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Sharjah Islamic Bank shares gain on 2010 profit increase
January 20, 2011--In Abu Dhabi, the local exchange ADX saw its General Index rebounding by 0.28% after week of almost non-stop losses, closing at 2,683.66 points. Shares of Sharjah Islamic Bank (SIB)added 1.08% to close at Dhs0.93.
Earlier in the day, SIB reported a 2010 full year net profit of Dhs266.4m, an increase of 2.4% compared to the previous year. SIB's earnings per share stood even at Dhs0.11. Investors continued selling shares of property developers Aldar (off 1.47% at Dhs2.00) and Sorouh (down 0.66% at Dhs1.55). Seven shares advanced, seven closed unchanged and 13 lost value. Over the week, the ADXGI declined by 1.97%.
Kuwait bourse declines 0.28%
January 20, 2011--The KSE Market or Price Index closed slightly lower at 6,896.2 on Thursday, as only the banking sector index (up 0.67%) gained.
National Ranges Company, known as Mayadeen, posted the largest advanced, up 10.5% to reach KD0.021. Insurance and investment companies on the other hand overall dragged the index down further, which lost 0.57% over the week.
Qatar Exchange loses 0.17%
January 20, 2011--The Doha-based QE Index dipped 0.17% to finish at 9,065.59 points. Only the banking and insurance sector index added value. Shares of Aamal Company, a mixed industrial group operating in trading, manufacturing, property management and services, gained 0.45% to reach QR22.10.
Earlier in the day, Aamal announced in a statement to the Qatar Exchange that it has signed an Memorandum of Understanding with a Swedish company, to evaluate the feasibility of creating a Qatari Joint Venture to manufacture and sell extruded aluminum profiles. The name of the partner firm was not revealed, as the MoU has to be approved by both entities' shareholders.
NASDAQ Dubai posts losses
January 20 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1777.07 down 0.79%. DP World closed 0.75% lower at $0.658. Jewelry trader Damas International dipped 2.40%, finishing at $0.122. Interior designer DEPA Ltd. plummeted 2.67%, ending at $0.73.
Earlier in the day, Saudi real estate developer Dar Al Arkan, which as a $1bn sukuk listed at the NASDAQ Dubai (dating back to July 2007 and due in 2012), announced net income for the full year 2010 of SR1.45bn, down 31.4% from SR2.12bn in 2009.
IEA says global oil demand to rise in 2011
January 19, 2011-The International Energy Agency (IEA) has said that growth of global oil demand in 2011 is expected to be higher than initially anticipated but will slow significantly from last year's heady pace, Reuters has reported.
The Paris-based agency raised its 2011 oil demand growth forecast for this year by 80,000 barrels per day (bpd) to 1.41 million bpd, on signs of buoyant economic growth, especially in emerging markets. "We will see around half the level of oil demand growth we saw in 2010, but it's still pretty robust. But the overall trend is a likely slowing of oil demand growth from exceptional levels last year," David Fyfe, head of the IEA's oil industry and markets division, said.
Tadawul bourse declines 0.86%
January 19, 2011--The Saudi Tadawul market fell for the third day straight, closing off 0.86% to finish at 6,657.73. Investors booked profits at petrochemical share and securities of the construction sector. SABIC shares plummeted 3.16% to finish at SR107.25.
The Mediterranean & Gulf Insurance & Reinsurance Co. bucked the trend, finishing 6.69% higher at SR28.70 (top gainer). Forty-seven shares added value, 77 lost and 21 closed unchanged.
Qatar Islamic Bank dips two percent on 2010 results
January 19, 2011--The QE Index in Doha could not resist against the regional weak trend on Wednesday, falling by 1.29% to close at 9,081.48.
Shares of Qatar Islamic Bank (QIB) fell by two percent to close at QR83.50. Earlier in the day, QIB disclosed the preliminary financial statements for the year 2010, reporting a net profit for 2010 of QR1.3bn (compared to QR1.32bn in 2009) and earnings per share (EPS) of QR6.20. All QE sector indices finished in the red on Wednesday.
Big banks gain at Kuwait market
January 19, 2011--The KSE Market Index closed unchanged at 6,915.50, despite advances in the banking sector. National Bank of Kuwait (1.38% higher at KD1.460) and Islamic banks Kuwait Finance House (up 3.27% at KD1.260) and Boubyan (gaining 1.58% at KD0.640)
failed to uplift the market due to losses in the insurance and real estate segment. Al Safat Real Estate Co. was the main loser, finishing off 18.5% at KD0.033.
Abu Dhabi bourse does not find bottom
January 19, 2011--As all GCC markets, the ADX in Abu Dhabi weakened on Wednesday, finishing 0.13% lower at 2,676.14 points. Negative input from US markets, where Citigroup shares disappointed yesterday, weighed on the sentiment.
For more than a week the ADX has been on the decline, due to high volatility in the real estate and banking sector. Methaq Takaful Insurance Co. posted the largest advance, closing 5.22% higher at Dhs2.41. Fujairah Cement Industries plummeted for the second day straight by nearly 10% to close at Dhs2.19.
Dubai market dips 0.21%
January 19, 2011--After rising for two days straight, the DFM General Index lost 0.21% on Wednesday, closing at 1,618.92 points. Emaar Properties gained 0.58%, reaching Dhs3.44.
But losses at investment bank Shuaa Capital (off 3.23% at Dhs1.20) and the UAE's second telecom provider Du (down 1.63% at Dhs3.02) weighed on the market. Some 63.49m (off 50%) shares worth Dhs104.71m changed hands, as 10 stocks declined and five gained.
