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Abu Dhabi bourse dips half a percent
March 16, 2011--The ADX General Index declined by 0.55% to close at 2,600.32.
Real estate and energy shares mostly gained, banks and construction companies weighed on the market. RAK Bank posted the largest loss, closing 9.17% lower at Dhs4.17. Abu Dhabi National Energy Co., known as Taqa, added 0.70% to reach Dhs1.43. In 2010, Taqa achieved a full-year net profit of Dhs2.068bn compared to Dhs6.206bn in 2009. Ten shares advanced, nine declined and five closed flat at the ADX.
Dubai market recovers half a percent
March 16, 2011--As global markets stabilised from the Japan shock on Wednesday, the DFM General Index closed 0.53% higher at 1,454.77. Emaar added 1.46% to reach Dhs2.78.
Shares of construction and maintenance specialist Drake and Scull International, known as DSI, gained 0.31% to reach Dhs0.958. Earlier in the day, DSI announced that it has signed a Memorandum of Understanding ('MOU') with Australian based company Earth Heat Resources Limited ('Earth Heat' or 'the Company'), an ASX listed New Energy Company, "to jointly explore, bid for and secure geothermal project opportunities in the Middle East and Africa", a statement to the DFM says. During the last week, DSI surged 9.20%. Investment firm GGICO dived three percent, ending as a top loser at Dhs0.325. Some 94.2m shares (off 19%) worth Dhs140.12m (likewise down 19%) changed hands.
Saud Tadawul bourse dives 3.51%
March 15, 2011--The Tadawul market in Riyadh dropped 3.51% to close at 6,011.85 as global markets were shaken by a worsening situation at Japan's nuclear reactor in Fukushima.
Only three shares gained while 138 lost and four closed even. Market bellwether and petrochemical giant SABIC plummeted 5.25%, finishing at SR94.75. As General Eletric in the U.S., SABIC is considered a market indicator for the entire GCC.
Kuwait market drops by 1.29%
March 15, 2011--The KSE Market index closed at 6,324.3, down 1.29% compared to the previous close.
Banks and investment shares lost in particular. National Bank of Kuwait, known as NBK, weakened 1.69% to close at KD1.160. Shares of Independent Petroleum Group were the main gainers, reaching KD 0.485 (up 5.43%).
Industry, bank shares drag Qatar market down
March 15, 2011--The QE Index in Doha declined for the second day on Tuesday, closing off 1.41% at 8,184.71.
Qatar National Bank and Qatar Islamic Bank both declined by 1.15% to finish at QR137.90 and QR77.60 respectively. General Insurance surged 7.73% to reach QR46.00.
RAK Ceramics soars on corporate governance
March 15, 2011--In Abu Dhabi, the ADX General Index weakened 0.56% to close at 2,614.71 as weak performing real estate and consumer shares weighed on the index. Aldar Properties fell by 3.76%, closing at Dhs1.26 while Dana Gas finished flat at Dhs0.61.
Ras al-Khaima (RAK) Ceramics jumped 8.02% to reach Dhs2.29. Earlier in the day, RAK Ceramics, founded and run by its Global CEO Dr. Khater Massaad, disclosed its annual corporate governance report. According to the report, RAK Ceramics has taken "important step to implement the UAE's legislations from 2009 concerning corporate governance." The report also discloses the actions of the Board of Directors in 2010. Dr. Nasser Saidi, Chief Economist, Head of External Relations of the DIFC Authority and founder of The Institute for Corporate Governance "Hawkamah" encourages moves for greater transparency in the region: "Corporate governance is important for the GCC as it increases transparency and integrity, which are key aspects in order to attracting foreign direct investment and to maintaining trust in corporate management among shareholders, stakeholders, employees and clients", Dr. Saidi told AMEinfo.com.
Dubai market loses 1.90%
March 15, 2011--The local bourse in Dubai declined for the second day as its DFM benchmark index closed 1.90% lower at 1,447.08.
Shares of the DFM plummeted 5.56%, finishing at Dhs1.19. Earlier in the day, the DFM disclosed its 2010 results, reporting a net profit of Dhs78.9m for the year 2010, compared to Dhs346.6m in 2009, a 77% decline. The DFM is the only Arab capital markets whose shares are publicly listed. Emaar Properties (down 2.49% at Dhs2.78) and Arabtec Construction (off 5.63% at Dhs1.34) were the most liquid stocks. Dubai's largest bank in relation to assets Emirates NBD gained 0.31% to reach Dhs3.22. Two shares gained, 22 declined and two remained flat. Some 116.27m shares worth Dhs172.84m changed hands.
Zain KSA soars on Kingdom Holding and Batelco joint 25% purchase
March 14, 2011--The Saudi Arabian Tadawul bourse suffered slightly on Monday after global markets were shaken by the shock of Japan's state of disaster following a tsunami which hit its East coast last Friday.
The TASI benchmark fell 1.25%, closing at 6,230.7. Telecom provider Zain KSA, a subsidiary of Kuwait's Zain, soared 6.29% to reach SR7.60. Earlier in the day, Kingdom Holding Company (KHC, up 2.15% at SR9.50), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, announced the acceptance from the Board of Directors of Zain Kuwait to the non-binding joint offer from Kingdom Holding and Batelco Group to acquire 25% of Zain Saudi Arabia. Filing & Packing Materials Manufacturing Co., known as FIPCO posted the largest decline, finishing 4.51% lower at SR25.40. Forty-seven shares gained, 85 declined and 13 ended flat.
Qatar Islamic Bank shares dive while QIA completes 10% purchase
March 14, 2011--The QE Index, the benchmarkt of the local bourse in Doha, lost 1.84 to close at 8,301.55 points.
Shares of Qatar Islamic Bank plummeted 6.77% to close at QR78.50. Earlier in the Qatar Exchange announced the completion process of adding Qatar Investment Authority (QIA) subscription shares in Qatar Islamic Bank's share capital by 10%, equivalent to 19,691,100 shares.
Kuwait market bucks global downtrend, gains slightly
March 14, 2011--The KSE Market Index added 0.16% to reach 6,406.9 points, mainly through gains in the insurance sector.
Al Arabi Group Holding was the main gainer, closing 9.2% higher at KD0.118.
