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Aramex shares fail to benefit from profit rise
July 21, 2011--The DFM General Index closed the third week of July at 1,523.42 points, down 0.16%. Shares of logistics provider Aramex closed even at Dhs1.85.
Earlier in the day, the company reported a 3% rise in net profits to Dhs56.5m for the second quarter 2011. Emaar Properties landed at Dhs2.94, off 0.34%, while its rival Union Properties added 1.27% to reach Dhs0.40. Some 68.9m stock were traded, valued at Dhs60.6m.
S&P raises Kuwait credit rating to AA
July 21, 2011-Standard & Poor's Ratings Services has raised the long-term credit rating for Kuwait to 'AA,' the third-highest grade, from 'AA-' and said the country's public finances remain "exceptionally strong," Bloomberg has reported.
"The rating actions are supported by Kuwait's high GDP per capita and strong external and fiscal balance sheet positions, which carry a larger weight under Standard & Poor's recently revised sovereign rating criteria," S&P said.
Yemen political unrest to cost trade and industrial sectors $17bn
July 21, 2011--The deputy chairman of the Yemeni Chamber of Commerce, Mohamed Salah has said months of political unrest in Yemen have cost the country's industrial and trade sectors at least $17bn, Saudi Press Agency has reported.
The IMF last month also reversed its view on the economic outlook for Yemen, forecasting GDP will shrink this year but did not give a precise forecast, against a forecast in April for 3.4% growth. In 2010 the economy grew 8%, while GDP totalled $28.3bn.
Saudi market finishes the week positively
July 20, 2011--The Tasi index in Riyadh added 0.76% to reach 6,489.5 points. Sabic extended its recovery (up 2.40% at SR106.75).
Shares of Dar Alarkan Real Estate Development Company soared two percent, ending at SR7.50. Dar Alarkan reported earlier in the day, an interim net income generated during the first six months of SR570.9m, compared to SR835.6m for the same period last year, a decrease of 31.7%. But the net income generated during the second quarter reached SR297.8m, an increase of 9% quarter-on-quarter. Dar Alarkan commented the result by saying in a statement to its shareholders: "The decrease of 31.7% in net income during the six months period this year compared with the same corresponding period of last year is mainly due to the lower sales given the company seeks to enhance the gross profit margin of its land bank." Over the third week of July, the Tadawul bourse lost 0.16%.
NASDAQ Dubai posts advances
July 20, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed up 0.59% at 1645.52 points.
DP World increased its value by 0.82% at $12.35. Jewelry trader Damas surged 8.91% to $0.11. Interior designer Depa Ltd. closed even at $0.51. Trading volumes remained very low, as some 879,000 shares changed hands.
Kuwait Stock Exchange stabilises above 6,000 points
July 20, 2011--The KSE Market Index closed half a percent higher at 6,033.5 points.
First Dubai of Real Estate Developmet posted the highest advance, ending 11.36% higher at KD0.0245. National Bank of Kuwait retreated to KD1.080 (down 3.5%).
Kuwait's central bank says economy faces imbalances
July 19, 2011--Kuwait: Kuwait's central bank governor, Sheikh Salem Abdul-Aziz al-Sabah has said the Gulf country is witnessing imbalances in its economy which require corrections, Kuna has reported.
Today, Such concerns should be addressed by corrections to avoid any negative implications that they might have on the future of Kuwait, he said. Last month, Kuwait's parliament approved a KD19.4bn ($70.75bn) state budget for the 2011/12 fiscal year, the government's biggest budget since at least 2003.
Petrochem dips slightly despite a shrink in half-year losses
July 19, 2011--The Saudi Tadawul bourse rebounded 0.27% to reach 6,440.65 points on Tuesday. Market bellwether Sabic rebounded 0.72% to SR104.25.
Shares of National Petrochemical Co., known as Petrochem, declined 0.46% to SR21.65. Earlier in the day, Petrochem reported a net loss for the first six months of SR22.9m compared to a net loss of SR80.6m for the same quarter in 2010 representing a decrease in loss of 71.58%. One reason for the loss, according to Petrochem's statement to the Saudi Stock Exchange, was that its main project (Saudi Polymers Company) was still under construction, but "is expected to be completed by the end of 2011."
Financial stocks drag Qatar bourse down
July 19, 2011--The QE Index ended off 0.70% at 8,382.29 points on Tuesday. Doha Bank fell 1.54% to QR51.10.
International Islamic Bank added 0.41% to reach QR49.00. Qatar National Bank declined 0.91% to QR141.50. Shares of Qatar Gas Transport Company, known as Nakilat fell 0.61% to QR17.96. Earlier in the day, Nakilat disclosed a net profit for the first six months of QR381.2m in comparison to QR329.9m for the same period last year.
Kuwait exchange rebounds half a percent
July 19, 2011--Advances in the real estate and banking sectors lifted the KSE Market Index to 6,004.2 points, up 0.52%. Pearl of Kuwait Real Estate Co. surged 9.75% to KD0.0225.
Shares of the country's largest lender National Bank of Kuwait, known as NBK, jumped 3.7% to KD1.220 after U. S. president Barak Obama said that he sees progress in the negotiations with the opposition in congress to avoid a partial U. S. default.
