For Clients In UAE - Service Will Provide Institutional And Retail Investors Insights Into Market Moves And Trading Strategies
January 9, 2012--Arab Global Commodities DMCC (Arab Global), a leading Dubai-based commodities and currency trading firm announced the launch of a research service aimed at providing investors and traders insights into market moves, commodities trading strategies and operational practices.
This unique service will help institutions, investors and traders obtain vital industry intelligence necessary for them to monitor the market and take advantage of trading opportunities.
Arab Global, a member of the Dubai Gold and Commodities Exchange (DGCX) since January 2006, and based in the Dubai Multi Commodities Centre (DMCC), provides an advanced commodity and currency trading platform and comprehensive trading services to institutional and retail traders. The firm is regulated by the Securities and Commodities Authority (SCA).
Jazeera Airways shares recover from recent profit takings
January 09, 2012--Kuwait: The Kuwait Stock Exchange (KSE) Market Index fell half a per cent to 5,694.1 points. All sector indexes ended in the red. Budget carrier Jazeera Airways rebounded 5.74% to re-reach KD0.460.
From a chart technical point of view, Jazeera is on the way to fulfil a shoulder-head-shoulder formation. The share was one of the best performing stocks in the GCC last year. [AMEInfo.com]
Dubai Gold & Commodities Exchange Weekly Market Commentary
January 8, 2012--Economic Data Overview
It is a fairly light US data calendar for the coming week with highlights retail sales and the Fed's Beige Book. Fed speakers are fairly numerous and this will be the first set of comments since the recent release of the FOMC minutes.
Retail sales on Thursday will round out the available numbers for consumer spending in Q4 and help firm up expectations for growth as 2011 comes to an end. December sales of motor vehicles were somewhat above expectations, and the same-store sales comparisons point to a fairly good month for department stores and apparel retailers. Overall, the holiday shopping season appears to have turned in a solid performance in terms of volume, but deep discounting may have restrained the dollar levels. Declining prices for gasoline will have lowered sales totals at service stations.
The international trade deficit data on Friday probably will remain in line with recent months, with the deficit reflecting higher imports of holiday goods and cheaper petroleum, and some easing in exports in response to slower growth in some regions. Increases in the dollar in December will not yet effect in this data.
However, the import price index for on Friday is likely to reflect stronger prices for some finished goods and foods. Petroleum prices are measured in dollars, and oil prices were slightly higher in the month, and so should be visible in the index. Export prices could be somewhat lower on the agricultural component as food commodity prices were broadly down in December.
The preliminary Reuters/University of Michigan Consumer Sentiment Index for January is set for release on...
Saudi Stock Exchange steady on growth path
January 08, 2012--After hitting a 5-month high Saturday, the Tadawul gauge in Riyadh added 0.25% today, closing at 6,467.61 points.
According to the DIFC Weekly Economic Commentary, Saudi Arabia's non-oil exports increased 34% year-on-year to SR42.9bn in Q3 2011, "with China topping the list of importers - receiving up to 13% of total exports, followed by the UAE (10%), Singapore (7%) and India (6%). Product wise, petrochemicals came on top, valued at SR15.3bn, followed by plastic products and food products." Shares of petrochemical giant Sabic gained 0.80% to reach SR95.25. Saudi Hollandi Bank declined 0.67% to SR29.60. Earlier in the day, the Capital Market Authority (CMA) approved Saudi Hollandi Bank’s request to increase its capital from SR3.3bn to SR3.96bn through issuing one bonus share for every five existing shares owned by the shareholders who are registered in the shareholders registry at the closing of trading on the day of the extraordinary general assembly.
Lebanon could start drilling gas reserves this year
January 07, 2012--Lebanese energy expert, Roudi Baroudi has said the country is sitting on one of the biggest gas reserves in the region and drilling is likely to start as early as this year,
The Daily Star has reported. The '11th basin' off the Lebanese coast is reported to have a gas reserve which are almost three times bigger than Libya's gas reserve, he said. "I am very happy that the Lebanese government passed the law to administer the country's oil and gas wealth off the coast. This is a major step that will make Lebanon one of the largest gas producers in the region," Baroudi told the daily. [AMEInfo.com]
IPOs decline 69.3% in Mena region, says report
January 05, 2012--According to Ernst & Young’s year-end Mena IPO update, the regional capital markets have raised $843.9m in 2011, down 69.3% from $2.8bn in the previous year,
Reuters has reported. The year has closed with IPO funds worth $226.1m raised in the fourth quarter, a decline of 83.5% from $1.4bn raised in the corresponding quarter a year earlier. “Companies chose other fundraising routes over IPOs in 2011, which was another year of low capital market activity. Low investor interest continued in the MENA region as companies chose Islamic funding such as sukuk, which saw a record year, as the preferred route for fundraising,” said Phil Gandier, Mena head of transaction advisory services at E&Y.
