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.
Source: AME Info
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.
Source: AME Info
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.
Source: African Capital Markets News
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...
Source: Dubai Gold & Commodities Exchange
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.
Source: Zawya
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info