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Qatar bourse dives 2.20%
March 3, 2011--The Doha-based QE Index closed 2.20% lower at 7,489.25.
All sector indices ended in the red. The country's largest lender Qatar National Bank dipped 0.16% to close at QR127. Al Ahli Bank bucked the trend and added 0.51% to reach QR59.70.
Real estate shares stabilise Abu Dhabi bourse
March 3, 2011--The ADX General Index added 0.10% to reach 2,529.82. Following weeks of nonstop-declines, investors lifted Sorouh Real Estate (up 1.01% at Dhs1.01) and ended dumping Aldar Properties (flat at Dhs1.30). Shares of Abu Dhabi National Takaful closed likewise even at Dhs3.15.
Earlier in the day, the Islamic insurance operator reported a full-year net profit of Dhs21m against Dhs2.5m in 2009. 65.29m securities worth Dhs96.447m changed hands as 11 gained, nine remained flat and 12 declined.
Dubai market deeclines further, down 1.61%
After hitting a seven-year low yesterday, the DFM General Index declined 1.61% on Thursday to close at 1,352.24. Real estate firms Emaar (off 3.60% at Dhs2.41), Deyaar (down 8.30% at Dhs0.210 and Union Properties (1.51% lower at Dhs0.253) weighed on the market. March 3, 2011--
The UAE's second telecom provider Du dipped 1.74%, closing at Dhs2.82. Earlier in the day, Du announced that its full-year net profit before royalty increased by 132% year on year to Dhs1,226m versus Dhs528m in 2009. "856,000 net active1 mobile customers added during the year, taking the total at year end to 4.3m", Du says in a statement to the DFM. Tabreed surged 2.89% to reach Dhs0.998 after the Dubai-based cooling specialist said it will receive Dhs3.1bn financing from Abu Dhabi's sovereign wealth fund Mubadala. Seven shares gained, 20 declined and four ended flat. Some 145m stocks worth Dhs196.31m changed hands.
Bahrain Bourse's sharp fall extended
March 3, 2011--The Bahrain Bourse's free fall continued on Thursday as the benchmark index closed 2.30% lower at 1,377.36.
The advances from September 1st 2010 until end of February 2011 have been wiped out during this week. Ahli United Bank posted the largest loss (down 10% at $0.63). Only Gulf Hotel Group (up 5.88% at BD0.90) posted an advance.
Fourteen Saudi shares buck downtrend on Wednesday
March 2, 2011--The Tadawul market dived 3.89% on Sunday, closing at 5,323.27. The decline at SABIC shares (off 0.87% at SR85.25) slowed down a bit, while Alinma Bank lost the most (down 3.80% at SR8.85).
Saudi Printing & Packaging Company surged nine percent to reach SR10.80. Fourteen shares gained and 131 lost value.
Kuwait Exchange dives 2.59% as Zain shares tumble
March 2, 2011--The KSE Market or Price Index ended on Wednesday 2.59% lower at 6,157.70. Mobile Telecommunications Co., known as Zain, plunged 5.88% to close at KD1.280.
Zain's rival Etisalat from Abu Dhabi failed to buy a 46%-stake in Zain as the major Kuwaiti shareholder Kharafi group eventually turned the offer down. The deal would have had a volume of $12bn.
Qatar Telecom discloses results, dips 3.60%
March 2, 2011--The Doha-based QE Index fell by 3.57% to close at 7,657.47. Shares of Qatar Telecom, known as Qtel, weakened 3.60% to close at QR144.60. Earlier in the day,
Qtel revealed a net profit of QR2.9bn in 2010 versus QR2.8bn in 2009. Islamic Insurance bucked the trend, gaining 2.84% to reach QR39.80.
Emirates Insurance Co. surges on 70% profit increase
March 2, 2011--The Abu Dhabi-based the ADX General Index declined 1.82% to close at 2,527.40. Investors continued to dump real estate shares as the sector index dived 7.35%.
Pharmaceutical producer Julphar from Ras al-Khaima gained 6.56% to reach Dhs1.95. Julphar was only outperformed by Emirates Insurance Co. (EIC, up 7.53% at Dhs6.00). Earlier in the day, EIC disclosed a full-year 2010 net profit of Dhs108.06m, a 70% increase compared to 2009. Aldar Properties were the most liquid shares, closing 9.29% to finish at Dhs1.26. Etisalat shares dipped 0.46%, closing at Dhs10.75 after it was announced that telecom provider Zain in Kuwait did not get green light from its shareholder for Etisalat's desire to buy 46% of Zina. Five shares gained, 26 declined and two ended flat.
Dubai GDP expected grow by up to 5% this year
March 2, 2011--Dubai's Chamber of Commerce and Industry (DCCI) has said the emirate's economy may grow by up to 5% this year, Gulf News has reported. "We expect 3% to 5% of real gross domestic product (GDP) growth in 2011,"
Hamad Bu Amim, director general of DCCI said. "Service sectors, trading and logistics will see most growth," he noted. Dubai's economy, which accounts for almost a third of the UAE's overall output, grew 2.5% year-on-year in the first nine months of 2010, the emirate's statistics office head said in February.
Egyptian stock exchange rejects calls for manipulation of last week of trading
March 2, 2011--The Egyptian stock exchange has rejected calls from angry protesters to cancel trades made shortly before the bourse shut for a month, Reuters has reported.
Investors have demanded that trades in the last two days of business on January 26 and January 27, before the bourse was closed in the wake of anti-government protests, should be cancelled. "The public prosecutor has assured that there was no manipulating in the last week of trading (on the Egyptian bourse)," bourse head Khaled Serry Seyam said.
