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Dubai market dips 0.37%
July 14, 2011--The DFM General Index declined 0.37% to 1,547.86 points. Arabtec was the most active share by value and by volumes, closing down 0.73% at Dhs1.36. Cooling specialist Tabreed added 0.97% and reach Dhs0.97.
Over the week the DFM lost insignificantly. Citigroup's Chief Economist Middle East says in his latest analysis: "The region's traditional recipient of "refugee" capital is Dubai, within the UAE, and it is already benefiting (measured by port throughput, hotel occupancy or mall visitors for example). This has been a positive driver for Dubai's externally driven sectors such as trade, logistics and tourism, which are dependent on its finished assets (port, airport, roads, hotels, malls and free zones)...."
RAK Cement dives over two percent on weak half-year results
July 14, 2011--The Abu Dhabi market's ADX General Index closed 0.39% higher at 2,725.25 points in a more than lacklustre trading session. Aldar declined by 0.78%, finishing at Dhs1.28.
Etisalat stabilised at Dhs11.00 (up 0.45%). Shares of Ras al-Khaima Cement plummeted 2.11% to Dhs0.92. Earlier in the day, RAK Cement reported a loss for the first half-year of Dhs4.94m compared to Dhs1.2m in the same period the year before. Only 40.1m shares changed hands at the ADX, valued at Dhs70m.
Ahli United Bank soars on 19% higher half-year profits
July 14, 2011--The KSE Market Index could not extend its rebound from Wednesday and closed off 0.11% at 6,168.8 points.
National Bank of Kuwait lost 1.72% and ended at KD1.140. Ahli United Bank jumped 3.53% to a new year's high at KD0.930 after the bank reported a net profit attributable to its equity shareholders of $161.7m for the half year ended 30 June 2011, a 19.0% increase over the same period in 2010 ( H1/2010: $135.9m). The resultant basic earnings per share were US 3.3 cents, compared to US 2.8 cents achieved in H1/2010. Q2/2011 net profit was 20.2% higher at $84.4m compared to $70.2m for Q2/2010
Qatar Exchange stabilises above 8,460 points
July 14, 2011--The QE Index ended 0.18% higher at 8,483.71 points on Thursday as all sectors except the banks gained territory.
National Cement Co. was the top gainer as its shares soared 2.30% to reach QR115.50. Medicare posted the largest decline (off 2.46% at QR23.41).
DGCX Sets New Daily Volume Record
Exchange Trades 19,819 contracts on July 12, valued at US $ 967.68 million
July 14, 2011--Trading on the Dubai Gold and Commodities Exchange (DGCX) surged to a new daily volume high of 19,819 contracts, valued at US $ 967.68 million on Tuesday, July 12,
2011. The new record surpasses the previous best of 19,255 contracts set on March 1, 2010.
DGCX trading volumes in the first half of 2011 hit an all‐time record of 1,417,223 contracts,
valued at US $ 69.1 billion, a 52% growth from last year. June witnessed the highest ever
monthly volume of 268,390 contracts, valued at US $ 12.96 billion, an increase of 40% from last
year.
Gulf banks want regional regulation of bonds
July 13, 201--The Gulf Bonds and Sukuk Association trade body is calling for the harmonisation of regulatory procedures governing tradeable debt issues across the region.
The GBSA, which represents several investment banking industry players and which lobbies governments and capital market authorities, wants to see a “one regulator”, European Union-type framework to speed up what it says is a lengthy issuance process.
Saudi Industrial Export Co. gains as firm swings back to profits
July 13, 2011--The Saudi Arabian Tadawul bourse added 0.29% Wednesday, closing at 6,508.80 points. Saudi Industrial Export Co. soared 1.87% to SR27.30.
The company's net profit during the six months was SR7.50m compared to a loss of SR1.90m for the same period last year. "The reason for the increase in sales and profit during the second quarter of 2011 is due to increase in export volume and profit margin of raw material for fertilizer manufacturing for China market," the company said in a statement. Sabic added half a percent to reach SR103.75. ACE Arabia Cooperative Insurance Co. dived 5.52% to SR39.40.
Kuwait Stock Exchange gains for the first day in four
July 13, 2011--The KSE Market or Price Index added 0.18% to reach 6,175.9 points, in line with the general rebound at GCC markets on Wednesday. Gulf Glass Manufacturing posted the largest gain, closing 7.35% higher at KD0.730.
Dar Al Thuraya Real Estat declined by 7.2% to KD0.064. According to Kuwait's Global Investment House (up 2.77% at KD0.036), the KSE had one of its worst first half performances since the 1H1998. "It started in 1Q2011 when all MENA markets including Kuwait witnessed selling pressure due to political sitution in the region," Global says in a study published earlier today.
Barwa Real Estate gains after Asteco says Qatar property market remains stable
July 13, 2011--The QE Index in Doha ended half a percent higher at 8,468.57 points.
Shares of Barwa Real Estate gained 0.66%, finishing at QR30.70. Earlier in the day, real estate services company Asteco said the Qatar property market remains stable. "Based on our latest residential market report, the outlook for Qatar's residential property market is positive. This can be attributed to its stable political environment, its strong economy, and the developments planned in preparation for the FIFA World Cup in 2022, which will transform the face of Qatar," said Elaine Jones, CEO, Asteco Property Management.
Methaq Takaful jumps, says prices increase is market driven
July 13, 2011--The Abu Dhabi market ADX closed 0.05% higher at 2,714.76 points. Islamic insurance company Methaq Takaful posted the second largest advance (up 5.56% at Dhs1.73) amid high trading volumes.
Methaq said in a statement to the ADX, that the recent price surge was purely market driven, after the bourse requested a reaction from the firm on the recent price increase. First Gulf Bank, known as FGB, closed flat at Dhs17.75. Earlier in the day, FGB said denied media reports which claimed the UAE's fourth largest bank by assets offered its unit in Libya for sale. FGB also reported a net profit for the first half-year of Dhs1.76bn, an increase of 3.4% compared to the corresponding period in 2010. Aldar Properties closed up 0.78% at Dhs1.31.
