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IFA Hotels & Resorts gains the most at Kuwait market
July 6, 2011--The KSE Market Index closed 0.08% lower at 6,208.5 points on Wednesday.
. IFA Hotels and Resorts, one of the weakest performing shares in in Kuwait in the first half of 2010, posted the largest advance, closing 7.24% higher at KD0.370.
Qatari bank shares partly resist market dip
July 6, 2011--The Doha-based QE Index closed 0.11% lower at 8,492.71 points. Qatar National Bank added half a percent and finished at QR144.70.
Only the baning and financial index added value. Doha Insurance lost the most and closed off 1.73% at QR28.40. Cinema jumped 9.27% to reach QR66.00.
Abu Dhabi bourse dips by 0.45%
July 6, 2011--Abu Dhabi-listed blue chips Aldar (off 1.54% at Dhs1.28) and Sharjah-based Dana Gas (1.59% lower at Dhs0.61) dragged the ADX Genral Index down by 0.45% to 2,717.07 points.
Recently newly listed Finance House bucked the trend bu rising 7.78% to close at Dhs3.88. Five stocks gained, 19 declind and five ended flat.
Shuaa Capital bucks fickle GCC stock markets
July 6, 2011--The DFM General Index declined 0.44% on Wednesday as investors booked small profits after the strong start into the second half of 2011. Islamic insurer Takaful Emarat lost the most, closing 9.30% lower at Dhs0.78. Investment Bank Shuaa Capital surged 2.15% to reach Dhs1.00. Emirates NBD closed even at Dhs4.47.
Earlier in the day, ENBD CIO Private Banking Gary Dugan said in his latest market commentary: "We increasingly believe that local equities could show some strong performance into the end of the year. Firstly local interest rates are very low and bonds have rallied too leaving limited yield return available in the cash or bond markets." Mr. Dugan added in regards to MSCI's decicion to grant the UAE another six months to raise the market regulatory standards: "If MSCI does decide to give the UAE emerging markets status then the cheapness of say Dubai stocks on aggregate PE multiple of 8.5 times 2011 earnings compared to 11.1 for the whole emerging market index would not be lost on international investors. In other news in recent weeks, the decision to give investors in real estate a three year visa is a marked improvement, and should spur immediate new interest in residential property in the UAE." Trading turnover declined further, as 70.36m shares valued at Dhs83.58m were traded. Eight shares went up, 14 lost value and three closed flat.
Qatari bank shares partly resist market dip
July 6, 2011--The Doha-based QE Index closed 0.11% lower at 8,492.71 points.
Qatar National Bank added half a percent and finished at QR144.70. Only the baning and financial index added value. Doha Insurance lost the most and closed off 1.73% at QR28.40. Cinema jumped 9.27% to reach QR66.00.
Saudi Stock Exchage gains 0.2% despite Sabic's decline
July 5, 2011--The Saudi Stock Exchange's Tadawul market added 0.2%, closing at 6,626.95 points.
Shares of Sabic, also considered a market indicator, dipped a quarter percent to SR105.25. Shares of AXA Cooperative Insurance advanced 4.42% to SR40.20. Year-to-date, the Tasi index added 0.09%.
Dlala Holding appoints new CEO, dips 0.39%
July 5, 2011--The Doha-based Qatar Exchange added a quarter percent to reach 8,501.68 points. Shares of brokerage and investment firm Dlala Holding Company dipped 0.39% to QR15.34.
Earlier in the day Dlala announced that its board of directors has taken the following decisions: Mr. Ahmed Mohamed Al Asmakh has been appointed as a Managing Director, while Mr. Waleed Al Mossallam will act as Chairman's Advisor. Mr. Abdul Hameed Sultan Al Jaber was appointed an Acting CEO, starting from September 18 2011.
Kuwait Stock Exchange extends recovery
July 5, 2011--The KSE Market Index gained for the second day straight, closing up 0.31% at 6,213.7 points. Shares of Heavy Engineering and Ship Building posted the highest advance, ending at KD0.325.
Telecom provider Zain added 1.96% and finished at KD1.040. Financial blue chips National Bank of Kuwait and Gulf Bank of Kuwait ended both unchanged at KD1.140 and KD0.540. According to Global Investment House (up 2.7% at KD0.037), the KSE posted the second highest loss in June (off 2.61%) behind the DFM (down 2.76%) in Dubai. "Trials to switch to a new trading platform weighed on the Kuwaiti market. Some brokerages were not ready, while extra fees and new capital requirements were also concerns," Global said in an analysis released earlier today.
Abu Dhabi bourse swings back to year-to-date profits
July 5, 2011--Rising oil prices and a new bullish sentiment at nearly all Gulf Arab stock markets lifted the ADX General Index by 0.53%, closing at 2,729.38 points. Year-to-date the ADX has advanced by 0.35%, which is currently the highest advance among all Gulf Arab markets. Abu Dhabi Islamic Bank (ADIB) soared three percent to Dhs3.41. Aldar Properties declined 0.76% to Dhs1.30.
Earlier in the day, Aldar announced that its project "Trust Tower" is now available for pre-lease. "The building offers 59-levels, 72,000m2 of flexible office space at the heart of Abu Dhabi," the statement says. According to real estate management company Asteco, apartment rental and sales prices in Abu Dhabi continued to decline during Q2, with new stock entering the market, continuing to outweigh demand. "Meanwhile rents for quality villas, which are still in short supply in Abu Dhabi remained relatively stable, but additional supply will put some downward pressure on prices as the year progresses," Asteco adds. "The UAE Federal Government has announced the decision to extend the property visa period from six months to three years. This can only be a positive move and is expected to improve demand among foreign investors in the emirate," Asteco CEO Elaine Jones commented.
Dubai market turnover down, index up
July 5, 2011--The DFM General Index closed 0.22% higher on Tuesday amid dull trading, ending at 1,559.00 points. Real estate blue chips Emaar and Arabtec Construction finished the day flat at Dhs3.09 and Dhs1.31 respectively.
Earlier in the day, Emaar said in a statement that its wholly-owned subsidiary Emaar Misr a contract worth $38m to Arabtec Construction to build 170 villas in at the Marassi project on Egypt's northern coast in the first quarter, adding that the contract has been awarded in normal course. Investment bank Shuaa Capital gained the most (up 3.05% at Dhs0.979). Eight shares gained, 16 fell and five ended flat, reflecting a fierce "fight" between bullish and bearish investors. Sixty-eight million were traded, valued at Dhs80.18m.
