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Abu Dhabi market dips by 0.63%
March 17, 2011--The ADX Index closed 0.63% lower at 2,583.81.
Real estate bellwether Aldar Properties closed 0.78% higher at Dhs1.30. Earlier in the day, Aldar reported that it presents the property development on Yas Island, the place of Ferrari World and the UAE Formula-1, to MITT Moscow, "Russia's largest and most important travel industry event from 16-19 March, 2011," the statement says. Fujairah Cement Industries posted the largest gain (up 9.57% at Dhs1.03). First Gulf Bank dived 5.23%, closing at Dhs15.40.
Dubai bourse gains 1.16%
March 17, 2011--The DFM General Index opened in the red and constantly gained during the day and closed 1.16% higher at 1,474.47.
Market bellwether Emaar soared 2.16% to reach Dhs2.85. Shuaa Capital declined 0.95%, finishing at Dhs1.04. Nineteen shares gained, six lost and two finished flat. Traded value increased 2% to Dhs142.87m as 97.19m stocks changed hands. Over the week the DFM gained insignificantly.
Dubai bourse gains 1.16%
March 17, 2011--The DFM General Index opened in the red and constantly gained during the day and closed 1.16% higher at 1,474.47.
Market bellwether Emaar soared 2.16% to reach Dhs2.85. Shuaa Capital declined 0.95%, finishing at Dhs1.04. Nineteen shares gained, six lost and two finished flat. Traded value increased 2% to Dhs142.87m as 97.19m stocks changed hands. Over the week the DFM gained insignificantly.
Egypt says not targeting specific exchange rate
March 17, 2011-- Egypt's central bank has said it is prepared to allow the Egyptian pound to fall gradually in coming months if demand for the currency was to decrease, and that it was not targeting a specific exchange rate, Reuters has reported.
"Our policy is always that we don't target prices" for the currency, Hisham Ramez, the central bank's deputy governor told the news service. "Our policy is that we need the market, that prices be reflected by supply and demand."
Bahrain Bourse re-opens with a small profit
March 17, 2011--The Bahrain Bourse gained 0.10% on Thursday, closing at 1,414.44. Islamic Bank Al Baraka Banking Group surged 7.87% to reach $1.37. Investcorp dived 10%, finishing at $1,138.5.
Regarding the current unrest which is shattering Bahrain, where the ruling King Hamad Ibn Chalifa implemented a three-month martial law, Farouk Soussa, Chief Economist at Citi in Dubai writes in his latest analysis: "Less than 50% of Bahrainis, Saudis and Omanis of working age are actually officially employed, and this number is only just over 60% for the three other GCC countries. Compare this with the OECD average, where despite there being insufficient jobs for the number of nationals of working age, almost 90% of the population is in official employment."
Bahrain closes stock market
March 17, 2011--Bahrain's stock exchange closed down on Wednesday due to the security situation and the declaration of a state of emergency in the kingdom, Bloomberg has reported.
The announcement was made on the website of the bourse, which did not specify when trading is to resume. Bahraini authorities have imposed a curfew in parts of the country from 4 pm till 4 am local time, an army spokesman said on state television yesterday.
Kuwait says current oil prices are sustainable
March 16, 2011--Kuwait's oil minister Sheikh Ahmad al-Abdullah al-Sabah has said that oil prices, at their current levels, are sustainable and there will be no need for Opec to meet before June as prices are dropping,
Reuters has reported. "The oil price is sustainable at this level...the price is falling so there's no need for Opec to meet," Sheikh Ahmad said, adding that Kuwait had not increased its output yet.
Saudi Tadawul bourse gains 0.97%
March 16, 2011--The TASI Index closed 0.97% higher at 6,069.94, as bargain hunters entered the spot. Petrochemical leader SABIC gained 2.37% to reach SR97.
Anaam Holding was the top gainer, closing up 9.97% at SR45.40. Food Products Co. dipped 1.92% at SR15.30 9 (top losing share). Hundred-and-twenty-seven stocks gained, nine lost and nine finished even.
Kuwaiti shares lose across the board
March 16, 2011--The KSE Market or Price Index closed 1.16% lower at 6,250.9.
All sector indexes with the exception of the insurance segment landed in the red. Arkan Al-Kuwait Real Estate Co. bucked the trend by posting largest gain (up 6.55% at KD0.065). Manafae Investment Co. hit the bottom of the charts by finishing 13.55 lower at KD0.064.
Qatar Exchange dips 0.76%
March 16, 2011--The Doha-based QE Index closwed 0.76% lower at 8,122.54.
The insurance sector was the only segment which landed in the green. The country's largest lender by assets and market value Qatar National Bank lost 1.38% to close at QR136. Doha Insurance surged 3.13% to reach QR28.00.
