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Zad Holding soars on shareholders' acquisition approval
June 14, 2011--The Doha-based Qatar Exchange (QE) added 0.31% as industrial shares gained in particular. The QE Index closed at 8,311.20 points on Tuesday.
Shares of Zad Holding ended up 1.48% at QR55. Earlier in the day, Zad announced that the Extraordinary General Assembly Meeting that ok place on June 13 approved the proposal of Board of directors for acquiring Meeda Projects Company by increasing the share capital through issuing 8,464,132 shares of Zad to the shareholders of Meeda projects for its value (every 7.7387 shares of Meeda entitle 1 share of Zad) after the approval of Ministry of business and trade. The share capital of Zad holding after this issue will be QR215.45m.
National Bank of Kuwait climb back to KD1.200
May 14, 2011--The Kuwait Stock Exchange (KSE) added 0.20%, closing at 6,330.40 points.
The country's largest lender by assets National Bank of Kuwait, known as NBK, gained 1.69% and closed at KD1.200. NBK-shareholders have to remain patient as the stock has been trading in a range between KD1.260 and 1.140 for the last three months.
NASDAQ Dubai closes with losses
June 14, 2011--FTSE NASDAQ Dubai UAE 20 Index closed at 1678.87, down 0.28% from the previous close.
DP World shares dived 2.36% to $12.40. DP World shares were dual listed at the London Stock Exchange (LSE) on June 1st. Depa Ltd., the Dubai-based interior designer plummeted 5.56% to $0.51.
Waha Capital secures $505m revolving credit facility
June 14, 2011--The ADX General Market closed insignificantly higher at 2,711.54 points. Shares of leasing specialist company
Waha Capital closed even at Dhs0.69. Earlier in the day Waha said in a statement to the ADX that it agreed on a $505m term and revolving credit facility with eleven local, regional and international banks. The facility is for a term of 3 years and was arranged by the company itself. Waha Capital's main institutional shareholders are Mubadala Development Company and Abu Dhabi Investment Company. Market bellwether Aldar Properties added 0.75% to reach Dhs1.32. Nine shares gained, 12 lost and 13 ended even. Trading turnover remained low as 47.16m stocks valued Dhs77.3m changed hands.
Revolution at Egyptian Exchange- innovations to boost liquidity
June 14, 2011--The Egyptian Exchange (www.egyptse.com) is to introduce new products and trading innovations, including remote orders placed abroad, exchange-traded funds (ETFs), intraday trades and short selling. Mohamed Abdel Salam, chairman of the Exchange, told Reuters that transparency was up and political uncertainty was down in Egypt since the political uprising that overthrew former president Hosni Mubarak and this is bringing more investor confidence.
The trading changes had been delayed as the political mandate of the old government decreased. Some innovations could be introduced in July and talks on remote orders are to resume with the London Stock Exchange (www.londonstockexchange.com) on 20 June.
Mohamed Abdel Salam told Reuters in an interview on 13 June: “There are indicators that show the market is improving because of the revolution. First, it reduced political risk. In the past, things were vague. If the president were to die, would his son take over, or would the army? Many people have started trusting us now, and we are also trying to reduce transaction costs on foreign investors … so I think we will now introduce short-selling and intraday trade in the first days of July.”
Deloitte Middle East whitepaper -Switched on to Current Trends and Implications
June 13, 2011--As the Middle East continues to feel the impact of the
global financial crisis, and as more recent events, such as the threat of regional unrest, unfold, governments
are finding a new set of challenges in the energy and resources sector. Meanwhile within each industry of oil,
gas, electricity and water, other challenges and trends are forcing inevitable change in traditional thinking. Issues such as depleting resources, a shortage in skilled
talent and environmental concerns among others all pose a risk to the viability of current practices. What will
be the impact on the public and private sectors? In this white paper Deloitte Middle East aims to enumerate the
wide-ranging trends, their implications and the services that are potentially applicable in overcoming the
challenges.
view the Deloitte Middle East whitepaper-Switched on to Current Trends and Implications
Kuwait bourse aims to delay government sale plan
June 13, 2011--Hamed al-Saif, director and head of the Kuwait Stock Exchange has said the bourse is seeking to slow government plans to sell the country's bourse, on concern it remains too weak three years after the credit crisis triggered a $5bn bailout of financial companies, Bloomberg has reported.
The government must sell 50% of the exchange by the end of this year under the terms of a law approved in February 2010. The remainder is to be sold to Kuwaitis in an initial public offering, al-Saif said. "I'm against the way it is to be privatized," he told the news service.
Sabic gains on Sukuk asset purchase plans
June 13, 2011--The Tadawul market in Riyadh added 0.54% on Monday and closed at 6,584.58 points. Shares of Saudi Basic Industries Corporation (Sabic) finished half a percent higher at SR103.25.
Earlier in the day, Sabic announced its intention to purchase the assets of its first Sukuk amounting to SR3bn which was issued in July 2006, "in accordance with the terms and conditions of the Sukuk," Sabic said in a statement to the Saudi Stock Exchange. The Capital Market Authority (CMA) announced on Sunday, June 12, 2011 its approval for Saudi International Petrochemical Company (Sipchem) to issue its debut Mudaraba Sukuk. "The Mudaraba Sukuk will be in registered form in denominations of SR100,000, subject to a minimum initial subscription amount of SR1m. Sipchem shares ended 0.93% lower at SR21.35.
Banks, real estate shares lift Kuwait Stock Exchange
June 13, 2011--In Kuwait City, the KSE Market Index closed up 0.18% at 6,317.6 points. Budget carrier Jazeera Airways gained further, rising by 1.9% to KD0.214.
According to Bloomberg, KSE director Hamed Al-Saif opposed government plans to sell 50% of the exchange until the end of the year. A law which was passed in February 2010 demands the 50% sale after the government had to bail out a number of financial institutions in the wake of the financial crisis.
Qatar market gains, loses and ends flat
June 13, 2011--The Qatar Exchange (QE) Index finished Monday trading session even at 8,285.67 points. Ship transporting company Nakilat (up 1.35% at QR17.99) outperformed the market.
Nakilat has been trading within a range between QR20 and QR16. Industries Qatar declined 0.79% to QR137.70 as the shares failed to crack the resistance barrier at QR150 four times during the last 12 months.
