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Kuwait banks fail to lift stock market index
February 15, 2011--Despite gains in the banking and industry sector, the KSE Market Index weakened by 0.14% to close at 6,651.4 points.
Financial heavyweights National Bank of Kuwait (up 2.94% at KD1.400) and Islamic bank Kuwait Finance House (up 1.72% at KD1.180) were the main gainers in the banking segment. International Finance Co. posted the largest loss, declining by 8.1% to close at KD0.248.
Qatar market gains 0.50%
February 15, 2011--The QE Index in Doha closed on Tuesday at 8,981.10. Qatar Electricity And Water Company closed 0.62% lower at QR129.20. Earlier in the day, Qatar Electricity disclosed an audited net profit of QR1.2bn in 2010 compared to QR945m in 2009.
Logistics specialist Gulf Warehousing Co. surged 9.90% to reach QR27.75. The firm's Annual General Meeting on Monday approved the Board of Directors' proposal for distributing a cash dividend at the rate of 10% of the nominal value of the share representing QR1 per share.
Foreign investors keeping close eye on Saudi stock exchange situation
February 15, 2011--Although officials in Saudi deny any changes are imminent, there is growing talk of the region's biggest stock exchange being opened up to direct investment from foreigners. But what would this mean for Saudi, and why are policymakers taking so long to make the transition?
Although officials have since denied its existence, a document seen by newswire Reuters in January this year apparently showed that at a December 2010 meeting, Saudi stock exchange officials asked representatives from regional banks and brokerages to check capabilities for handling foreign accounts. "We might see the markets opening up in the first half of 2011 or probably in the second quarter," a source familiar with discussions told the newswire. "It's not a question of if it will happen, but when it will happen."
Standard & Poor’s to launch S&P/Harel Sector Indices on the Israeli equity market
September 14, 2011--Standard & Poor's (MHP.N) said on Monday it will launch two equity indexes along with Harel Financial Group (HARL.TA) that will track Israel's energy and telecommunications sectors.
The S&P/Harel sector indexes are part of a collaboration whereby S&P will launch the indexes while Harel, one of Israel's largest insurance companies and brokerages, will issue investment products that track them. [ID:nPnNY47543]
On Feb. 23, Harel will issue two products based on the S&P/Harel Tel Aviv Energy and S&P/Harel Tel Aviv Telecommunication indexes.
Islamic directive shocks Qatari banks
February 14, 2011--A directive by Qatar’s central bank has perplexed and infuriated bankers and analysts in the gas-rich emirate.
The central bank this month ordered conventional banks to close their Islamic banking operations by the end of 2011. This deadline is less than a year since the regulator’s Islamic “window” rules were sharpened, and six years after it first permitted conventional banks to make Islamic loans.
Dubai market gains 0.33%, stabilises above 1,600
February 14, 2011--As in the days before, the DFM index rose sharply at the opening, but lost steam when it approached the market's closure, finishing 0.33% higher at 1,608.29. Contractor Drake and Scull International (DSI) surged 3.67% to reach Dhs1.13 as investors hailed DSI's new contract it has won on Saudi Arabia.
DSI will build for SR2bn the King Abdullah Petroleum Studies and Research Center in Riyadh. Arab Insurance Group, known as ARIG, posted the largest gain (up 14.04% at Dhs1.95) reported for 2010 a net profit of $23.5m compared to $26.4m in the previous year. Emaar Properties declined 0.31% to Dhs3.25. Some 152.2m shares worth Dhs11.45m changed hands. Nine stocks gained, 14 declined and three remained even.
Qatar market loses 0.89%
February 14, 2011--The QE Index closed at 8,936.23 points. Banks and industry shares weighed on the market. The country's second lender Commercial Bank of Qatar (CBQ) dipped 0.33% to close at QR89.30.
Shares of Qatar Cinema and Film Distribution Company, known as Cinema, closed even at QR30. Earlier in the day, Cinema revealed a net profit of QR12.9m in 2010 and the Earnings per Share (EPS) amounted to QR2.5 in 2010.
Kuwait market shaves 6,700-level
February 14, 2011--The KSE Market Index declined 0.82% to close at 6,660.90 points while not a single industry sector landed in the green. Investment company Al-Safwa Group was the main loser, ending off 6.97% at KD0.020.
National Bank of Kuwait dived 2.58%, closing at KD1.360. Al-Safat Real Estate Co. posted the largest advance, ending 10% higher at KDKD0.022.
Tadawul exchange dips insignificantly
February 14 2011--The TASI benchmark in Riaydh closed off 0.04% at 6,624.2 as market bellwether SABIC closed unchanged at SR103.75. Shares of Eastern Cement posted the largest gain, closing 6.08% higher at SR47.10. Zain KSA (up 0.05% at SR8.10) still benefits from The Kingdom's extended 25% purchase offer.
The latter firm aims to buy into Zain KSA in case the UAE's Etisalat succeeds with its plan to purchase 51% in Zain KSA mother company Zain in Kuwait. Bahrain's Batelco also has placed an offer of Zain KSA. Etisalat must already runs telecom operations in Saudi Arabia through its subsidiary Mobily.
Egypt''s debts hit 89.5% of GDP
February 14 2011-Egypt's Central Auditing Agency has said that internal and external indebtedness reached higher than secure limits at 89.5% of the country's gross domestic product (GDP) on June 30, 2010, state news agency Mena has reported.
Egypt's net internal and external debts amounted to EGP1.8trn, Jawdat Al-Malt, chief of CAA said, "The net public internal debt hit on June 30, 2010 a total of EGP888bn, making up 73.6% of the country's GDP," he said.
