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Barclays cuts Bahrain, Oman growth forecasts
April 7, 2011--Barclays Plc has said growth of the economies of Bahrain and Oman will be less than previously forecast this year as uprisings in the two Arabian Gulf states take a toll on industries such as financial services and tourism, Bloomberg has reported.
Bahrain's real gross domestic product will expand 1.4%, down from a previous forecast of 4.3%, while Oman's economic growth was downgraded to 4.5% from 5.2%, Barclay's Capital senior economist Alia Moubayed said in an e-mailed report yesterday. In countries where "severe unrest occurred, primarily in Bahrain and to a lesser extent in Oman, non-hydrocarbon growth is likely to slow despite the expected increase in government spending and support from neighbouring GCC states," the report said.
Oil could hit $200-300 if unrest in Saudi - ex-minister
April 6, 2011-- Former Saudi oil minister, Sheikh Zaki Yamani has said that if serious political unrest hits Saudi Arabia oil prices could skyrocket to between $200 and $300 a barrel, Reuters has reported.
"I don't expect this for the time being, but who would have expected Tunisia?" he said. Asked whether the United States was likely to succeed in cutting its dependence on Saudi oil, he said: "From the 1950s, American presidents have been saying this."
Tadawul bourse gains 0.4% as oil prices rise further
April 6, 2011--As in Dubai, the Saudi Arabian Tadawul market started modestly on Wednesday, but eventually gained pace and ended 0.4% higher at 6,574.63. Saudi Basic Industries Corp.,
known as Sabic, finished half a percent up at SR107.25. Oil prices continued to rally on Wednesday, with Nymex-quoted Light Crude reaching 108.6 US-Dollar (up 0.46%).
Qatar National Bank gains on rising net profit
April 6, 2011--The QE Index closed 1.12% to reach 8,591.77.
Qatar Islamic Bank jumped 2.47% to reach QR83. Al Khaleej Takaful dipped 3.7%, closing at QR43.00. Qatar National Bank (up 0.87% at QR139.20) disclosed an interim net profit for the first quarter 2011 of QR1.7bn in comparison to QR1.3bn for the corresponding period in 2010. The Earnings per Share (EPS) amounted to QR3.4 as of March 31, 2011 versus QR2.5 of the same period in 2010.
Abu Dhabi bourse remains stuck at 2,590 points
April 6, 2011--Wednesday marked another lacklustre trading day in Abu Dhabi. The ADX General Index closed 0.06% higher at 2,591. Shares of developer RAK Properties closed unchanged at Dhs0.39.
Earlier in the day RAK Properties announced that it intends to hand over the 43-storey RAK Tower on Al Reem Island in Abu Dhabi "soon". The tower consists of 212 residential apartments. ADX Heavyweights Aldar Properties and Dana Gas also closed unchanged at Dhs1.50 and Dhs0.66 respectively. National Marine Dredging Co. was the top gainer (up 9.17% at Dhs10.00), while National Bank of Fujairah (down 9.92% at Dhs3.18) posted the largest loss. Some 99.7m stocks worth Dhs145.46m were traded.
Dubai market recovers 1.30%
April 6, 2011--Thanks to a strong "home run" during the last hour of trading, the DFM General Index closed 1.30% higher at 1,557.64. On Tuesday, five-year credit default swaps for Dubai sovereign bonds decreased to 380 basis points, the lowest level since November 2008.
Aabtec Construction surged 3.61%, closing at Dhs1.72%. Shuaa Capital ended flat at Dhs1.12. Earlier in the day the Dubai-based investment bank that its Chief Financial Officer David Deards stepped down on April 5th with a successor yet to be appointed. In 2010 Shuaa halved its losses to $61m from $144.2m in 2009. Shares of Emaar Properties dipped 0.32%, finishing at Dhs3.16. Some 101.38m stocks valued at Dhs164.1m changed hands. Seventeen stocks gained, seven closed lower and two closed flat.
Egypt economic growth now expected to be 2.5%
April 6, 2011--Egypt's finance minister, Samir Radwan has sharply revised down earlier estimates of the country's economic growth rate to 2.5%, the Associated Press has reported.
The budget deficit could widen to 8.5% from earlier estimates of 7.9%. The deficit could expand further, hitting 9.5% in fiscal 2011-2012, the minister said. Egypt would seek to broaden its "fiscal landscape" by trying to secure aid and reaching out to the oil rich Gulf countries, Radwan said.
Regional tensions weigh on Tadawul market
April 5, 2011--The Saudi Stock Exchange closed 0.87% lower at 6,548.42 as growing diplomatic tensions between Riyadh and Tehran dragged the market sentiment down. Iran blames
Saudi Arabia of having "invaded" Bahrain, while the GCC foreign miinisters told Tehran on Sunday to stay ouf domestic Arab affairs. Weak performing energy and utilities shares were the main reason behind the index decline. Market bellwether SABIC ended off 0.23% at SR106.75. AXA Cooperative Insurance Company posted the largest advance, closing 4.15% higher at SR27.60.
Qatar Exchange adds 0.42%
April 5, 2011--The Doha-based QE Index reached 8,496.25 on Tuesday. Shares of Qatar Telecom (Qtel) belonged to the driving forces behind the index surge, as Qtel closed 3.08% higher at QR144.
Qatar National Bank (QNB) added half a percent to close at QR138. Capital Intelligence (CI), the international credit rating agency, today announced that it has raised QNB's Financial Strength Rating (FSR) to 'AA-' from 'A+', as AMEinfo.com reported earlier in the day. The ratings action follows continuous improvement in the Bank's overall performance and financial condition, as these are reflected by the Bank's very strong credit metrics. The Bank's Long-Term and Short-Term Foreign Currency Ratings are affirmed at the same level as the Sovereign Ratings of 'AA-' and 'A1+', respectively. Al Khaleej Takaful declined 1.11%, ending at QR44.65.
Kuwait bourse advances insignificantly
April 5, 2011--The KSE Market Index closed 0.04% higher at 6,303.6, thankks to gains in the banking and investment segment.
Telecom giant Zain advanced by 1.4% to reach KD1.380. Most shares ende unchanged amid a lacklustre trading session on Tuesday.
