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ADS Securities leverages Abu Dhabi’s strategic location and rising economic prominence to contribute to the global market place
March 7, 2011--Private investors launch $400 million brokerage and trade services provider
New venture is building a large network of leading global liquidity providers
ADS Securities, a full-fledged brokerage and trade services firm that brings significant new opportunities to participants in the global and regional forex, precious metals, commodities, futures and options markets, was launched today in Abu Dhabi. Backed by a capital commitment of $400 million from a group of private investors.
Tadawul market soars 3.27%
March 7, 2011--The TASI benchmark in Riyadh edged 3.27% higher to reach 5,950.74.
Saudi Fransi Bank was the top gainer (up 9.98% at SR44.10) while bellwether Saudi Basic Industries Corp., known as Sabic, recovered 2.65% to close at SR96.75. Atheeb Telecom plummeted 9.85%, finishing at SR5.95. Eighty-seven securities gained, 49 declined and nine closed even.
Financials weigh on Kuwait market, off 0.89%
March 7, 2011--The KSE Market Index dipped 0.89% to close at 6,134.6.
National Bank of Kuwait lost 1.72% to close at KD1.140. Kuwait Investment Co. plummeted 8.33%, finishing at KD0.099. Real estate bellwether Alaqariya surged 15% to reach KD0.0375.
Qatar Exchange surges 2.57%
March 7, 2011--On its first trading day after the bank holiday on Sunday, the Doha-based QE Index closed 2.57% higher at 7,681.82. Qatar National Bank added 1.65% to reach QR129.10.
Food and transport company Zad Holding plunged 6.42% to close at QR51. Earlier in the day, Zad Holding Company discloses its preliminary financial statements for the full-year 2010, revealing a net profit of QR63.2min 2010 compared to QR58.9m in 2009. Earnings per Share (EPS) amounted to QR6.28 in 2010 compared to QR5.85 in 2009.
Etisalat shares gain against the downtrend
March 7, 2011--In Abu Dhabi, the ADX General Index lost 0.46% to close at 2,546.43 in a thin trading session. Three shares gained, among them telecom giant Etisalat (up 0.93% at Dhs10.90). Real Estate bellwether Aldar Properties dived 3.79%, closing at Dhs1.27.
Earlier in the day, Aldar said in a statement to the ADX that the issuance of mandatory convertible bonds worth Dhs3.5bn was approved by an EGM on February 27 and that investment firm Mubadala will issue a convertible bond worth Dhs2.8bn, carrying a 4% interest p.a. Aldard added that the remaining amount is not considered to be issued at this stage. RAK Ceramics was the top loser (off 9.83% at Dhs2.11). As in Dubai, trading volumes plummeted, as some 22.71m stocks worth Dhs47.68m changed hands. Three shares gained, 19 lost and nine closed unchanged.
Dubai market back to reality, dips one percent
March 7, 2011--After the positive start of the week on Sunday, the DFM General Index declined one percent on Monday, closing at 1,375.13.
Salama Insurance was the main loser (down 5.96% at Dhs0.60). Emirates NBD bucked the trend (up 6.95% at Dhs3.23) after the Dubai-based universal bank said its asset management unit signed a strategic partnership with Acordias, a "service platform for financial intermediaries, to facilitate distribution of its managed funds to European domestic, expatriate financial advisers and international life companies", the ENBD statement says. Emaar dipped 1.21%, finishing at Dhs2.44. Seven shares gained, 16 lost and two ended flat. Traded value plunged 60% to Dhs70.5m as 60.38m stocks changed hands.
Egyptian Exchange again fails to reopen, bonds and GDR prices fall
March 7, 2011--The Egyptian Exchange (www.egyptse.com) has failed to meet another self-imposed deadline to reopen yesterday (6 March), and investors are increasingly unhappy. In a statement on 3 March the stock exchange said the delay was linked to the resignation of Prime Minister Ahmed Shafik. Costs of debt are soaring and prices for a foreign-listed exchange-traded fund (ETF) and global depository receipts (GDRs) are falling.
In the statement, the bourse says: “Resuming of trading will be decided following the discussions with Egypt’s new Prime Minister.” New regulations by the Egyptian Financial Supervisory Authority to govern trading, aimed to halt trading if there is too much volatility, are published on the EGX website. There are also requirements of disclosure of who owns the shares and many pages of blocks on share trading by named individuals.
According to interviews by Bloomberg news the EGX market could fall by up to 10% when it does reopen.
Dubai Gold And Commodities Exchange Weekly View-- March 4, 2011
March 6, 2011--Economic Data Overview
The data calendar is sparse in the first three days of the March 7 week, but picks up on Thursday and Friday with a few closely watched economic indicators. Routine announcements from two central banks may signal some shifts in the outlook for official rates, although changes in policy will probably await the outcome of some of the unrest in the Middle East, and its consequent impacts on oil prices.
Probably the most important piece of economic data in the coming week will be the retail sales report on Friday. Strong auto sales and rising petrol prices contributed to the gains, but there may also be higher sales at food stores, restaurants, and at department stores.
The data on international trade on Thursday should help set expectations for GDP in the first quarter 2011. The fourth quarter growth of 2.8% was below what was expected, but the composition of growth sets the stage for stronger activity as 2011 commenced. Imports of oil are going to be more expensive and will raise the overall import components, but exports should benefit from the stronger global economy and rising prices for US agricultural products, as well as demand for manufactured goods. The March IBD/TIPP Economic Optimism Index will be released on Tuesday, while the preliminary Reuters/University of Michigan Consumer Sentiment, the next report of which is set for Friday.
The report on consumer credit outstanding is due on Monday and should reflect the gains in motor vehicle sales, and the consequent increases in auto loans. Initial claims for unemployment insurance on Thursday could reinforce the more optimistic view of the labour market. Levels of new claims have been below the psychologically important 400,000 mark in three of the last four weeks. The next FOMC meeting on March 15 approaches, and the traditional press blackout period goes...
Cairo bourse closes indefinitely
March 4, 2011--Egypt's stock exchange, which suspended trading a month ago when nationwide anti-regime protests erupted, said on Thursday it will remain closed until further notice.
"Due to the latest developments in Egypt, (Egypt's stock exchange) EGX decided to suspend trading next Sunday, 6th of March," the bourse said in a statement. The stock exchange, which closed on January 27, was due to re-open Sunday.
"Resuming of trading will be decided following the discussions with Egypt's new prime minister," it added.
Egypt's ruling military council earlier on Thursday named Essam Sharaf prime minister, after the resignation of Ahmed Shafiq who was heading a caretaker government.
Banking sector gains at Kuwait Exchange
March 3, 2011--The KSE Market Index dipped 0.16% on Thursday, closing at 6,147.7 points. Kuwait International Bank surged 5.665 to reach KD0.280.
Kuwait's largest lender National Bank of Kuwait jumped 4.68%, finishing at KD1.340 as did telecom giant Zain (up 4.68% at KD1.340). The banking segment was the only sector which landed in the green as uncertainty over the outcome of civil unrest in Libya weighs on the market.
