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Saudi Stock Exchange gain lifts its year-to-date performance into the green
April 25, 2011--The Tadawul market closed 1.07% higher at 6,684.7. Market leader Sabic, worth $88.2bn (market capitalisation), recovered 1.13%, closing at SR111.50.
Yamamah Cement was the top loser (down 2.10% at SR58.20). Year-to-date, the Tadawul market gained 0.98%, representing the highest return among all Arab stock markets (as yet).
Kuwait market bucks regional downtrend
April 25. 2011--After starting the week flat, the KSE Market Index recovered 0.33% on Monday, closing at 6,465.6. Shares of Grand Real Estate rose 14.8% to reach KD0.0155.
National Bank of Kuwait added 3.33%, finishing at KD1.240. Al Safat Real Estate posted the largest loss (off 8.10% at KD0.017). All sector indices landed in the green with the exception of the food segment.
Dubai market loses as real estate, construction shares tumble
April 25, 2011--Dubai's local stock market fell for the second day straight, closing at 1,638.23 (off 1.62%).
Market bellwether Emaar dived 2.91% at Dhs3.34, while Arabtec construction plummeted 4.64% at Dhs1.44. Logistics specialist Aramex (up 1.60% at Dhs1.91) bucked the regional downtrend. Some 187.01m shares valued at Dhs291.38m changed hands. Three stocks gained, 21 lost and two remained even.
Yemeni president to step down
April 25, 2011--Yemen's president Ali Abdullah Saleh has agreed to a proposal by GCC mediators to step down within 30 days after 32 years in power and hand power to his deputy in exchange for immunity from prosecution, the Associated Press has reported.
The Gulf Cooperation Council has been seeking to broker an end to the crisis in the fragile and impoverished nation on the southern edge of the Arabian Peninsula. Under the latest draft, Yemen's parliament would grant Saleh legal protection from prosecution. The president would submit his resignation to lawmakers within 30 days and hand power to his vice president, who would call for new presidential elections.
Abu Dhabi investment firm sees value bets in UAE
April 25, 2011--Abu Dhabi-based investment firm Invest AD has said that despite the recent rally a few select banks and holding companies in the UAE are attractive buys, Reuters has reported. "In the UAE, there are still a few companies which are quoting at significant discount to fair value. People have painted everything with the same brush,"
Sachin Mohindra, manager for Invest AD's GCC Focus Fund told the daily. "If you look at some of the bigger Abu Dhabi banks like FGB or NBAD, they earn a return on equity of around 18% and are still available below book value," he said. "There is a mispricing somewhere and it will play out eventually."
Tadawul bourse adds a quarter percent
April 25, 2011--For Saudi Basic Industries Corporation, known as Sabic, the only way remains up. Sabic rose for the fourth day straight, closing at SR112.5 (up 0.67%).
The Tadawul market index finished 0.24% higher on Saturday, ending at 6,590.64 points. Al Rajhi Takaful plummeted 10%, closing at SR39.60. Petro Rabigh posted the largest advance (gaining 9.69% at SR26.60). Fifty-seven shares added value, 72 lost and 16 ended even.
Saudi unemployment reached 10% in 2010
April 25, 2011--According to a report by Banque Saudi Fransi, unemployment in Saudi Arabia reached 10% in 2010, with the highest among Saudis in the age group of twenty to twenty-four years, reaching 39%, Arab News has reported.
These figures would continue to increase in the coming two years, the bank said. More than two million jobs were created in the private sector during the past five years, of which Saudis only constituted about 10%, the report said.
Markets seen consolidating; Egypt eyes Mobinil
Saudi petrochemicals to outperform
Egypt awaits turmoil impact on Mobinil earnings
April 21, 2011--Trading in Gulf Arab markets appears immune at times from turmoil in the wider region, judging from new highs reached this week.
Upbeat first quarter earnings from companies in Saudi Arabia spurred gains, and the petrochemical sector is forecast to outperform on rising fuel prices.
But regional stock indexes are due for a correction, analysts say, as share trading shifts to track global equities and energy prices more closely.
Qatar market recovers a quarter percent
April 21, 2011--The QE Index closed 0.23% higher at 8,647.73 points. The country's largest conventional bankk Qatar National Bank soared 2.82%, ending at QR149.50.
Al Khaleej Takaful dipped 2.22%, finishing at QR44.00. Shares of Barwa Real Estate ended off 1.80% at QR32.80. The total trading value during the period of April 17 through April 21 reached QR1.7bn, the QE management revealed.
Egypt economy contracts 7%
April 21, 2011--Egyptian finance minister Samir Radwan has said the country's economy has contracted 7% in the third quarter of the fiscal year that ends on June 30, Bloomberg has reported.
Exports fell 40%, the value of imports increased due to higher global commodity prices and tourism revenue "went away," the minister told Cairo-based TV channel ONTV. Egypt will obtain a $2.2bn loan from the World Bank, payable over 18 years with an interest rate below 3%, Radwan said in the interview.
