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Damas shares surge 15.71%, climb above $0.20
December 29, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed one per cent higher at 1374.39 today.
DP World added 0.94%, while Depa Ltd. closed even. Jewelry trading company Damas International surged 15.71% to reach $0.221.
Kuwait Stock Exchange advances half a per cent
December 29, 2011--The KSE Market Index finished the least trading day of a difficult year with small profit of 0.50%, closing at 5,814.2 points.
The market finishes the year 2011 with a decline of 16.41%. Shares gained across all sectors, with banks and insurers advancing in particular. Kuwait Finance House added 1.12%, finishing at KD0.900. Jazeera Airways, one of the best performing shares in the GCC this year, ended 1.11% higher at KD0.455.
Aldar Properties jumps 9.52% on second government rescue move
December 29, 2011--Aldar Properties was the share of the day at the Abu Dhabi Exchange ADX. Aldar soared 9.52% to reach Dhs0.92, lifting the ADX General Index to 2,402.28 points.
Yesterday evening, the government of Abu Dhabi announced to buy Aldar assets worth Dhs16.8bn ($4.57bn). It was the second time Aldar was rescued from the government, after the developer received a Dhs19.2bn cash injection in January this year. Twenty-six shares gained at the ADX, six ended even and one stock fell. Insurer Wataniya plummeted 10% to Dhs0.63. In 2011, the ADXGI lost 11.83%.
Dubai bourse finishes 2011 with a small day-profit
December 29, 2011--The DFM General Index added half a percent Thursday, closing at 1,353.39 points.
News from Abu Dhabi that the emirate's government bailed out real estate giant Aldar Properties with an Dhs16.8bn asset purchase raised the sentiment. Emaar advanced 0.80% to Dhs2.57. Investment bank Shuaa Capital gained the most (up 10% at Dhs0.55). Some 67m shares were traded, valued at Dhs69.5m. Over the year 2011 the DFM General Index lost 17.33%.
Aldar Properties, Sorouh Real Estate advance, drag Abu Dhabi bourse higher
December 28, 2011--Like in Dubai, the ADX General Index (up half a per cent) was lifted by bargain hunters, closing at 2,363.42 points.
Leading developers Aldar Properties and Sorouh Real Estate surged 3.70% and 1.23%. Abu Dhabi National Energy Co. or Taqa failed to benefit from the technical market rebound and fell 0.83% to Dhs1.19. Some 69.1m shares were traded, valued at Dhs75.5m.
Qatar Islamic Bank acquires IBQ's Islamic Banking corporate unit Al Yusr, QIB shares end H2 on a high note
December 28, 2011--The Qatar Exchange gauge gained 0.10% Wednesday, closing at 8,812.46 points. Qatar National Bank or QNB advanced 0.66% to reach QR152, while Qatar Islamic Bank or QIB dipped 0.10% to QR84. During the second half of the year, QIB gained over seven per cent. Earlier in the day,
QIB announced it has acquired International Bank of Qatar (IBQ)'s Islamic banking corporate portfolio Al Yusr (Arabic for resolution). Under the terms of the agreement, the sale includes IBQ’s Islamic corporate financing facilities and deposit account portfolios. Ahmad Meshari, Acting CEO of QIB commented: "“We will ensure that Al Yusr’s corporate clients will receive the best banking services as is the case with our current and prospective customers. We have a long-standing track record in serving corporate customers that spans three decades, and we are proud that we have helped many clients build successful businesses in Qatar and beyond." The Qatar Central Bank has separated Islamic and conventional bank earlier this year. From 2012 on, conventional banks are not allowed to operate "Islamic windows" any more, a move which Sheikh Dr. Hussein Hassan, one of the leading Shari'ah scholars, called a step into the right direction to support the development of Islamic financial institutions.
Insurers, petrochemicals lift Saudi Stock Exchange
December 28, 2011--The Tadawul market index gained 0.30% to reach 6,418.13 points. Market bellwether Sabic edged 0.78% higher and closed as the most liquid share at SR97.
Wataniya Insurance Company surged 10%, finishing at SR68.75. Islamic insurer Al-Rajhi Company for Cooperative Insurance jumped nine per cent to close at SR52.75. The advance-decline ratio ended at 64 to 64, while 17 stock finished unchanged.
Saudi needs $74 oil price to balance budget - research firm
December 28, 2011--Saudi research firm, Jadwa Investment has said the kingdom will need a breakeven crude oil price of $74 per barrel to generate the funds required to meet its widening expenditure next year, Saudi Gazette has reported.
“The oil price level necessary for revenues to balance our forecast level of government spending is $74 per barrel for Saudi export crude,” Jadwa said, adding it would amount to about $70 per barrel for West Texas Intermediate (WTI) and $78 per barrel for Brent. Expenditure is expected to overshoot the budget to reaching SR733bn, the Riyadh-based investment firm said in a report.
Kuwait Stock Exchange stabilizes at 5,800 points
Monday, December 26, 2011, 7:36:08 AM
The KSE Market Index closed unchanged at 5,801.40 points Monday, as advances in the real estate and services sectors
were neutralized by losses among banks. The country's largest lender Kuwait National Bank or NBK closed likewise even at KD1.120.
Dubai GREs' face risks in 2012 - S&P
December 27, 2011--Standard & Poor's Ratings Services has said rated Dubai government-related entities are up against significant risks, although the Dubai economy is beginning to bounce back, Reuters has reported.
S&P rates five Dubai-based companies that it considers to be GREs under its criteria: Dubai Electricity and Water Authority, DP World, Emaar Properties, DIFC Investments, and Jebel Ali Free Zone. "Risks linked to the weakening global economic outlook, the Arab Spring, and volatile equity and bond markets have raised concerns as Dubai GREs face large debt maturities and refinancing needs next year," said S&P’s credit analyst Tommy Trask.
