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Abu Dhabi adds 0.19%, Aldar and Taqa shares trade in opposite ways
February 9, 2011--In Abu Dhabi, the ADX General Index gained 0.19% to reach 2,709.13. Abu Dhabi National Energy Co., known as Taqa, gained 2.86% to reach Dhs1.45 while Aldar Properties lost 3.21% to close at Dhs1.82.
Both blue chip firms reported 2010 results earlier in the day. Aldar Properties announced a loss of Dhs1,357.7 million (before impairments and fair value losses). "The loss for the year, after recognizing the impairment and fair value losses, was Dhs12,658.4m compared to a 2009 profit of Dhs837.4m." Taqa reported an unaudited profit for 2010 of Dhs937m compared to Dhs182m in 2009.
Jordan ratings downgraded due to political unrest
February 9, 2011--International credit agencies Moody's and Standard and Poor's have revised their outlook on Jordan's foreign and local currency to negative from stable, AFP has reported.
Moody's lowered the outlook on Jordan's "Ba2" foreign currency government bond rating and downgraded the government's local currency bond rating to Ba2 with a negative outlook from Baa3, due to the political turmoil in the Arab world. The credit ratings agency also downgraded Jordan's local currency ceilings to Baa1 from A3.
Egypt stock market to reopen on February 13
February 9, 2011--The Egyptian stock exchange has announced is to reopen at the start of next week, February 13, the Daily News Egypt has reported.
The stock market has been closed since January 27, after the main EGX 30 index closed 10.52% lower to reach 5,646.5 points, the bourse's second sharpest drop.
Investment, industry shares halt Kuwait exchange's decline
February 8, 2011--After falling for three consecutive trading days, the Kuwait Stock Exchange Market Index surged 0.28% to reach 6,752.9. Al Safat Real Estate Co. was the top gainer, closing 13.88% higher at KD0.0205.
Most banks ended flat with Kuwait Finance House (up 1.63% at KD1.240) outperforming the market.
Tadawul bourse dips 0.22%
February 8, 2011--With oil prices heading lower while Egypt heads back step by step to normality, the Saudi Stock Exchange closed 0.22% lower at 6,602.15 points.
Shares of Rabigh Refining and Petrochemical Co., known as Petro Rabigh, bucked the overall weak trend in the petrochemical sector by gaining 2.94% (at SR24.55). Herfy Foods posted the largest decline (off 4.13% at SR87). Sixty-six shares gained, 54 declined and 25 remained even.
Dubai market fails to sustain early rally
February 7, 2011--The DFM opened bullish today but eventually transformed itself into a tricky territory, closing 0.03% up at 1,606.43. Drake and Scull International, a Dubai-based contractor with growing operations in Egypt, recovered further on Monday, reaching Dhs1.08 (up 1.89%).
Telecom operator Du was the most liquid share, gaining 0.94% to close at Dhs3.21. Eleven shares declined, among them investment bank Shuaa Capital (down 3.25% at Dhs1.19). Logistics provider Aramex dipped half a percent to finish at Dhs1.94. Earlier in the day, Aramex announced that it has resumed deliveries from and to Egypt on Monday, following their temporary suspension due to civil unrest. Twelve stocks gained while three remained flat. Some 94.27m shares (up 10%) worth Dhs141.67m changed hands.
Abu Dhabi bourse gains 0.72% amid blue chip recovery
February 7, 2011--Abu Dhabi-listed heavyweight in the real estate and energy sector kept the ADX's advance steady. The ADX benchmark edged 0.72% higher to reach 2,693.00 points.
Developers such as Aldar (up 2.19% at Dhs 1.90) and RAK Properties (gaining 2.44% at Dhs0.42) kept the sentiment up, while industry and consumer shares mostly declined. Dana Gas surged three percent to reach Dhs0.69.
Kuwait Stock Exchange searches for bottom
February 7, 2011--The KSE Market Index weakened 0.19% to close at 6,734.3 on Monday, as only the banking sector index advanced. The coutry's largest lender National Bank of Kuwait, known as NBK, advanced 1.42% to close at KD1.420. Argan International Real Estate Co. was the main loser, closing down 12.5% to close at KD0.182.
With today's decline, the KSE fell for the fourth consecutive day as the usually oil price-sensitive market failed to benefit from oil rallying oil prices in the vague of the crisis in Egypt. Global Investment House in Kuwait (up 1.88% at KD0.054) said in an analysis on oil prices today: "We expect average WTI crude oil price to be in the range of $85-90 in 2011, an increase of 7-13% year-on-year driven by expected increase in oil demand by 1.4% year-on-year." Global also sees remaining uncertainties: "However, we expect the increase in crude oil price will be accompanied by increase in volatility as the European debt crisis remains unresolved and unemployment remains high in the US."
Surge in share prices of Islamic banks
February 7, 2011-- The stocks of Islamic banks were in high demand yesterday after the banking regulator, Qatar Central Bank (QCB), issued directives asking commercial banks to close down their Islamic banking activities by the end of the year.
Qatar’s main index jumped, as a result, at the close of trading yesterday although the shares of the affected conventional banks took a beating.
The 20-stock index of the Qatari bourse rose 129 points, or 1.48 percent, to 8,891 at the close of trading with the three Islamic banking stocks witnessing huge buys.
DIFC Closes 2010 With Strong Performance And Stable Signs Of Growth
February 7, 2011--Momentum built during 2010 continues in the new year
The Dubai Mercantile Exchange Limited (DME) announced today that it set new trading records during the month of January 2011 with average daily volumes being the highest since the launch of the exchange.
Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) in January stood at 3,570 contracts (equivalent to 3.5 million barrels of oil per day), with a record total of 71,396 contracts traded throughout the month. This steady performance builds on the 35% year-on-year increase in trading levels reported for 2010.
