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Qatar Exchange Index approaches year-to-date break-even
October 27, 2011--The Qatar Exchange ended up 0.85% at 8,535.68 points. Doha Bank extended its advances and gained 1.92% to reach QR63.80.
Gulf Warehouseing Co. declined the most (of one per cent at QR35.15. Year-to-date, the QE Index improved its performance to minus 1.68%. If the QE Index breaks even next week, it would be the only Arab equity market which has added value this year (as yet).
Abu Dhabi real estate giants lift stock market
October 27, 2011--Like the Dubai market DFM, the ADX bourse surged on news from Europe that Greece will have its sovereign debt cut by half, as EU leaders and banks have agreed. The ADX General Index added 0.69% to reach 2,471.67 points.
Aldar Properties and Sorouh Real Estate were the most liquid shares and advanced three per cent and 3.30%, respectively. Etisalat failed to benefit and ended flat at Dhs9.99. Gulf Pharmaceutical Industries or Julphar (the old name of the emirate of Ras al-Khaima) closed flat at Dhs2.15. Earlier in the day Julphar said its net profit for the third quarter advanced to Dhs41.4m from Dhs38.26m year-on-year. According to the Julphar management, sales during the first nine months grew 28.6% year-on-year. Some 60.5m shares were traded, valued at Dhs79.1m.
Aramex shares gain on slightly higher third quarter profit
October 27, 2011--Shares of logistics specialist Aramex, which are listed at the DFM, gained 1.11% Thursday, finishing at Dhs1.82. Earlier in the day, Aramex reported a net profit of Dhs48m, up 3% year-on-year.
"Considering the volatile political situation in a number of our markets in the Middle East, I am satisfied with the financial results, which were in line with our expectations for this difficult year” said Fadi Ghandour, Aramex founder and CEO.
Dubai investors cheer EU debt deal
October 27, 2011--The Dubai Financial Market (DFM) gained amid high trading volumes over 1.93% on Thursday, closing at 1,379.95 points. News from Europe that EU leaders and banks agreed to cut Greece's sovereign debt by 50%, were received very positively at stock markets in East and West.
Emaar shares jumped 4.84% to reach Dhs2.60. Union Properties (up 6.55% at Dhs0.309) was the top gainer. Twenty shares advanced, while the majority of the seven declining stocks where foreign companies, such as Bahrain's Islamic investment bank Gulf Finance House (down 4.97% at Dhs0.497). Trading turnover more than doubled, as some 113m shares were traded, valued at Dhs115.3m.
Oman's budget surplus to be 10% of GDP this year, says Moody's
October 27, 2011--Moody's Investors Service has said Oman is likely to post a budget surplus of 10% of gross domestic product (GDP) this year despite additional social welfare expenditure, Muscat Daily has reported.
The rating agency also said that political reforms announced recently are credit-positive for Oman and maintained the Sultanate's rating at 'A1' with a 'Stable' outlook. Oman's budget surplus for the first eight months of this year widened by 77% to OR736.5m compared to the corresponding period of 2010.
Local lenders in Egypt unable to fund deficit
October 27, 2011--Egypt: Egypt's finance minister has said local banks had nearly reached the maximum they can lend to cover the country's budget deficit,
Reuters has reported. "Our borrowings from the local market are big, and have reached levels that I can almost say are more than the limit," Hazem El-Beblawi said. [AMEInfo.com]
Dubai bourse DFM posts third quarter loss of Dhs9.28m
October 26, 2011--United Arab Emirates: The Dubai Financial Market (DFM) Company announced today its financial results for the first nine months of 2011 ending September 30th, with a 90% decline in net profit to Dhs7.61m compared to Dhs77.84m in the corresponding period of 2010.
DFM shares currently trade below par value at Dhs0.969. The company recorded a net loss of Dhs9.28m in the third quarter of 2011 compared to a net loss of Dhs2.95m in the corresponding period of 2010. The DFM said in a statement: "The constant drop in trading values overshadowed the company's revenue, as trading value decreased by 52.2% during the first three quarters of this year to Dhs27.6bn compared to Dhs57.7bn in the nine months to September 2010. In the same context, the trading value decreased by 42.3% to Dhs5.2bn in the third quarter of 2011 compared to Dhs9.03m in the third quarter of 2010." Internaitonal index provider MSCI dealyed in June its decision whether or not the UAE will be upgraded to Emerging Market status from Frontier Market. Such an upgrade would increase funds from fund managers abroad. MSCI will review the UAE's market status end of 2011.
Mobily shares close flat as firm secures Islamic refinancing
October 26, 2011--The Tasi equity benchmark in Riaydh ended down 0.12% to 6,147.54 points Wednesday, as bellwether Sabic lost 0.78%, finishing at SR95.00.
Earlier in the day, the IMF said it expects the Saudi economy to grow by 3.6% in 2012, down from a forecasted 6.5% in 2011. The highest day gain was once again done by an insurance firm: Gulf General Cooperative Insurance Co. ended up 9.95% at SR40.90. Shares of Etihad Etisalat or Mobiliy closed even at SR51.50. Mobily has announced that "the firm in the process of concluding an Islamic refinance agreement with Saudi local banks to refinance the balance of the following loans: a SR10.78bn long-term loan, which it obtained in 2007; a medium-term SR1.5bn loan, it obtained in 2009; and a short-term SR1.2bn loan it got in 2010. These loans were timely disclosed." The Mobily share has doubled in value during the last three years, however, in 2011 it has not been creating shareholder value (as yet).
Dubai bourse DFM posts third quarter loss of Dhs9.28m
October 26, 2011--The Dubai Financial Market (DFM) Company announced today its financial results for the first nine months of 2011 ending September 30th, with a 90% decline in net profit to Dhs7.61m compared to Dhs77.84m in the corresponding period of 2010.
DFM shares currently trade below par value at Dhs0.969. The company recorded a net loss of Dhs9.28m in the third quarter of 2011 compared to a net loss of Dhs2.95m in the corresponding period of 2010. The DFM said in a statement: "The constant drop in trading values overshadowed the company’s revenue, as trading value decreased by 52.2% during the first three quarters of this year to Dhs27.6bn compared to Dhs57.7bn in the nine months to September 2010. In the same context, the trading value decreased by 42.3% to Dhs5.2bn in the third quarter of 2011 compared to Dhs9.03m in the third quarter of 2010." Internaitonal index provider MSCI dealyed in June its decision whether or not the UAE will be upgraded to Emerging Market status from Frontier Market. Such an upgrade would increase funds from fund managers abroad. MSCI will review the UAE's market status end of 2011.
National Bank of Kuwait shares hit four-month high
October 26, 2011--The Kuwait Stock Exchange Market Index closed 0.06% higher at 5,905 points.
The country's largest lender National Bank of Kuwait or NBK advanced 1.79% to reach KD1.140, a four-month high. Earlier in the day the IMF said it expects the Kuwaiti economy to grow next year by 4.5%, down from an expected 5.7% in 2011.
