Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
DFM shares rise on HSBC comments
October 12, 2011--The Dubai Financial Market (DFM) declined 0.30% to 1,383.72 points, as Emirates NBD dived 4.28% to Dhs3.58. Emaar Properties and Aramex finished flat. Arabtec surged 1.54%, endinga at Dhs1.32. DFM shares gained one percent to reach Dhs1.02.
Earlier in the day, The National reported that UK lender HSBC has said trade volumes in the Middle East and North Africa (Mena) are expected to grow by nearly 85% by 2025. Trading volumes declined Wednesday by 30%, as some 62m shares were traded, valued at Dhs47.2m.
Dana Gas ends flat, named 'MENA's fastest growing company'
October 12, 2011--The ADX General Index declined 0.30% to 2,486.86 points. Sorouh Real Estate was the most liquid share, closing down three percent to Dhs0.98. Sharja-based Dana Gas closed even at Dhs0.52.
Earlier in the day, Dana Gas said in a statement it was named "the Fastest-Growing Company of the Year in the Middle East and North Africa at the 8th International Business Awards. The International Business Awards, also known as The Stevie Awards, is the world's premier business awards competition which last year attracted nominations from more than 40 nations." Some 43m shares were traded, valued at Dhs49.6m.
Kuwait Stock Exchange declines slightly
October 12, 2011--The KSE Market Index ended 0.20% lower at 5,847.5 points. International Financial Advisors was the most liquid share, closing at KD0.0425 (off 5.8%). Kuwait Investment Co. posted the highest gain, up nine percent at KD0.120.
The country's largest lender National Bank of Kuwait or NBK added 1.8% to reach KD1.200. Earlier in the day, NBK reported NBK said that its net profit for the thir quarter was of KD78.9m, insignificantly lower compared to the corresponding period last year.
Qatar market rises the fourth day straight
October 12, 2011--Qatari shares gained across the board, lifting the QE Index by 0.78% to 8,418.16 points. With today's performance the QE Index improved its year-to-date yield to minus three percent, the best performance among all Arab stock exchanges (as yet).
Doha Bank closed at QR, after the bank reported a net profit for the 9 months period ending 30 September 2011 of QR1.01bnwhich represents a significant increase of 13% versus the corresponding period last year. His Excellency Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “These results not only demonstrate the strength of the Banks underlying operations but also the efficient deployment of shareholder’s funds which have generated a return on average equity of 22.4% which continues to be amongst the highest within the GCC.
Bank Al Jazira shares dip, as Q3 profit rises threefold
October 12, 2011--The Tadawul bourse dipped 0.22% to reach 6,105.04 points. Bellwether Sabic declined 0.27% to SR91.25. Shares of Bank Al Jazira declined 0.87% to SR16.75.
Earlier in the day Bank Al Jazira reported a net income during the third quarter was SR66m, compared to SR22m for the same quarter last year with an increase of 200%, mostly due to a 35% jump in customer deposits. Over the week, the Tadawul market gained 1.72%.
Arab bourses dip to lowest level
Kuwait records largest fall; Tunisia only gainer
October 12, 2011--
The global economic uncertainty along with ongoing political unrest in the region continued to take their toll on the Arab bourses as they dived this week to their lowest level so far this year, official data showed on Wednesday.
At the end of Monday’s dealings, the combined market capitalization of 13 official Arab stock exchanges stood at $870.2 billion, its lowest level since the start of 2011, the Abu Dhabi-based Arab Monetary Fund (AFM) said.
Jordan's inflation rises to 4.8% in September
October 10, 2011--According to the Jordanian Department of Statistics, the kingdom's year-on-year consumer price inflation rose to 4.8% in September,
Reuters has reported. Compared with a month earlier, the September consumer price index was up 0.2 due to a rise in transport, food and consumer items. Yearly inflation has picked up since the start of the year on the back of oil and commodity prices, but government subsidies have helped curb rises in some food prices. [AMEInfo.com]
Saudi market rises the fourth day straight
October 10, 2011--The Tadawul All Share Index closed 0.61% higher at 6,136.97 points. The Riyadh-based benchmark was mainly lifted by advances in the financial and petrochemical sector.
Sabic added half a percent and closed at SR92.25. Saudi Hotels & Resort Areas Co. closed up 0.35% at SR28.70. Earlier in the day, Saudi Hotels announced that net profit during the third quarter amounted to SR41.1m as compared to SR32.6m for the same quarter of the previous year with growth of 26.1 and compared to SR35.7m for the previous quarter with growth of 15.1%. "The major reason behind the profit increase is the improvement in the operating results of the most properties," the firm said in a statement posted on the Tadawul website.
DP World shares hit six-week high
October 10, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1448.79, up 0.23% from the previous close.
Global maritime port operator and market bellwether DP World gained 4.27%, closing at $11.00. Dubai Gold Securities added 0.75%, reaching $164.22 in line with the mini-recovery in gold prices (up 1.87% at $1,666.40 per ounce on Monday). Interior design company Depa Limited advances 0.22%, closing at $0.45.
Banks keep Qatar Exchange on track
October 10, 2011--The Qatar Exchange Index finished 0.21% higher at 8,284.79 points. While banks posted small gains,
insurance companies weighed on he index. Market bellwether Industries Qatar dipped 0.08% to QR122.80.
