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Abu Dhabi exchange closes unchanged
September 21, 2011--The ADX General Index ended even at 2,557.99, as gains in the real estate sector were neutralised by losses at banks and consumer staples.
RAK Properties posted the largest advance (up 2.94% at Dhs0.35), while Ras al-Khaima Cement Co. fell by 1.18% to Dhs0.83. Some 44m shares were traded, valued at Dhs61.8m.
DSI rises as Kuwait branch wins $73m MEP contract
September 21, 2011--The DFM General Index closed 0.45% higher at on Wednesday at 1,472.65 points. Shares of Drake and Scull International (DSI) gained one percent to reach Dhs0.859.
DSI announced earlier in the day that DS Kuwait secured a contract to execute and coordinate the complete Mechanical, Electrical and Plumbing (MEP) contract for works for an administrative block and mosque for a public sector client in Kuwait. The deal is valued at $73m. Arabtec (up 0.74% at Dhs1.37) was the most active share by volumes. The Dubai-based, internationally operating construction giant announced that its board elected Mr. Ibrahim Belselah as the Chairman of the Board of Directors to replace Sheikh Butti Bin Maktoum Bin Juma Al Maktoum who served since the firm's public listing. Deyaar Development, which finances its real estate project solely in line with Islamic Law or Shari'ah, lost 1.14%, finishing at Dhs0.261. Deyaar said today it will showcase its projects, especially those in Dubai's Business Bay, at the Cityscape Global fair and exhibition next week from September 27 to 29. Around 47.2m shares were traded, valued at Dhs48m.
FTSE NASDAQ Dubai UAE 20 Index adds slightly
September 20, 2011--At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1471.28, up 0.04%, from the previous close. The exchange's bellwether DP World dipped 0.72% to close at $9.67.
Earlier in the day DP World reported in a statement that cooperation and ongoing projects were at the centre of talks on September 19 between DP World Chairman HE Sultan Ahmed Bin Sulayem and UK Minister for Trade and Investment, Lord Stephen Green, at the company's Head Office in Jebel Ali. "The visiting UK Minister for Trade and Investment expressed interest in the advanced technology-driven operational efficiencies of Jebel Ali Port and the close relations between Britain and the UAE that underpin iconic DP World investments such as the London Gateway project," the port operator said in a statement. Dubai Gold Securities dived 2.33% to $176.19. "Trading of Dubai Gold Securities on NASDAQ Dubai rose to 6,075 securities in August 2011, a 230% increase from 1,840 in July, and up from 636 traded in the whole of the first half of the year," a spokesperson told AMEinfo.com.
Kuwait Stock Exchange finds bottom
September 20, 2011--After declining for four days straight, the KSE Market Index closed unchanged at 5,977 points.
Advances were mostly registered in the investment and industrial sector. National Bank of Kuwait (off 1.85% at KD1.060) retreaded further after hitting a one-month high last week.
Qatari bank shares stabilise as loan growth booms
September 20, 2011--In Doha, the QE Index gained on Tuesday by 0.46% to reach 8,444.67 points.
Bank shares gained further ground, with Qatar National Bank, Doha Bank and Al Ahli Bank ending flat. Qatar Islamic Bank (up 0.87% at QR80.90) and International Islamic Bank (advancing 1.66% at QR55) helped lifting the market index. According to National Bank of Abu Dhabi (NBAD) research, loans to the private sector in Qatar grew 2.2% month-on-month in August, while personal loans advanced 20.6% year-on-year. Qatar banking sector assets were estimated by NBAD at $167.5bn, up 19.9% year-on-year and -1.6% month-on-month.
Aldar, Arkan shares fail to lift Abu Dhabi market
September 20, 2011--The ADX General Index (off 0.28% at 2,556.93) was the only losing GCC Index on Tuesday.
Aldar Properties (up 0.84% at Dhs1.21) and Arkan Building Materials (gaining 5.30% at Dhs1.40) were the most liquid shares, but were outnumbered by losing stocks in the finacial stocks. Trading volumes picked up to 63m shares which were traded, valued at Dhs91.7m.
Saudi Stock Exchange: Sabic shares stabilise
September 20, 2011--The Saudi benchmark index Tadawul added 0.42%, finishing at 6,144.27 points. Bellwether Sabic closed half a percent higher at SR93.
Shares of Abdullah A. M. Al-Khodari Sons Co. dipped 0.39% to SR64.25. Earlier in the day the firm announced the completion of the signing of a contract with the Ministry of Interior (Border Guard) for the construction of the second phase of Border Guard Airport in Umm Almelh (South of the Kingdom Empty Quarter), valued at SR120.6m.
Tadawul bourse loses the second day straight
September 19, 2011--The Tadawul market index Tasi ended down 0.42% to close at 6,118.34 points, despite a rather balanced advance-decline ratio of 50 to 78.
Sabic declined 0.80% to SR92.50. Insurers performed once again well, with Solidarity Saudi Takaful Company gaining 2.58% to reach SR17.90.
Kuwaiti stocks lose across all sectors
September 19, 2011--The KSE Market Index declined 0.44% to close at 5,976.7 points.
The banking and investor index both lost 0.65%. Gulf Bank of Kuwait dived almost two percent, finishing at KD0.510. Kuwait Hotels Company gained the most (up 9.4% at KD0.290).
Real estate blue chips weigh on Abu Dhabi market
September 19, 2011--The ADX General Index fell by a quarter percent, closing at 2,564.02 points. Aldar Properties (off 1.65% at Dhs1.19),
Sorouh Real Estate (down 1.72% at Dhs1.13) and Eshraq Properties (eight percent lower at Dhs0.47) weighed on the index in particular. Around 29.2m shares were traded, valued at Dhs44.2m. A record number of 12 shares closed flat, while six stock gained and 15 securities lost.
