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Taqa shares lose slightly on weak first quarter results
May 11, 2011--The Abu Dhabi bourse ADX added 0.19% to reach 2,675.79 points. Abu Dhabi National Energy Co., known as Taqa, declined 1.43% to Dhs1.38.
Earlier in the day, Taqa disclosed a net profit for the first quarter of Dhs152m, down 47% compared to the same period in 2010. Earnings per share amounted to Dhs0.025, down from Dhs0.047. Higher costs of finance weighed on the result. "The increase in total income tax expense was primarily due to tax legislation changes in the United Kingdom imposing a 12% supplementary tax on oil and gas profits", Taqa said in a statement to the ADX. Shares of RAK Properties surged 2.56% to close at Dhs0.39. Its rival Aldar dipped 0.67% to Dhs1.49.
Stock prices, turnover surge at Qatar Exchange
May 11, 2011--The Qatar bourse QE closed 1.15%, finishing at 8,765.14 points. Qatar National Bank soared 2.37%, ending at QR146.90, while Islamic insure Al Khaleej Takaful 2.98% to reach QR48.40.
Barwa Real Estate declined 0.46% to QR32.40. Some 13.3m shares valued at QR614.44m changed hands.
Kuwait market loses 0.18%, Zain plummets
May 11, 2011--The KSE Market index ended at 6,511.2 Wednesday. Shares of telecom operator Zain plummeted 5.1%, finishing at KD1.100 after Abu Dhabi's Etisalat ruled out bidding again for Zain,
The National reported. Budget carrier Jazeera Airways surged 7.24% to reach KD0.148. Jazeera benefits slightly from Wataniya Airways' termination of operations in mid-March this year.
Egypt Stock Exchange Plans ETFs, Short Selling to Spur Trading Amid Unrest
May 10, 2011--Egypt’s stock exchange plans to start exchange-traded funds and allow short-selling this year to boost trading and give investors greater access to local markets, Chairman Mohamed Abd El Salam said.
The Egyptian Exchange will introduce “same-day” short selling and lift a restriction on intraday trading this month, the bourse’s Abd El Salam said in an interview in Dubai yesterday. Intraday trades have been suspended since March when the bourse opened following a two-month closure during the uprising that ousted President Hosni Mubarak in February.
Islamic finance to drive trade and investment flows between Asia and Middle East
May 10, 2011-Islamic finance has emerged as one of the most rapidly expanding sectors in the global financial system and is evolving into an industry with an increasingly significant global footprint.
There are estimated to be over 430 Islamic banks and financial institutions operating in more than 75 countries, and around 191 conventional banks that have Islamic banking windows.
Tamweel shares resume trading as Dubai market rebounds
May 10, 2011--Strong recoveries in the construction and real estate sector lifted the DFM Index by 1.8% to 1,606.78 points. Emaar surged 4.15% to reach Dhs3.26. Islamic home financer Tamweel resumed trading of its shares today and closed 10% lower at Dhs0.891.
"Undoubtedly, this step represents a positive development for investors, particularly that Tamweel has a large investor base with more than 55,000 shareholders," said the DFM's Managing Director and CEO Essa Kazim. Union Properties posted the largest gain (up 7.07% at Dhs0.424). 142.43m stocks valued at Dhs178.56m changed hands.
Kuwait bourse advances further
May 10, 2011--The KSE Market Index added 0.22% to reach 6,522.9 points.
While the banking sector landed in the red, real estate and investment firms supported the recovery. Al Safwa Group Holding posted the largest advance (up 10% at KD0.022). Al Ahli Bank of Kuwait declined 2.89% to KD0.670.
Taqa shares end flat ahead of quaterly results
May 10, 2011--The ADX General Index dipped 0.18% to close at 2,670.82 points. Abu Dhabi National Energy Co., known as Taqa, closed unchanged at Dhs1.40.
Taqa said it will release result for Q1 2011 tomorrow on Wednesday. Aldar Properties shares (off 0.67% at Dhs1.50) weighed on the market.
Oil-related stocks push Tadawul market higher
May 10, 2011--The Tadawul All Share Index (Tasi) closed 0.6% higher at 6,712.97 points.
Sabic gained 0.23% too reach SR109, while Saudi Arabia Refineries soared 3.27%, closing at SR50.50. Saudi Advanced Industries Co. plunged 2.50% to SR15.60. 98 shares gained, 33 declined and 14 ended even.
Abu Dhabi bourse loses amid weak performing real estate shares
May 9, 2011--The ADX General Index declined for the third consecutive day on Monday, closing at 2,675.61 points.
Emirates Insurance Co. posted the largest loss (down 9.85% at Dhs5.40) while Al Dhafra Insurance Co. was the top gainer (up 4.62% at Dhs4.01). Aldar shares dived 3.23% to Dhs1.48. Ten stocks gained, 17 lost and nine finished flat.
