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Abu Dhabi energy stocks end flat, real estate firms lose
June 8, 2011--Gains in the banking sector kept the ADX in Abu Dhabi advancing, as the ADX General Index added 0.23% to reach 2,696.36 points.
National Bank of Umm al-Qaiwain rebounded by 8.11%, closing at Dhs2.00. Energy bellwethers Taqa and Dana Gas both ended flat at DHs1.26 and Dhs0.64, respectively. The emirate's largest real estate firms Aldar Properties (down 2.21% at Dhs1.32) and Sorouh Real Estate (1.48% lower at Dhs1.31) weighed on the market. Trading remained thin as 44.92m shares were traded, valued at Dhs86.91m changed hands.
Investors dump Dubai real estate shares
June 8, 2011--The DFM General Index declined 0.70% on Wednesday and finished at 1,552.74 points.
Dubai Refreshments plummeted 7.91% to Dhs9.90. Emaar was the most liwuid shares and fell 2.22% to Dhs3.09. Islamic home finance company declined 2.17% to Dhs0.945. Around 133.92m stocks valued at Dhs146.55m changed hands.
Bahrain stock exchange looks to boost trading volumes
June 8, 2011--Bahrain's stock exchange plans to start short-selling and the delivery-versus-payment (DvP) system in 2012, as it seeks to boost trading volumes amid unrest in the Middle East, Bloomberg has reported.
The measures will be implemented in the first quarter of 2012, and DvP will be started "to an extent," Khalifa Bin Ebrahim Al Khalifa, deputy director at Bahrain Bourse, said. "The changes will lead us eventually to meet the criteria at the index provider. We have a competitive advantage against the regional stock exchanges; with these changes, we'll have even more."
Tadawul bourse declines 0.65%
June 7, 2011--The Saudi Stock Exchange took a break from its recent advance and closed down 0.65% at 6,614.13 points.
Saudi Printing & Packaging Company gained the most, closing 4.23% higher at SR14.80. Sabic remained in a fickle mood, closing off 0.27% at SR104.00. Only 19 shares gained, 116 lost and ten ended flat.
Qatar market ends index meltdown
June 7, 2011--The Doha-based QE Index rebounded 0.81%, closing at 8,183.50 points. The country's largest lender by assets Qatar National Bank advanced 0.96% and closed at QR136.50. Commercial Bank of Qatar, known as CBQ, declined 0.85% to QR70.40.
Qatar Telecom, known as Qtel gained 1.41% to reach QR150.70. Earlier in the day, Qtel announced today that it is taking steps to comply fully with ictQATAR's instruction to close down Qtel's Virgin Mobile Service (QVMS). "ictQATAR recently issued Orders instructing Qtel to close down Qtel's Virgin Mobile Service and remove the Virgin Mobile brand from the market," the statement says.
Kuwait Stock Exchange closes even
June 7, 2011--The KSE Market Index failed to join the general recovery mood in the GCC and closed even at 6,314.1 points.
Salbookh Trading posted the largest gain (7.8% higher at KD0.069). Al Dar National Real Estaet fell the most (down 8.7% at KD00.021). Year-to-date the KSE lost 9.22%.
Abu Dhabi Commercial Bank shares rise further
June 7, 2011--The Abu Dhabi bourse index ADX added 0.45%, finishing at 2,690.05 points. Abu Dhabi Aviation gained the most, closing at Dhs3.45. Abu Dhabi Commercial Bank (ADCB) surged 3.63%,
ending at Dhs3.17. ADCB still benefits from its move to sell its 25% stake in Malaysia's RHB. Aldar Properties dipped 1.45% to Dhs134. Thirteen shares gained, ten fell and eight ended even. Around 54m shares valued at Dhs110.94m changed hands.
Dubai market find bottom amid high turnover
June 7, 2011--The DFM General Index ended 0.09% higher at 1,564.88 points.
Shares of district cooling specialist Tabreed gained 6.84% to reach Dhs1.25. Emaar remained in a stutter mode, closing 0.94% lower at Dhs3.16. Seventeen stocks lost, eight declined and four ended even. Some 266.54m shares were traded, valued at Dhs280.53m.
Methanol Chemicals rises on SR832m Murabaha refinancing facility
June 7, 2011--The Saud Tadawul index Tasi advanced 0.46% on Monday, closing at 6,657.63 points. Shares of Methanol Chemicals Co. added 0.70%, ending at SR14.40. Earlier in the day, Methanol Chemicals announced it agreed on
a Murabaha Refinancing Facility Agreement compatible with the Islamic Shariah "at a competitive rate" with consortium of banks, namely SABB, Riyadh Bank and Samba for a total loan amount of SR832m. Under Murabaha, banks purchase assets and re-sell these assets to a client above par, which the customer repays in predefined annuities including an agreed margin of profit. "Methanol Chemicals is liable to repay the sanctioned loan of SAR 832 million in 14 semi-annual installments ranging from SR 32m to SR55m commencing from 15 July 2011 and ending 15 December 2017," the statement says. Market bellwether Sabic closed even at SR104.75. Year-to-date the Tasi gained 0.56%, the best performance among all Arab stock markets and the only gaining composite in 2011 (as yet).
Egypt to exempt dividends from tax
June 7, 2011--The head of Egypt's stock exchange, Mohamed Abdel Salam has said the dividends of listed companies will be exempted from new taxes proposed by the government in its 2011/12 budget, Reuters has reported.
"We reached an agreement to exempt companies listed on the bourse from a tax on distributed profits. At this time we need confidence in the market and to reduce the burden on investors," Abdel Salam said.
