Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Aldar shares rebound by 1.69%
January 27, 2011--The ADXGI, the main index at Abu Dhabi's local exchange, finished at 2,659.04 points. After losing almost a quarter of its value since January 9 and falling to an all-time low,
Aldar Properties, in an apparent chart technical reaction, added 1.69% Thursday, closing at Dhs1.80. Abu Dhabi Commercial Bank (ADCB) extended its rally and rose by 1.82% to reach Dhs2.22. National Bank of Fujairah (NBF) closed flat at Dhs2.97. Earlier in the day NBF announced that in 2010 it has generated a net profit of Dhs170.9m, 64% more than in 2009. Nine shares advanced, three ended flat and 17 declined in value.
Kuwait Exchange remains in stutter mode
January 27, 2011--The KSE Market or Price Index declined 0.46% Thursday, finishing at 6,944.
Banks in particular pulled the market down. Gulf Bank of Kuwait weakened 1.78% to finish at KD.550 on profit booking. Gulf Bank of Kuwait was one of the best performing financial shares in the GCC in 2010.
Qatar market dips half a percent
January 27, 2011--The QE Index in Doha closed 0.51% lower at 8,974.07 amid lackluster trading. Trading volumes nearly halved to some 10m shares changing hands.
All sector indices landed in the red. Shares of Electricity and Water bucked the downtrend and gained one percent to reach QR131.50. Year-to-date the QE Index surged 3.37%.
Abu Dhabi Commercial Bank gains 5.26%
January 26, 2011--In Abu Dhabi, the ADX General Index rose insignificantly to 2,668.66. Abu Dhabi Commercial Bank, known as ADCB, jumped 5.26% to reach Dhs12.25. Yesterday, ADCB has reported Q4 net income of Dhs371m (up 14.2% quarter on quarter). Credit Suisse analyst Mohamed Hawa commented on ADCB's results today: "ACDB has provided for its exposure to Dubai World (Dhs1.05bn) and for the Saad and Al Gosaibi Groups (Dhs554m).
Non-performing-loan ratio increased from 5.2% in 2009 to 5.8% in 2010. However coverage ratio has marginally increased from 67.8% in 2009 to 69.6% in 2010. (...) We maintain our Neutral rating on the stock and a target price of Dhs2.4." Aldar Properties weakened 2.73% to close at Dhs1.81. Credit Suisse's analyst Ahmed Badr said today: "We downgrade Aldar to Underperform (from Neutral) and cut our target price to Dhs1.59 per share from Dhs2.28 per share on the back of adjusting our valuation for the Dhs19.2bn cash injection resulting from the recently announced asset sales to the Abu Dhabi Government, the Dhs2.8bn convertible bond to be issued to Mubadala this year, and the Dhs10.5 bn asset impairment charge to be taken in Q4 2010(E). (...) We expect concerns over future cash flow profile and potential further impairments to put pressure on the stock performance for the next 12 months."
Dubai market adds 0.28%
January 26, 2011--The DFM General Index closed at 1,627.97 Wednesday, up 0.28%, despite two times more share finishing lower than those adding value. Bank Emirates NBD posted the largest profit as it closed 2.08% higher to reach Dhs2.94.
Earlier in the day ENBD announced the launch of a co-operation with London-based The Fine Art Fund Group in order to spur its Private Banking unit. Emaar Properties closed flat at Dhs3.41. According to Deutsche Bank's research, 2011 will be another challenging year for MENA Real Estate, with Egypt being the only noticeable exception. Some 71.5m shares (down 19%) worth Dhs112.92m changed hands.
Qatar bourse closes insignificantly up
January 26, 2011--The Qatar Exchange closed 0.05% up at 9,020.24. While banks and industrial firms mostly gained, insurers and services firms weighed on the market.
Al Khalij Commercial Bank surged 9.05% to reach QR21.70. The bank is currently on the way to finalise its merger plans with International Bank of Qatar (IBQ).
Kuwait market index eyes 7,000 points
January 26, 2011--The KSE Market Index stabilised at 6,976 (up 0.05%), as all sector indices added small gains, except the real estate segment. Islamic Kuwait Finance House (KFH) plummeted three percent to KD1.260.
Al-Ahleia Holding Co. surged 11% to reach KDKD0.020. Credit Rating and Collection, known as Thassilat, was the main losing share, finishing down 10.6% at KD0.168.
Saudi market finishes the week slightly lower
January 26, 2011--The Saudi Stock Exchange's main index TASI dipped 0.39% to finish at 6,697.8 points. Trade Union Cooperative Insurance Company was the main gainer, closing 4.30% higher at SR20.60.
Petrochemical giant SABIC lost 0.93%, finishing at SR106.25. Earlier in the day Pascal Moura, Head of Central and Eastern Europe Middle East and Africa Company Research at Deutsche Bank, said at the German bank's Annual MENA Equity Conference that "in Petro-chemicals, the issue surrounding possible changes in feedstock costs for the Saudi petrochemical-based companies will dominate the debate in the sector. On Thursday, the Tadawul bourse will remain closed.
Waha Capital shares gain on profit increase
January 25, 2011--The local stock market ADX in Abu Dhabi dipped 0.13% to close at 2,670.59 points. Shares of Waha Capital surged 1.25% to reach Dhs0.81. Earlier in the day Waha reported a 15% increase in unaudited net profits for the 12-month period ending December 31, 2010.
"Net profits reached Dhs249m, compared to Dhs217m in 2009, while return on equity increased to 12.2%, from 11.6% in 2009", the company's statement to the ADX says. Real estate heavyweight Aldar Properties plummeted 5.24%, finishing at Dhs1.81. Aldar today sent invitations to its shareholders regarding the Extraordinary General Assembly in order to get approval for the issuance of a Dhs3.5bn convertible bond, among other measures to secure the firm's financial future. The EGM will take place on February 20 in the Crowne Plaza Hotel on Yas Island in Abu Dhabi.
Dubai market weakens by 0.41%
January 25, 2011--The DFM General Index fell on Tuesday to 1,623.50 points as real estate bellwether Emaar (down 1.45% at Dhs3.41) and contractor Drake and Scull International (down 1.77% at Dhs1.11) weighed on the market.
Logistics firm Aramex posted the largest advance, reaching Dhs2.13 (up 3.90%). Some 87.93m shares worth Dhs133.39m changed hands.
