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Aldar Properties dips, announces delivery first phase of Al Zeina
July 19, 2011--The ADX General Index declined 0.35% to 2,697.65 points.
Real estate bellwether Aldar Properties (off 0.80% at Dhs1.24) today confirmed that handover to homeowners has commenced at the beachfront Al Zeina residential community in Al Raha Beach. RAK Bank soared 3.33%, ending as a top gainer at Dhs4.65. Trading volumes increased slightly as 58.2m valued at Dhs77.1m.
Tamweel soars as half-year profits jump five-fold
July 19, 2011--The Dubai market's benchmark index DFM General lost 0.73%, ending at 1,522.10 points.
Shares of Islamic home finance specialist Tamweel gained 0.92%, closing at Dhs0.876. Earlier in the day, Tamweel announced a profit for the first half-year of Dhs54.96m compared to Dhs10.53m in the same period in 2010. Emaar declined 0.34% to Dhs2.95. Dubai Insurance gained the most (up four percent at Dhs2.60). Bank Emirates NBD fell 3.64% to Dhs4.24. Around 61.1m shares were traded, valued at Dhs80.7m.
Tadawul market dips for the second day straight
Juy 18, 2011--The Saudi Stock Exchange's benchmark index Tasi ended down 0.56% at 6,423.29 points on Monday.
Sabic dipped half a percent to SR103.50. Shares of Zamil Industrial declined one percent to SR30.20. Earlier in the day, Zamil announced a net profit for the first six months 2011 of SR84.7m ($22.6m), representing a decline of 28.3% over the same period in 2010. Earnings Per Share dropped to SR1.41 ($0.38) from SR1.97 ($0.52) in the same period in 2010.
Dubai Gold Securities surge as gold hits $1,600
July 18, 2011--At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1647.87 today, down 0.99%, from the previous close.
Shares of global port operator DP World dipped 0.16%, closing at $12.28. Dubai Gold Securities soared 0.93% to reach $158.52. The yellow metal on Monday rose for for the first time above $1,600 per ounce as debt worries in the Euro member states Greece, Italy and Ireland triggered new capital shifts from equities to gold. The ticking debt clock in the U. S. increased this effect.
Qatar Exchange loses half a percent
July 18, 2011--Qatari shares declined across the board, as debt woes in the US and Europe weighed on global capital markets.
The QE Index ended 0.50% lower at 8,441.40 points. Al Ahli Bank finished down 1.39%, closing at QR71.00. Qatar Islamic Bank bucked the trend slightly, adding 0.13% o reach QR78.70.
Global debt woes send Kuwait banks tumbling
July 18, 2011--The KSE Market Index ended on Monday closed 1.57% lower at 5,973.1 points.
As the debt clock is ticking in Europe and the US, financials dragged the bourse down. National Bank of Kuwait (NBK) dived 5.76% to KD1.040. Gulf Bank of Kuwait declined 3.8% to KD0.500. Sokouk Holding surged 14.3% and closed as a top gainer at KD0.020.
Etisalat shares lose on lower half-year net profit
July 18, 2011--The Abu Dhabi bourse ADX ended 0.94% lower at 2,707.23 points. Shares of Etisalat lost 1.35%, finishing at Dhs10.90.
Earlier in the day, Etisalat announced a group net profit after federal royalty of Dhs3.41bn for the six month period ended 30 June 2011, compared to Dhs3.86bn in the same period the year before. Group revenue of Dhs15.97bn was in line with prior year. Revenue earned from international operations contributed 25% to overall revenue exhibiting a 17% increase on the prior year. Etisalat also announced today an interim dividend of Dhs0.25 per share, in line with previously issued dividends. Real estate giants Aldar and Sorouh both dived 2.34% and closed at Dhs1.25 and Dhs1.24, respectively.
DIFC Grows to Account for 3.6% of Dubai’s GDP in 2010
July 18, 2011--GDP of the DIFC sub-economy grew by 5.2% in 2010 to reach USD 2.92 billion accounting for about 3.6% of Dubai’s GDP
The DIFC accounted for about 1% of the UAE’s estimated 2010 GDP
The financial sector accounted for 72% of the total value added, with 26.5% contributed by business services, and 1.5% by public administration
DIFC working population is estimated at 11,331 full time employees
DIFC, the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, today issued its fourth annual Economic Activity Survey Report, updating the market on the growth, sectorial contribution and level of economic performance of the DIFC sub-economy during 2010 and its contribution to Dubai’s GDP. This year’s report also included a detailed labour force survey, to track employment growth and characteristics in DIFC.
The 2010 instalment of DIFC’s Economic Activity Survey, places the total GDP of the Centre’s sub-economy at USD 2.92 billion, up 5.2% from USD 2.77 billion in 2009. This puts DIFC’s contribution to the whole Dubai GDP (USD 81.96 billion) at approximately 3.6% and its contribution to the UAE economy at 0.97%.
Dubai Gold & Commodities Exchange Weekly Market Commentary-July 17, 2011
July 17, 2011-- Economic Data Overview
The US economic data in the July 18 week will largely focus on housing and could offer the first hint that sales activity is starting to revive a bit after the disappointing spring. Earnings reports for the second quarter 2011 will be numerous, and include some of the most carefully watched industry leaders, covering a number of industries.
Foremost among them are probably those in the financial sector. The Philadelphia Fed's Business Outlook for July on Thursday will join the New York Fed's Empire State Survey in setting expectations for conditions in the factory sector on the national level. Anecdotal evidence indicates that some of the special factors that discouraged perceptions for manufacturing in May and June could now be easing, and that there should be a return to more positive attitudes. The Conference Board's Leading Economic Indicator for June is scheduled on Thursday and is expected to rise for a second month in a row. Positive contributions are expected from interest rates, money supply, building permits, vendor deliveries, and plant and equipment. A few indicators related to the labor market will be released.
Initial claims for the week ended July 16 on Thursday will include the survey comparison week data from June. Claims tend to be volatile around this time of year, and it may make it harder to get a read on the state of the labor market in advance of the July employment report (Friday, August 5). The seasonal adjustment will have to contend with an influx of claims by government workers after the shutdown in Minnesota, and perhaps fewer layoffs in autos as the normal summer plant closures are fewer than usual this year. The BLS will release two separate reports on Friday. Mass layoff activity in June could be.
Yemen's inflation may rise to 30%, says IMF
July 14, 2011--The International Monetary Fund has said inflation in Yemen may surge to as much as 30% in 2011, as ongoing unrest cripples the country's economy and damage to an oil pipeline strains already weak government finances, Reuters has reported.
"The situation is serious. Economic activity has ground to a halt," Hassan Al-Atrash, the IMF's head of mission to Yemen, said. "We are very much concerned about inflation ... We think that inflation could reach up to 30% in 2011," he said.
