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Abu Dhabi market gains slightly amid dull trading
June 13, 2011--The ADX General Index added 0.38% to reach 2,709.56 points. RAK Ceramics was the most liquid share (up 3.49% at Dhs0.93). Dana Gas fell 1.59% to Dhs0.63%.
Real estate giant Aldar ended flat at Dhs1.32. Eleven stocks gained, nine lost and eight closed unchanged while 41.51m stocks worth Dhs67.95m changed hands.
Ajman Bank rises, launches ladies banking 'Mahra'
June 13, 2011--The Dubai Financial Market (DFM) closed 0.38% higher at 1,557.60 amid thin trading.
Emaar Properties was lifted by 0.65% to Dhs3.10. Ajman Bank jumped 2.71%, reaching Dhs0.909. Earleir in the day Ajman Bank, an Islamic bank founded in 2007, launched Mahra Ladies Banking, which will be headed by Maryam Al Shorafa. Budget flyer Air Arabia dipped 0.72% to Dhs0.69. Air Arabia announced today that it had signed a memorandum of understanding (MoU) with the Telecommunications Regulatory Authority (TRA) that will lead to enhanced online security. At the DFM, 16 shares gained, 10 closed lower and three ended flat. Around 68.77m shares were traded, valued at Dhs77.56m.
DGCX Weekly Market Comentary -June 12, 2011
June 12, 2011--Economic Data Overview
The June 13 week is packed with first-tier US economic data, and comes shortly in advance of the next FOMC meeting. Thus, the Committee will have some fresh information to gauge conditions at the mid-point in the second quarter 2011. The current batch of softer data is expected to give way to stronger growth in the second half of the year, but policymakers are still characterizing the recovery as sluggish or sub-par.
The May data on retail and food sales on Tuesday leads off the major reports for the week. The numbers are likely to look soft due to slowing rises in gasoline prices that will moderate the pace service station sales, and the declines in motor vehicle sales that were in part from limited inventories of the most sought-after models. Other types of retailers may have a somewhat better performance. At this time of year sales generally increase for building materials and gardening equipment. Warm weather probably means that seasonal merchandise did well at department and apparel stores. The release of some new games for the most popular consoles should have helped at electronic specialty stores. Slow activity in housing probably restrained sales of household appliances and furniture.
The May Producer Price Index will be released on Tuesday and the Consumer Price Index is set for Wednesday. The back-to-back inflation reports will be influenced by the same factors. Moderation in some food prices and for fuels will likely mean that the headline numbers will see smaller increases this month after some fairly sharp rises in March and April. Outside of food and energy, gains in other commodities will be less visible as well. There may be some upside risks to prices for motor vehicles as demand for fuel-efficient passenger cars was higher even as supplies were smaller.
The release of the June preliminary Reuters/University of Michigan Consumer Sentiment Index on Friday may signal some improvement in
DP World fails to benefit immediately after LSE dual listing
June 9, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1683.75, down 0.31% from the previous close.
Shares of DP World fell 1.56% to $12.60, the port operator started trading depositary interests on June 1st at the London Stock Exchange (LSE). Interior designer Depa Ltd. closed unchanged at $0.55.
Gulf Franchising Holding tops Kuwait Stock Exchange
June 9, 2011--The KSE Market Index finished on Thursday flat at 6,306.7 points.
Shares of Gulf Franchising Holding gained the most, closing 7.8% higher at KD0.025. Gulf Bank of Kuwait advanced 1.85%, finishing at KD0.550. Ob erthe first complete trading week of June, the KSE dipped by half a percent.
Qatar bourse recovers 1.13%
June 9, 2011--Advances in the industrial sector helped the Qatar bourse to advance to 8,276.27 points (up 1.13%). Industries Qatar soared 3.73% to reach
QR139.00. Barwa Real Estate added 2.27%, closing at QR29.30. Over the week, the QE Index added 0.43%.
Etisalat shares rise, as firm remains open for Syrian mobile licence
June 9, 2011--The ADX General Index in Abu Dhabi aded 0.26% to close at 2,703.34 points. Telecom provider Etisalat closed 0.93% higher at Dhs10.70. Earlier in the day,
Etisalat has said that it has currently no need for an issuance of a GMTN or Sukuk under the programme stablished in November 2010. Etisalat said further it remains open for applying for a mobile licence in Syria, "if the terms change", without specifying further. Aldar Properties ended a rollercoaster week with a day-loss of 0.75%, closing at Dhs1.33. Around 40.7m stocks were traded, valued at Dhs71.77m.
Emirates NBD shares top Dubai market rebound
June 8, 2011--After a strong start which lifted the DFM almost one percent higher the DFM General Index lost steam during the last hour of trading and closed a quarter percent higher at 1,556.71 points.
The sheikhdom's and UAE's largest bank Emirates NBD gained the most, surging 2.19% to Dhs4.20. Emaar Properties added 0.97%, closing at Dhs3.12. Investors booked profits at Tamweel (down 0.53% at Dhs0.94) and Ekttitab (off 2.10% at Dhs0.373). Some 81m shares valued at Dhs91.61m changed hands. Over the week, the DFM dipped 0.86%.
Tadawul bourse falls after 'worst' OPEC meeting
June 8. 2011--Saudi Arabia's Tadawul index fell 1.11% to 6,540.65 points on its last trading day of the week. The Organization of the Petroleum Exporting Countries (OPEC) failed to rech an agreement to hike output in order to reduce oil prices. The Saudi Oil Minister Ali Al-Naimi called this meeting in Vienna one of the worst ever.
Algeria, Libya, Iran and Venezuala led a group of six member states refusing to agree on a hike. West Texas Oil increased 1.55% to $100.71. Insurance shares in particular fell in Riyadh. Gulf General Cooperative Insurance Company dived 9.81% to SR33.10. AXA Cooperative Insurance Company plummeted 6.97% to SR42.70. Bellwether Sabic declined to SR102.75 (off 1.20%) , the lowest level since March 29, 2011. Year-to-date the Tadawul bourse fell back in the red, down 1.21% since Januar 1st 2011.
Qatar Exchange closes unchanged
June 8, 2011--Thanks to a last-minute swing, the QE Index ended a rollercoaster trading day even at 8,183.41 points. Qatar Islamic Bank added 1.30% to reach QR78.00.
The Qatar Central Bank has ordered the separation of Islamic and conventional bans until the end of the year. The renowned Shari'ah sholar Dr. Huseein Hamid Hassan told AMEinfo.com today during Hawkamah's presentation of the Policy Brief on Corporate Governance of Islamic Financial Institutions that Qatar's initiative is "step into the right direction as regulators should not treat Islamic banks like conventional banks."
