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Dubai market declines further
November 22, 2011--The DFM General Index dipped 0.30% to 1,351.09 points as the turmoil in Egypt keeps uncertainty high. Arabtec was the most liquid stock and ended flat at Dhs1.40. Emaar Properties declined 0.79% to Dhs2.52.
Shuaa Capital recovered some ground, gaining 1.45% to reach Dhs0.70. Some 52.8m shares were traded, valued at Dhs50.71m.
Global Investment House to ask for bond repayment delay
November 22, 2011--Kuwait's Global Investment House (GIH) has said it plans to ask bondholders if it can delay repayment of a KD45m ($163m) bond to June 2012 from April 2012, Reuters has reported.
The deferral of the bond repayment to June 10 from April 25 is to help Global in its talks with creditors regarding a wider debt restructuring, GIH said. A meeting to approve the firm's request will be held on December 5, it added.
UAE consumer prices decline
November 22, 2011--According to data by the UAE's National Bureau of Statistics, consumer prices in the country have declined by 0.1% on an annual basis in October, their first decline in 20 months, and rose 0.4% from the previous month helped by a jump in food costs, Reuters has reported.
The second largest Arab economy is seen expanding by 3.8% this year and next after a 1.4% growth in 2010.
Rand softer as risk aversion weighs
November 21, 2011--The rand was softer against the dollar in noon trade on Monday as risk aversion weighed on global markets.
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"The rand's fortune lies in the eurozone and our currency will obviously react to any headlines that come out of Europe," a local currency trader said.
At 11:34 local time, the rand was bid at 8.2662 to the dollar, down 1.03% from its previous close of 8.1853. It was bid at 11.1121 to the euro from 11.0947 before, and at 12.9648 against sterling from 12.9399 previously
GCC corporate earnings grow 17% backed by Saudi and Qatar, reveals Markaz report
November 21, 2011--Kuwait: During 3Q11, GCC corporates posted a mixed set of numbers with overall earnings growth of 17% when compared to 3Q10.
Total earnings, which came in at $13.5bn, were a decline of 4% over 2Q11. Corporate earnings were driven by strong performance from Commodity companies and Banks. [AMEInfo.com]
GCC stock markets lose across the board
November 21, 2011--In the wake of the Euro zone debt crisis, which has reached 'core countries' like France, the Dubai Financial Market (DFM) and the Saudi Tadawul bourse both fell by 0.86%.
The Qatar Exchange dived 1.42%, losing its tiny year-to-date gain it has reached ten days ago. New regional turmoil, which erupted in Egypt and on-going sign of a civil war in Syria also weighed on indexes. The exchange in Egypt plummeted four per cent as violent demonstrations on Cairo's Tahrir square escalated Monday.
Regional banks push for share of Islamic product marketplace
September 21, 2011-Foreign and local banks are intensifying their struggle for the for the region’s high net worth clients
by expanding their Islamic Wealth Management services.
GCC stock markets lose across the board
November 21, 2011--In the wake of the Euro zone debt crisis, which has reached 'core countries' like France, the Dubai Financial Market (DFM) and the Saudi Tadawul bourse both fell by 0.86%.
The Qatar Exchange dived 1.42%, losing its tiny year-to-date gain it has reached ten days ago. New regional turmoil, which erupted in Egypt and on-going sign of a civil war in Syria also weighed on indexes. The exchange in Egypt plummeted four per cent as violent demonstrations on Cairo's Tahrir square escalated Monday.
Oman inflation falls to seven month low in September
November 21, 2011--According to data from Oman's economy ministry, inflation in the Sultanate fell to a seven-month low of 3.7% on an annual basis in September, while prices fell 0.3% on the month mainly because of a slump in gold prices,
Reuters has reported. The Gulf country's economy is expected to expand 4% this year and 4.2% in 2012, helped by the government's increased infrastructure spending, after estimated 4.2% growth in 2010.
Saudi Stock Exchange bucks regional down-trend
November 21, 2011--The Tadawul bourse added 0.13% to reach 6,207.02 points. Sabic stood firm at SR95.00. Sabic's rivals, such as Sahara Petrochemical (off 1.83% at SR21.50), weighed on the market sentiment.
Trading turnover remained low. Sixty-eight shares advanced, 46 declined and 31 ended even.
