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Dubai bourse dives 1.43%
January 11, 2011--While exchanges in Kuwait and Qatar recovered slightly, UAE markets continued to decline. The DFM General Index closed down 1.43% at 1,633.53 points. Emirates Integrate Telecommunications Company, better known as du, was the only gaining share on Tuesday, gaining 0.34% to reach Dhs2.97. Twenty-three shares lost and three remained flat. Arabtec (off three percent) lost the most in relation to values traded, closing at Dhs1.94.
Earlier in the day, real estate service provider Asteco Property Management said in a statement, that the decline in prices for villas and apartments in Dubai slowed down in the fourth quarter 2010. "Residential rental rates started to stabilise in the last quarter of 2010, with minimal drops of 3% for apartments and 1% for villas", the report says. Asteco-CEO Elaine Jones added, that "the real estate market is characterized by a large supply of high-quality stock at affordable rates, leading to the flight-to-quality". Turnover surged 88% to 90.15m stocks traded worth Dhs150.72m (up 136%).
Kuwait exchange adds 0.05%
January 11, 2011--The KSE Market Index ended insignificantly higher on Tuesday, closing at 6,950.6. Shares of Global Investment House, known as Global, posted the largest gain, ending nine percent higher at KD0.060.
Ealier in the day, Global said in a media statement that the Global GCC Large Cap Fund recorded a strong performance of 23.1%.in the year 2010 becoming the best performing fund investing in the GCC as per Zawya's database that monitors regional funds. Only the insurance sector index declined on Tuesday in Kuwait.
Qatar market gains 1.60%
January 11, 2011--The local market in Doha recovered by 1.60%, closing at 9,137.89. Shares of the country's second bank Commercial Bank of Qatar gained 1.52%
to reach QRQR93.50. Shares added value across all sectors. Doha Insurance failed to benefit from the market's rebound and declined 1.90%, finishing at QR31.00.
Petrochems push Tadawul market higher
January 11, 2011--The Saudi Stock Exchange Tadawul climbed half a percent to reach 6,701.28 on Tuesday as oil prices stabilised at around $89 per barrel. Petrochemical giant SABIC added 1.65%, closing at SR107.50.
Since December 18 2010, SABIC has been trading in a range between SR105 and SR108. Bank and financial services firms weighed on the market. Saudi Fransi Bank (off 2.39% at SR44.90) posted the second largest loss. Ninety-seven shares gained, 26 lost value and 22 ended unchanged.
Bahrain Financial Exchange announces launch date
January 10, 2011-Under the patronage of His Royal Highness Prince Khalifa Bin Salman Al Khalifa Prime Minister of the Kingdom of Bahrain, the Bahrain Financial Exchange (BFX) has today announced that the Middle East and North Africa's first ever multi-asset exchange will commence live operations on the 7th February 2011.
The Exchange will adopt a phased approach to its trading whereby its Islamic division - Bait Al Bursa will start its e-Tayseer platform for general use on the 7th of February 2011, and its conventional segment will start on the 7th March 2011.
Dubai market fails to attract investors
January 10, 2011--With only 48.1m shares worth Dhs68.02m changing hands, the DFM saw its lead index DFMGI declining by 0.41% on Monday, closing at 1,658.69. Emaar Properties was the most liquid share and dipped 0.57% to end at Dhs3.51. Shares of Shuaa Capital gained at the opening but eventually ended flat at Dhs1.27.
Shuaa-CEO Samir Al-Ansari said yesterday the Dubai-based investment bank sees return to strong growth in 2011, Gulf News reported. Trading volumes weakened 48% while the value of trading shares remained almost stable. Nasdaq Dubai-listed DP World rebounded by 1.56% to reach $0.65.
Low trading activity drags Abu Dhabi bourse down
January 10, 2011--The ADX General Index dipped 0.34% to end at 2,754.73 points. Real estates and banks weighed on the sentiment. RAK Properties was the main loser among the ADX-listed developers, ending off 4.26% at Dhs0.45.
Rental levels in Abu Dhabi have continued to decline with mixed fortunes for landlords depending on location, quality and price in Q4 2010, according to a new report published today by leading UAE property management company Asteco. Shares First Gulf bank dived 2.16%, closing at Dhs17.90. Commenting on the global economic climate in 2011, Jan Amrit Poser, Head of Research and Chief Economist at Swiss Private Bank Sarasin, today said in a statement that "The first half of 2011 will be marked by a constant struggle between the stimulating forces of fiscal policy initiatives and the growth-impeding effect of deleveraging in the private sector. (...) It will only be clear by the end of the year that this recovery will be sustainable." Only 24.7m stocks worth Dhs45.21m changed hands as four stocks gained, seven ended flat and 15 declined.
Kuwait market falls for the third consecutive day
January 10, 2011--The KSE Market index close 0.34% lower at 2,754.73. The segments for industry and services firms weighed on the market sentiment in particular.
First Investment Company, which declined significantly in 2010, continued to recover and surged 9.43% to reach KD0.116 on Monday. Financial bellwether National Bank of Kuwait (NBK) finished off 1.35% at KD1.460.
Qatar Exchange falls back below 9,000 points
January 10, 2011--Investors extended profit booking at the Qatar Exchange, which dipped 0.39% to close at 8,993.63 points. As the market index, Qatar Telecom dipped 0.39%, finishing at QR178.20.
Earlier in the day, Qtel has announced that group member Wataniya Palestine Mobile Telecommunications Public Shareholding Company ("Wataniya Mobile"), the Palestinian mobile phone operator, today celebrated its first day of trading on the Palestine Exchange under the ticker "Wataniya". The first day of trading follows the successful completion of the Wataniya Mobile's IPO, which raised a total of $50.3m, the largest IPO in Palestine for 10 years. Year-to-date, the QE Index leads in the GCc with a profit of 3.59%. In 2010 the QE Index gained 24.75%.
Saudi Stock Exchange loses 0.82%
January 10, 2011--Low trading volumes, stable oil prices and a lack of news forced the Saudi Arabian Tadawul bourse down by 0.82% to finish at 6,668.13 points.
Petrochemical and energy shares posted losses in particualr from profit bookings as oil prices were fickle during the last days, trading below 90 US-Dollars. Bellwether Sabic dipped 0.94%, closing at SR105.75. National Metal Manufacturing and Casting Co. surged 6.33% to reach SR31.90, finishing as a top gainer.
