Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Qatar Islamic Bank dips, reports higher 9-month profit
October 19, 2011--Investors in Doha sent the QE Index down by 0.28% to 8,376.31 points. Shares of Qatar Islamic Bank or QIB dipped 0.12% to QR79.90.
Earlier in the day QIB announced a net profit of QR1.11bn in the nine months up to September 2011, a surge of 22.5% compared to the same period in 2010. Quarter on Quarter QIB's net profit was QR407.2m, up by 33.6%. The country's largest Islamic financial institution reported that its "Investment Portfolio witnessed very buoyant growth of 174%, increasing from QR6bn last year to QR16.6bn this year, resulting from the risk-free investment in government sukuk."
Abu Dhabi bourse closes even
October 19, 2011--The ADX Index finished at 2,445.85 Wednesday. While the two largest property developers Aldar and Sorouh gained 1.02% and 3.37%, respectively, bellwether share Etisalat declined further (off 0.10% at Dhs9.96. Union Cement gained the most (up 3.74% at Dhs1.11).
Earnings were released earlier to day by Finance House and National Bank of Ras al-Khaima or RAK Bank. For the nine months ended 30th September 2011, Finance House PJSC (FH) has announced a net profit of Dhs55.34m. RAK Bank reported a nine-month profit of Dhs906.5m, up 24.21% year-on-year. Both shares were not traded today. Some 44.8m stocks worth Dhs72m changed hands at the ADX today.
DP World dives over two percent
October 19, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed unchanged at 1413.220 today. Interior designer DEPA Ltd. closed even at $0.445.
Global maritime port operator DP World plummeted 2.64% to $10.71 amid low trading turnover. No other shares posted a price change at the NASDAQ Dubai.
Tadawul market turns a red day into a green day
October 18, 2011--The Saudi Stock Exchange opened lower but eventually gained momentum and ended up 0.31% at 6,150.64 points. Market bellwether Sabic recovered from an 11-month low to SR92.25 (up 0.54%). Sabic's rival Sahara Petrochemicals Co. dived 2.77% to SR19.30.
Earlier in the day Sahara Petrochemicals reported it has achieved a net profit for the third quarter SR97.6m , compared with SR68.7m for the same period in the previous year with increase of 42%, and compared with SR209m for previous quarter, with a decrease of 53.3%.
Nakilat struggles with QR17 resistance, reports higher 9-month profit
October 18, 2011--The Qatar Exchange (QE) Index declined to 8,400.04 points (off 0.83%). Qatar Gas Transport Company or Nakilat declined half a percent to QR17.15.
Earlier in the day, Nakilat reported a net profit of QR624.8m for the nine months period ended September 30, 2011 in comparison to a net profit of QR501.8m for the corresponding period last year.
Etisalat shares slip as telco giant reports lower 9-month income
October 18, 2011--Shares of the UAE's first telecom provider Emirates Telecommunication Corp. or Etisalat lost 0.10%, closing at Dhs9.97.
Earlier in the day, Etisalat reported a 9-month profit of Dhs5.13bn, down 8.4% compared to the previous year's quarter. Earnings per Share declined to Dhs0.65 from Dhs0.71.
Sharjah Islamic Bank reports higher Q3 profit, share ends flat
October 18, 2011--The Abu Dhabi stock exchange ADX fell 0.29% Tuesday, closing at 2,446.78 points. Sharjah Islamic Bank or SIB closed even at Dhs0.88.
Earlier in the day, SIB reported that in the third quarter its net profit amounted to Dhs81.5m compared to Dhs73.13m in the same period the year before. Earnings per Share remained flat at Dhs0.03.
Dubai market loses, DP World recovers
October 18, 2011--The DFM General Index ended 0.62% lower at 1,357.71 points. Real estate cooling specialist Tabreed lost the most (off four percent at Dhs0.601).
Emaar dipped 0.40% to Dhs2.46. NASDAQ Dubai-listed DP World, whose shares are also listed at the DFM, added 0.37% to re-reach $11.00 amid high trading volumes. Some 40.6m shares were traded, valued at Dhs55.8m.
Sabic shares dip despite Q3 profit jump
October 17, 2011--The Saudi Tadawul market ended insignificantly lower at 6,131.8 points. Sabic ended half a percent lower at SR91.75.
Earlier in the day, Sabic reported an interim net income for the quarter of SR8.19bn compared to the net income of SR5.33bn for the same quarter in 2010 representing an increase of 54%, and compared to the net income for the second quarter of 2011 of SR8.10bn representing an increase of 1%. Sabic commented in a statement: "The increase in net income for the quarter and period ended September 30, 2011 compared to the same quarter and period in 2010 is attributable to the increase in production and sales volumes, improved product prices as well as lower financing charges."
Commercial Bank of Qatar gains on rising net profits
October 17, 2011--The Qatar Exchange (QE) Index added 0.39%, closing at 8,470.36 points. The country's second bank Commercial Bank of Qatar, known as CBQ, advanced 1.23%, finishing at QR82.00.
Earlier in the day, CBQ announced it has earned a net profit of QR 1.51 billion during the first nine months in 2011, a 14% increase, compared with QR1.33bn for the same period in 2010. The main drivers behind the increase were a strong growth in customer loans and advances (up 20% at QR41.5bn) and customer deposits (16% higher at QR36.9bn).
