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Tamweel soars as firm launches two new products
July 13, 2011--The DFM General Index rebounded by 1.35% on Wednesday and closed at 1,553.56 points. Islamic home financing specialist Tamweel jumped 7.17% to Dhs0.912, posting the largest advance among the 20 gaining shares. Earlier in the day, Tamweel launched two new products.
According to the company's statement, "the Non-residents Programme will make home finance available to select overseas investors looking to purchase residential property in the UAE," while "Tamweel's Home Refinance Program for fully paid properties is designed to help owners unlock the value in their homes." Tamweel claims, that with these new products, the firm became the only local finance company to cater to non-residents. Dubai Islamic Bank (up 1.50% at Dhs2.05) holds a 57.33% stake in Tamweel. Emaar added 1.68%, closing at Dhs3.03. Kuwait's Almadina Investment posted the largest decline (off 1.47% at Dhs0.47). Only three shares lost and three ended flat. Around 52.4m shares were traded, valued at Dhs62.08m.
Euro shockwaves still felt at Dubai market
July 12, 2011--The Dubai Fianancial Market (DFM) General Index fell for the second day straight, closing off 1.02% at 1,532.92 points. Globally, investors were still puzzled about whether Itay faces a Greece-style det crisis.
Consequently, financials declined, such as Dubai Islamic Bank (down 1.46% at Dhs2.02) or the DFM itself (0.84% lower at Dhs1.18). Credit Suisse analyst Mohamad Hawa commented on MENA banks earlier in the day, saying that "UAE banks are yet to experience the peak in their Non-Performing-Loans (NPLs) (to 8.4%, on our estimates for 2011E) and will have to adjust to stricter regulatory measures mainly on consumer lending and fees." Aman Insurance posted the largest advance (up 2.69% at Dhs0.649). Around 67.32m shares were traded, valued at Dhs95.3m. Three stocks gained, 20 fell and three ended unchanged.
First Gulf Bank dips, as Credit Suisse reduces target price
July 12, 2011--The Abu Dhabi bourse ADX saw its General Index declining by 0.44% to 2,713.30 points. Weak performing real estates and financial shares weighed on the market.
Shares of First Gulf Bank, known as FGB, lost 1.39% and closed at Dhs17.75. Earlier in the day, Credit Suisse's research said UAE banks are yet to experience the peak in their Non-Performing-Loans (to 8.4%, on our estimates for 2011E) and will have to adjust to stricter regulatory measures mainly on consumer lending and fees. Credit Suisse analyst Mohamad Hawa concluded: "Thus our target price downgrade of the bank most exposed to consumer lending, FGB to Dhs25 from Dhs28. We maintain FGB as an 'Outperform', but now prefer National Bank of Abu Dhabi (NBAD) on a relative basis." NBAD today declined 0.90% to Dhs11.05. Etisalat rebounded 0.46% to Dhs10.85 after the telecom giant said the Indian regulator's accusations against its Indian unit Etisalat DB Telecom India of manipulating a 2G licencing process in the country were 'baseless. As in Dubai, only three shares gained, 21 lost and two ended flat. Around 40.4m shares changed hands, valued at Dhs70.02m.
Kuwaiti banks stabilise after Monday's shock
July 12, 2011--The KSE Market Index ended 0.30% lower at 6,165 points as European debt worries continue to spoil the GCC markets' positive start into the second half of the year.
National Bank of Kuwait and Gulf Bank of Kuwait ended flat at KD1.140 and KD0.530, respecively. Ahli United Bank jumped 4.76% to reach KD0.880.
Stocks listed in Doha retreat across the board
July 12, 2011--The QE Index ended off 0.85% at 8,424.79 points on Wednesday.
Banks and insurers in particualr weighed on the index. General Insurance dived 4.22% to QR43.10. Qatar Islamic Bank declined 1.13%, closing at QR79.00.
Credit Suisse bullish on Saudi banks
July 12, 2011--The Tadawul bourse lost for the second day straight, closing at 6,490.23, as petrochemicals retreated further. Sabic ended 1.20% lower at SR103.25.
Shares of Saudi Hollandi Bank outperformed, ending up one percent at SR29.70. Credit Suisse confirmed Saudi Hollandi's 'neutral' rating, but increased the target price to SR34 from SR35. The Swiss bank is bullish on Saudi banks in general. Credit Suisse analyst Mohamed Hawa wrote in his latest statement: "Our new sector average target price suggests 30% upside potential. We believe the GCC banking sector is at varying stages of the credit recovery cycle, with Saudi banks the most advanced."
Inflation Inertia in Egypt and its Policy Implications-IMF Working paper
July 11, 2011--Summary: This paper investigates the degree of inflation inertia in Egypt and its determinants using the cross country data consisting of over 100 countries. Medium-unbiased estimator of inflation inertia in Egypt is high compared to other
countries, as indicated by its location around the upper quartile among the sample. The cross country analysis indicates that counter-cyclical macroeconomic policy and fiscal consolidation are a key to reduce inflation inertia and the costs of disinflation.
view the IMF Working paper-Inflation Inertia in Egypt and its Policy Implications
Individual investors increase their trading on Nasdaq Dubai
July 11, 2011--Individual investors on Nasdaq Dubai increased their share of equities traded value on the exchange to 9.4% in the second quarter of 2011.
This was a rise from 7.4% in the first quarter of 2011, and from 2.7% in the last quarter of 2010. The continuing expansion came after Nasdaq Dubai started routing all its equities trades through the trading platform of Dubai Financial Market (DFM) in July 2010, in order to improve access by individual investors.
Dubai bourse loses 1.18%
July 11, 2011--Weak financial and real estate-related shares forced the DFM General Index back to 1,548.69 (off 1.18%). Emirates NBD plummeted 5.78% to Dhs4.24. ENBD shares were only underperformed by Takaful Emarat (down 9.89% at Dhs0.729).
Islamic Ajman Bank bucked the setback by ending 1.16% higher at Dhs0.87. Emaar declined 1.62% to Dhs3.04. Four shares closed up, 22 retreated and four closed unchanged. Around 64m shares were traded, valued at Dhs72.3m. At the NASDAQ Dubai, shares of DP World added 1.22% to reach $12.45. Interior designer Depa Ltd. dipped 1.89% to $0.52.
Energy, investment shares keep Abu Dhabi market in the green
July 11, 2011--The ADX General Index closed 0.13% higher at 2,725.20 points on Monday. Abu Dhabi Ship Building posted the largest advance (up 5.61% at Dhs2.15) while Sudan Telecommunications lost the most (off 4.12% at Dh1.63). Dana Gas closed flat at Dhs0.61.
Abu Dhabi National Energy Co. surged 1.58% to Dhs1.28. Bank of Sharjah lost half a percent, finishing at Dhs1.94 as global worries over a new severe debt crisis in Italy weighed on financial stocks worldwide. Ten shares gained, eight declined and nine closed even. Around 86m shares valued at Dhs118.6m changed hands.
