Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
DP World dips, while H1 profit rises 36%
August 25, 2011, 13 hours ago
NASDAQ Dubai-bellwether share Dubai Ports (DP) World fell 1.86%, closing at $10.55. Earlier in the day, DP World reported that its half-year profit surged to $281m, up 36% compared to the same period last year.
"Profit for the six month period before separately disclosed items was $281 million, close to profit levels last seen at our peak in 2008 as our container terminals have become more profitable following initiatives implemented as a result of the 2009 downturn," says DP World's Chief Executive Mohammed Sharaf. Depa Ltd. dipped one percent to $0.47, while Dubai Gold Securities dived 5.45% to $172.75 as the price for the ounce of gold was on the retreat on Thursday (down 2.4% at $1,714 at 3.30pm Dubai time).
Methaq Takaful recovery continues
August 25, 2011--The Abu Dhabi-based ADX General Index added 0.32% to reach 2,590.49 points, as a direct reaction to the global upswing at European and U. S. Markets. Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi commented in his latest Economic Intelligence report:
"Global equity markets are on a more positive note, with the other side of the coin being a sharp decline in the price of gold from the peak a few days ago by -8.3% to $1,740 per ounce (still up +26% YTD)." Islamic insurer Methaq Takaful was the second liquid share, closing 1.39% higher at Dhs1.45. From a chart technical perspective, Methaq is performing a rounding or saucer bottom. Dana Gas and RAK Properties ended unchanged at Dhs0.55 and Dhs0.36, respectively. Over the week, the ADX closed unchanged.
Bargain hunters send Dubai market higher
August 25, 2011--The tiny relief-rally at Western markets yesterday had a positive impact on the DFM General Index on Thursday, which ended up half a percent at 1,465.01 points. Emaar (up 0.72% at Dhs2.78), the DFM (gaining 2.68% at Dhs1.15) and Arabtec Construction (2.68% higher at Dhs1.15) were the most liquid shares.
Emaar's rivals Union Properties (down 0.53% at Dhs0.373) and Deyaar Development (off 0.37% at Dhs0.266) failed to benefit from the tiny upswing. During the fourth week of August, the DFM lost around 11 points. Some 53m shares were traded, valued at Dhs70.2m.
IMF urges Saudi Arabia to monitor inflation
August 24, 2011--The International Monetary Fund has revised down its forecast for Saudi Arabia's fiscal surplus to 9.3% of gross domestic product in 2011, from 12.8% seen in April, Reuters has reported.
The fund has described Saudi Arabia's near-term economic outlook as favourable but warned that the kingdom should carefully monitor possible inflationary pressures due to a recent increase in social spending. The forecast for the 2011 current account surplus of the world's No 1 oil exporter was revised up to 20.1% of GDP, from a previous 19.8%.
Saudi Stock Exchange advances one percent
August 24, 2011--The Tadawul bourse's benchmark index TASI approaches the 6,000 resistance level, as it closed at 5,979.3 points. Bellwether share Sabic recovered
by 0.82% and finished at SR92.00. After almost doubling in value during the last two weeks, investors booked profits at AXA Cooperative Insurance Co. (down 9.96% at SR63.25).
Kuwait Stock Exchange gains ground
August 24, 2011, 15 hours ago
The KSE Market Index is at the start of a w-shaped reversal.
Kuwait's equity benchmark added a quarter percent on Wednesday, closing at 5,781.90 points. All sector indices, except the real estate segment, found a stable base. Gulf Investment House advanced the most, ending at KD0.0285, while Alargan International Real Estate plummeted 29.4% to KD0.120.
Etisalat adds as firm appoints Group CEO
August 24, 2011--The ADX Geneal Index closed at 2,582.13 points (up 0.18%) on Wednesday. The UAE's first telecom provider Emirates Telecommunications Corporations, better known as Etisalat, ended half a percent higher at Dhs10.15.
Earlier in the day, Etisalat announced its board of directors has appointed Mr. Ahmad Abdulkarim Julfar Group CEO. ADX heavyweights Sorouh Real Estate and Dana Gas finished both unchanged at Dhs1.14 and Dhs0.54, respectively.
Trading turnover meltdown at Dubai market
August 24, 2011--Only 34.54m shares valued at Dhs47.3m changed hands at the DFM today, pulling the DFM General Index down by 0.11% to 1,457.34 points.
Emaar dipped 0.36% to Dhs2.76. Union Properties, the developer of the Dubai Motordrome, bucked the trend, gaining 4.17% to close at Dhs0.375.
DP World shares slip below $11.00
August 24, 2011--At the NASADAQ Dubai, market bellwether Dubai Ports (DP) World dived 3.15% to $10.75. Interior designer Depa Limited ended flat at $0.475. Earlier in the day, Depa reported a net profit for the first half-year of Dhs48m ($13.1m), up from a loss of Dhs103.7m in the same period last year.
Mr Mohannad Sweid, CEO of Depa, commented: “Overall performance was strong on many fronts. Our successful diversification strategy reduced the impact of the global macroeconomic and regional geo-political environment on our results and backlog growth. Encouragingly, we are witnessing large and mega-projects that were originally delayed finally coming on-stream. We recently signed a Dhs222m contract for work at the King Abdullah Petroleum Studies & Research Centre in Riyadh and we anticipate signing other delayed projects in the latter half of 2011 and on-going into 2012.
Saudi investors show little mercy with Sabic shares
August 23, 2011-Although bellwether Sabic fell for the sixth consecutive day (off 1.08% at SR91.00), the TASI benchmark ended up 0.10% to close at 5,920.73 points.
Saudi Automotive Services Co were the top gainer (up 6.84% at SR14.05). As the last week of the Holy month of Ramadan has began, a lot of stocks posted no trading or finished flat, such as Alinma Bank (even at SR9.15) or Sanad Insurance & Reinsurance Cooperative Company (unchanged at SR16.70). Forty-five shares went up, and 74 declined.
