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New Trading Mechanism Starting on Nilex next Sunday
November 10, 2011--Nilex market will start operating, effective Sunday November 13th, on a continuous trading basis, similar to the main market. The trading session shall commence at 10.30 am and will end at 11.30 am. Price limits will be allowed to fluctuate 5% up and down during the trading session.
The closing price, during and at the end of the session, will be calculated according to the volume weighted average price, provided a minimum value trading of EGP 20,000 per day, or its equivalent in other foreign currency, is concluded
Aldar Properties stabilises above one Dirham per share
November 09, 2011--The Abu Dhabi bourse ADX added 0.04% to finish at 2,483.29 points. Leasing specialist Waha Capital gained the most, closing 5.45% higher at Dhs0.58. Aldar Properties was the most liquid shares and added 1.94% to reach Dhs1.05.
At the end of last week, Aldar reported a Dhs144m net profit for the third quarter. Aldar's nine-month profit reached 460.4m, compared to a net loss of 1.52bn during the same period in 2010.
Dubai stocks edge slightly higher
November 09, 2011--The Dubai Financial Market (DFM) added 0.42% Wednesday, closing at 1,390.07 points amid improved sentiment during the Eid holidays. Dubai's tourism agency DTCM announced an 11% increase in hotel occupancy to 6.64 million guests during the first nine months in 2011. Also, according to consumer research firm Nielsen, the UAE is among the top 10 countries in relation to consumer condfidence.
Only a few shares were traded on the first trading day after Eid holidays. Emaar advanced 2.27% to reach Dhs2.70. Around 33.2m shares were traded, valued at Dhs43.5m.
Bahrain Bourse regains some ground
November 09, 2011--The Bahrain All Share Index closed 0.36% higher at 1,159.25 points. Esterad Investment Company soared 7.27% to close at BD0.118.
Bahrain Telecommunications, known as Batelco, finished even at BD0.394. Shares of Aluminium Bahrain gained 2.88%, reaching BD0.535. Year-to-date, the Bahrain Bourse has lost 19 per cent, however, the Manama-based exchange rebounded has been stabilising since mid-October.
Bahrain Bourse regains some ground
November 09, 2011--The Bahrain All Share Index closed 0.36% higher at 1,159.25 points. Esterad Investment Company soared 7.27% to close at BD0.118. Bahrain Telecommunications, known as Batelco, finished even at BD0.394.
Shares of Aluminium Bahrain gained 2.88%, reaching BD0.535. Year-to-date, the Bahrain Bourse has lost 19 per cent, however, the Manama-based exchange rebounded has been stabilising since mid-October.
Stephen Gaterell Named New CEO of DGCX
November 9, 2011--The Dubai Gold and Commodities Exchange (DGCX) today announced the appointment of Stephen Gaterell as its new Chief Executive Officer (CEO).
Gaterell has over 30 years of experience in the banking, financial services and derivatives trading
sectors. He previously occupied senior positions in Merrill Lynch, UBS and Goldman Sachs, where he
was responsible for implementing new business plans and building the profile of the banks. Gaterell
has also served as board member of EURONEXT /LIFFE.
Saudi minister claims Euro effects will be limited
November 08, 2011--Saudi Arabia's finance minister Ibrahim Alassaf has said the impact of Europe's economic woes on the kingdom will be "very limited" because of the "appropriate means" taken to guard against any financial shockwave, Reuters has reported.
"If there is a big decline in the economic conditions of Europe... it will affect all nations including the kingdom to some degree, but I stress that the impact would be very limited because we have the appropriate means to limit the negative effect on the kingdom's economy," Alassaf said.
Egypt receives $400m financing from Islamic Development Bank
November 08, 2011--Egypt has received $400m from the trade financing arm of the Islamic Development Bank (IDB) to help the country finance imports of petroleum products, wheat and other foodstuffs, Mena has reported.
The funds were offered by IDB's International Islamic Trade Finance Corp, which offers trade finance that conforms to Islamic principles. Egypt has said it is negotiating aid packages with the Gulf Arab states to provide budgetary and other financial support, but only some of those funds have flowed in so far.
Kuwait Finance House shares soar 2.24%
November 03, 2011--The Kuwait Stock Exchange (KSE) Market Index declined 0.11% to 5,910.2 points.
Shares of the country's largest Islamic bank Kuwait Finance House closed 2.24% higher at KD0.910. Bayan Investment declined the most, closing 6.41% lower at KD0.0365. The KSE gauge added eight points during the week. It has lost 15% since the beginning of the year.
Qatar Exchange Index near YTD break-even
November 03, 2011--The QE Index closed 0.60% higher to reach 8,631.11 points. Year-to-date, the QE has lost 0.56%, which is the best performance among all Arab stock exchanges.
Vodafone Qatar advanced 0.27%, finishing at QR7.50. Vodafone Qatar disclosed its semiannual financial statements for the period ending September 30, 2011. The reviewed financial statements for the period ending September 30, 2011 revealed a net loss of QR237.3m in comparison to a net loss QR312.4m for the same period last year. Vodafone Qatar’s financial year runs from 1 April 2011 to 31 March 2012.
