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Gains in Emaar, Arabtec fail to uplift Dubai bourse
December 27, 2011--The DFM General Index rose slightly after the opening but eventually headed down and closed off 0.77% at 1,319.42 points. Arabtec Construction surged 2.61% to Dhs1.57
while Emaar Properties, as the most liquid share, advanced 0.40% to reach Dh2.48. Banks took a beating and weighed on the DFM gauge. Universal bank Emirates NBD and investment house Shuaa Capital both dived 6.90%, closing at Dhs2.70 and Dhs0.50, respectively. Some 54.1m shares were traded, valued at Dhs64.9m.
Damas Jewellery soars on year-end buying spree, hits $0.20
December 27, 2011--While the FTSE NASDAQ Dubai UAE 20 Index (off 1.07% at 1333.92) fell for the sixth consecutive day, shares of Damas International jumped 4.72% higher to close at $0.20.
The Dubai-based jewelry trader Damas benefits from a comeback in spending, as retail outlets in Dubai reported double-digit sales increased during the festive season, The National reported. Interior designer Depa Limited ended 1.20% at $0.42. Port Operator DP World plummeted 2.6%, finishing at $9.53.
Qatar Exchange consolidates above 8,800 points
December 27, 2011--The QE Index added 0.21% Tuesday and improved the year-to-date performance to 1.41%.
As only two trading days are left in 2011, Doha might finish the year of the Arab Spring as the only gaining market. Qatar and the UAE were the only two Arab countries which did not see any form of uprising or demonstrations during the turmoil in the MENA region.
FTSE NASDAQ Dubai UAE 20 Index falls for the fifth day straight
December 26, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed off 1.09% at 1348.35 Monday. The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai.
It has been designed as a hedging and investment mechanism for GCC and international investors. Shares of jewelry trader Damas International extended its year-end rally, adding half a per cent to reach $0.191. Shares of global maritime port operator DP World declined 0.91% to $9.80. Earlier in the day, DP World Limited announced the periodic coupon distribution for DP World Limited $1,750,000,000 Notes due in the year 2037. "The coupon distribution for the period of 180 Days from 1 July 2011 to 31 December 2011 will be distributed to Note Holders on 3 January 2012 Distribution is for Coupon rate of 6.85% for the total amount of USD 59,937,500," the statement says.
Mashreqbank soars, closes second syndicated facility for Sri Lanka's Bank of Ceylon
December 26, 2011--The DFM General Index added 0.12% to reach 1,329.69 points. Mashreq Bank, the UAE's only privately-held bank with zero shareholdings by the state, was the stock of the day, gaining 8.57% to close at Dhs95.
Earlier in the day, Mashreq Bank announced it successfully closed its second syndicated facility in 2011, for Sri Lanka’s largest bank, Bank of Ceylon (BOC).In an e-mailed statement, the bank added: "The $140m, which was successfully concluded during a time of substantial disruption in financial markets, reflects the syndicate members’ faith in the financial standing of BOC. The deal involved 10 participating banks from around the region, namely Bank Sohar, Doha Bank, The Arab Investment Company, Union National Bank, Askari Bank Limited, Bank Al Falah Limited, Burgan Bank, Emirates NBD and Bank Dhofar." Mashreq acted as the Mandated Lead Arranger, Book runner and Facility Agent for syndication. Shares of Emaar Properties declined 0.80% to Dhs2.47. Some 46.3m shares were traded, valued at Dhs51m.
UAE telecom giant Etisalat regains further ground
December 26, 2011--The Abu Dhabi gauge ADX General Index gained 0.10%, closing at 2,352.37 points Monday.
Market bellwether Emirates Telecommunication Corp., known as Etisalat, advanced 0.33%, closing at Dhs9.03. Abu Dhabi's leading real estate company Aldar Properties dived 2.35% to touch Dhs0.82. Around 40.1m shares were traded, valued at Dhs49.2m.
Tadadul index soars, Sabic shares end even
December 26, 2011--The Saudi Arabian equity market index TASI closed half a per cent higher at 6,414.47 points, improving the gauge's year-to-date
performance to minus 3.12%. Bellwether Sabic finished flat at SR96.50. Food producer Halwani Bros lost the most (off 9.29% at SR61.00).
Dubai market rebounds by a quarter per cent
December 22, 2011--After hitting a 7-year low yesterday, the Dubai Financial Market General Index (DFMGI) added 0.25% to reach 1,339 points Thursday.
Investment bank Shuaa Capital surged 14.72%, closing at Dhs0.608. Emaar ended at Dhs2.50 (up 0.40%). Arabtec Construction lost for the third day straight, finishing off 1.88% at Dhs1.57. Some 52.3m shares were traded, valued at Dhs55.2m. Over the week, the DFMGI has lost 2.34%.
Aldar recovers after denying delisting rumors
December 22, 2011--The Abu Dhabi market gauge ADXGI closed 0.33% higher at 2,351.09 points. Dana Gas ended down 2.13% at Dhs0.46. Market bellwether Etisalat, the UAE's first telecom provider, added Dhs0.12 to reach Dhs9.00.
Shares of real estate bellwether Aldar Properties rebounded from its all-time low by 1.22%, closing at Dhs0.84. Earlier in the day, Mohammed Al Mubarak, Deputy CEO of Aldar, denied any intentions to de-list Aldar from the ADX, The National reported. According to Bloomberg, the delisting rumors came up after Aldar's largest shareholder Mubadala announced to convert Dhs2.1bn worth of bonds into Aldar shares at the price of Dhs1.75. Some 60.8m shares were traded at the ADX Thursday, valued at Dhs63.18m.
Barwa Real Estate jumps on Qatar Petroleum deal
December 22, 2011--The Qatar Exchange closed insignificantly lower at 8,780.48 points Thursday. Shares of Barwa Real Estate posted the largest value increase by soaring six per cent to reach QR31.10.
Earlier in the day, Barwa announced it signed a sales completion agreement for the Barwa Financial District. Covering an area of 696,000 square meters, the Barwa Financial District is expected to house the headquarters of Qatar Petroleum, which will own and operate the development. Upon completion of the project, Qatar Petroleum is expected to re-locate its headquarters and various business entities to the Barwa Financial District. The Barwa Financial District consists of 10 towers, which have an average of 21 to 36 floors and occupy a prominent position in Doha’s West Bay area. The initial value of the project is estimated at approximately QR11bn. Compared to the previous day, trading turnover rose almost five-fold at the Qatar Exchange Thursday, as 54m shares were traded, valued at QR1.35bn.
