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Egypt's foreign reserves tumble by $1.7bn in February
March 10, 2011--Egypt's central bank deputy governor Hisham Ramez has said net foreign reserves plunged by $1.69bn in February to $33.32bn from $35.01bn a month earlier, the biggest one-month decline in over a decade as political turmoil drove capital out of the country
and put pressure on its currency, Reuters has reported. Ramez said the fall "was not big, considering what Egypt just went through," declining to go into specifics on how the reserves were drawn down.
Tadawul market advance decelerates
March 9, 2011--The Saudi Arabian Tadawul market added 0.57% to reach 6,108.67.
SABIC (up 1.25% at SR101.50) pushed the index higher, but 57 out 145 traded shares declined as investors started to book profits. Anaam Holding posted the largest advance, closing 9.97% higher at SR37.50. Alkhaleej Training and Education Company dipped 0.26%, finishing at SR39.00. Earlier in the day, the Capital Market Authority (CMA) announced it has approved National Industrialization Company request to increase its capital from SR5,067,531,550 to SR5,574,284,710 through issuing one bonus share for every ten existing shares owned by the shareholders.
Qatar Exchange adds two percent
March 9, 2011--After recapturing the level above 8,000 points on Tuesday, the QE Index continued to advance on Wednesday, closing two percent higher at 8,171.59.
Shares of Industries Qatar jumped 3.14% to reach QR131.20. Earlier in the day, Qatar Steel Company, a subsidiary of Industries Qatar, and Siemens VAI, signed a contract for the construction of a Steel Making Plant, capable of producing 1.1 million tons per year. "The plant will be designed according to Siemens VAI's best technology in the field of steel plant machinery, equipment and automation", the statement to the QE says.
Kuwaiti banks lift stock market out of the trough
March 8, 2011--The KSE market index closed 1.32% higher to reach 6,218.9. Financials were the driving force of the surge
National bank of Kuwait, known as NBK, gained 3.5% to reach KD1.180. Noor Financial Investment topped the charts by closing nine percent higher at KD0.030.
Tadawul market breaks through 6,000 barrier
March 8, 2011--Saudi Arabia's Tadawul market regained territory on Tuesday,
closing up 2.07% to reach 6,073.79. Sabic crossed the SR100, closing 3.62% higher. Atheeb Telecom posted the largest loss, closing 5.04% lower at SR5.65.
NASDAQ Dubai: DP World surge 7.29%
March 8, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1491.960 today, up 4.64%, from the previous close. Maritime port operator DP World jumped 7.29% to close at 57.4 US-Cent.
Jewellery trader Damas International Ltd. plunged 11.11% to close at 0.08 US-Cent. DEPA Ltd., the Dubai-based interior designer, ended flat at 64 US-Cent.
Qatar market gains 4.30% as financials surge
March 8, 2011--The QE Index in Doha closed over four percent higher at 8,011.77
Qatar National Bank jumped 5.73% to reach QR136.50 while Al-Khalij Commercial Bank dipped 0.33%, finishing at QR18.14. "Emerging markets offer higher chances than the developed countries these days, as they benefit from rising commodity prices", US economist Nouriel Roubini said a today's Hedge Funds World in Dubai.
Bahrain Bourse weakens 0.28%
March 8, 2011--The Manama-based Bahrain stock market closed 0.28% lower at 1,393.15.
Bahrain Telecom, known as Batelco, posted the largest decline, closing down 4.55% at BD0.42. Gains at banks failed to uplift the market, as Islamic bank Al Salam Bank surged 7.84% to reach BD0.055.
Real estate share push Abu Dhabi market higher
March 8, 2011--The ADX General Index added 0.96%, finishing at 2,573.05 on higher trading volumes.
Real estate heavyweights Aldar (up 3.15% at Dhs1.31) and Sorouh (2.91% up at Dhs1.07) were the driving forces behind the surge as energy bellwether Taqa declined 0.71% to close at Dhs1.41. Its rival Dana Gas from the emirate of Sharjah added 1.72% to reach Dhs0.60.
Bahrain Bourse weakens 0.28%
March 8, 2011--The Manama-based Bahrain stock market closed 0.28% lower at 1,393.15.
Bahrain Telecom, known as Batelco, posted the largest decline, closing down 4.55% at BD0.42. Gains at banks failed to uplift the market, as Islamic bank Al Salam Bank surged 7.84% to reach BD0.055.
