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Kuwait Stock Exchange fails to benefit from rebound in oil prices
December 22, 2011--Despite the six per cent increase in oil prices (U. S. crude) during the last week due to falling U. S. stockpiles, the KSE Market Index declined 0.31% Thursday,
closing at 5,794.3 points. The northern Gulf state's largest lender National Bank of Kuwait or NBK declined further after performing a double-top at KD1.160, ending off 1.78% at KD1.100. Gulf Investment House posted the second largest advance, adding 8.88% to reach KD0.0245.
Damas Jewellery gains ahead of the festive season
December 22, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed 0.60% lower at 1,363.27 points. Dubai Ports (DP) World fell two per cent to $9.80, while Dubai's interior design leader declined 1.19% to touch $0.415.
Jewelry trading firm Damas International jumped 2.70% to reach $0.19. During the fourth quarter, Damas shares nearly doubled in price as the company recovered this year from the financial crisis and from an internal embezzlement scandal on the management level two years ago.
Sukuk investors raise Nasdaq Dubai holdings
December 22, 2011--The value of sukuk investments held for safekeeping in Nasdaq Dubai’s custody has risen by 36 per cent in the past year, from $100 million to $136 million.
The increase, which are maintained in the exchange’s Central Securities Depository, or CSD, reflects the wide range and competitive pricing of the CSD’s services to participants. These also include settlement of over-the-counter cross-border transfers and processing of corporate actions.
Qatar's inflation falls to 2.1%
December 21, 2011--According to Qatar's statistics authority, annual inflation rate has dropped to 2.1% in November from 2.5% in October, partly because of a drop in transport and communications costs, Reuters has reported.
Consumer prices rose 0.1% month-on-month in November after a 0.4% rise in October, the data showed. October's annual inflation was the highest since at least the start of 2010, when the authority began publishing year-on-year data every month. Qatar's central bank expects inflation this year of 2.5%, central bank governor Sheikh Abdullah bin Saud al-Thani said in October.
It starts getting painful at the Dubai Financial Market
December 21, 2011--The DFM General Index dived 1.83% Wednesday, closing at 1,335.87 points, amid a disastrous advance-decline ratio of one to 21 (five shares ended even).
Emaar Properties plummeted 3.11% to Dhs2.49, while Arabtec Construction fell three per cent, closing at Dhs1.60. Dubai Islamic Insurance and Reinsurance or Aman was the sole gainer (up 0.44% at Dhs0.458). According to the UAE nine-months profit report, published by Kuwait's Global Investment House, a total of 43 companies listed on DFM, that were covered in the report, posted a decline of 24.4% year-on-year in the nine months 2011 net profit, to Dhs6.0bn. Some 73.1m shares were traded at the DFM today, valued at Dhs107.8.m.
Bank of Sharjah rises for the fifth day straight
December 21, 2011--Despite solid gains at U. S. and East Asian exchanges, the Abu Dhabi bourse ADX lost 1.26% and closed at 2,343.25 points. Gulf Cement Company lost the most, ending off 6.25% at Dhs0.75. Bank of Sharjah bucked the downtrend, as the lender did many times in recent weeks, and surged 3.89% to reach Dhs1.89.
According to Global Investment House in Kuwait, a total of 61 ADX-listed companies, covered in a nine-months study, reported an aggregate net profit of Dhs20.5bn for the nine months 2011 compared to a net profit of Dhs17.5bn achieved in nine months 2010, a growth of 17.3 percent.
NASDAQ Dubai sukuk safekeeping soars 36%
December 21, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1371.07 today, down 1.22%, from the previous close. Global maritime port operator DP World added half a per cent to re-reach $10.00.
Jewelry trader Damas continued its year-end rally, closing eight per cent higher at $0.18. The National said in a report in today's issue Damas was a 'retail winner' in 2011 as it benefited from rising gold and jewelry prices. While trading turnover remains tiny at the NASDAQ Dubai, the Middle East's only international capital market has posted a success in the Islamic bonds or sukuk segment. "The value of sukuk investments held for safekeeping in NASDAQ Dubai’s custody has risen by 36% in the past year, from $100m to $136m," a NASDAQ Dubai spokesperson said earlier in the day. NASDAQ Dubai is the largest exchange for sukuk in the Middle East by listed value, with 15 Sukuk with a nominal value of $10.5bn.
Saudi food giant Almarai soars on acquisition in Argentina
December 21, 2011--The Saudi Tadawul market closed 0.66% higher at 6,330.01 points. Sabic rebounded one per cent to reach SR95.75. Dairy food producer Almarai Company, a well-known brand in everybody's kitchen in the GCC, jumped three per cent, closing at SR99.75. Earlier in the day,
Almarai announced it acquired 100% of the shareholding of Fondomonte S.A., a company that owns and operates three farms in Argentina. "The transaction value is SR312m ($83m) and is financed from a combination of operational cash flows and Islamic banking facilities (Murabaha)," Almarai said in an e-Mailed statement.
Moody's issues annual credit report on the UK
December 20, 2011---- In its annual credit report on the United Kingdom, Moody's Investors Service says that the UK's Aaa debt rating is predicated on the country's significant structural strengths, but points out that the UK faces formidable and rising challenges. The significant increase in the UK government's deficit and debt metrics since 2008, the weaker macroeconomic prospects and the risks emanating from the euro area crisis mean that the UK's stable Aaa rating has a reduced ability to absorb further macroeconomic or fiscal shocks without rating implications.
The rating agency's report is an annual update to the markets and does not constitute a rating action.
In its report, Moody's gives the UK government high scores on the four factors underlying the rating agency's sovereign rating methodology: long-term economic fundamentals, institutional strength, government financial strength and susceptibility to event risk. Moody's describes the UK as having one of the most competitive of the large advanced economies in the world, and a track record of reversing increases in debt over many decades. The country's fiscal institutions are strong and have improved over the past 19 months with the establishment of the Office for Budget Responsibility. In addition, its national currency and central bank provide the UK with substantial flexibility in developing responses to economic and financial shocks. Debt refinancing risks are limited for the UK due to the long average maturity (nearly 14 years) of its debt, its large domestic investor base, and the willingness and ability of its central bank to purchase government debt.
Dubai sovereign borrowing need is seen limited next year
December 20, 2011--The director general of Dubai’s Department of Finance, Abdulrahman al-Saleh has said the emirate's government has no current plans for a sovereign borrowing next year, and any capital raising activity in 2012 is likely to be small-scale,
Zawya Dow Jones has reported. “Currently, there’s no decision to issue bonds in 2012, mainly because the budget hasn’t been finalised yet. So if there’s a need, it would be to support the budget, and that would be very minor,” al-Saleh said.
