Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Kuwait refuses liquidity request of Islamic banks
December 29, 2010-- Kuwait's central bank has rejected a request by Islamic lenders to grant them exceptions from liquidity ratio requirements and allow for the withdrawal of excess liquidity,
Reuters has reported. This is the second time the central bank has rejected such a proposal, a move some banks said put them at a disadvantage to conventional banks.
Abu Dhabi exchange ends flat
December 29, 2010--The ADX General Index closed unchanged at 2,702.28. RAK Properties, the leading real estate developer in the sheikhdom of Ras al-Khama (RAK), gained 2.33% to reach Dhs0.45.
Waha Capital declined on profit taking (off 1.35% at Dhs0.74). Earlier in the day, Al Waha Marine Agency, a subsidiary of Waha Maritime (the maritime investment arm of Abu Dhabi-based Waha Capital) announced that it has received the ISO 9001:2008 compliance certification from Lloyd's Register following the successful completion of the final audits for the quality management system. Al Waha Marine Agency also received the ISO 14001: 2004 'Statement of Commitment' certification for its commitment to implementing an environmental management system. Finance House posted the largest gain in Abu Dhabi, closing 10% higher at Dhs5.50. Eleven shares gained, eight ended flat and 14 declined.
Nasdaq Dubai-listed shares gain slightly
December 29, 2010--The FTSE NASDAQ Dubai UAE 20 Index closed at 1785.380 up 1.08% from the previous close.
DP World shares stabilised at $0.625 (0.48% higher). Interior designer Depa Limited was the main gainer, advancing by 2.86% to reach $0.72. Dubai Gold Securities finished 1.23% higher at $139.59. Jewelry trader Damas International ended flat at $0.13.
Shares of Qatar National Bank regain territory
December 29, 2010--The Doha-based Qatar Exchanged gained 0.21%, closing at 8,664.21. Qatar National Bank, the largest lender in the country, added 0.38% to reach QR185.70.
Qatar second bank Commercial Bank of Qatar (CBQ) gained 1.11%, finishing at QR91.00.
Insurers and real estates push Kuwait bourse higher
December 29, 2010--The KSE Market or Price Index ended 0.33% higher at 6,962.2 points. Pearl of Kuwait Real Estate Company topped the charts by finishing 15.26% higher at KD0.037.
Banks performed overall weaker. Burgan Bank, one of the top performing shares in 2010, lost 1.85% to close at KD0.530.
Yanbu Cement dips slightly on 2010 results
December 29, 2010--In Riyadh, the Saudi Arabian Tadawul market added 0.06% to close at 6,620.75. Shares of Yanbu Cement Co. declined 0.23% to close at SR42.80.
Earlier in the day, Yanbu Cement released unaudited financial results for 2010. Net profit for the twelve months is SR432m compared to SR482m for the corresponding period last year, a decrease of 10.4%. Earnings per share for the twelve months stand at SR4.11 compared to SR4.59 for the corresponding period last year. Of the 145 securities traded, seventy shares gained, 50 declined and 25 ended even.
New DFM rules may spur volatility: Analysts
Inclusion in MSCI Emerging Market index and broader sectoral representation will boost liquidity, say analysts
December 29, 2010--The recent announcement by Dubai Financial Market (DFM) to introduce a unified fluctuation band for listed securities could trigger more volatility in the market, analysts have warned.
On Sunday, DFM announced it would introduce a unified fluctuation band for all listed securities within one trading session based on 15 per cent up and 10 per cent down, as of January 2, 2011. Additionally, the exchange also announced that it would adopt modified rules for the DFM General Index (DFMGI) to further reflect the highly traded stocks and accurately mirror the market activity.
Based on the new modifications, DFM-listed securities will be grouped in one category and traded under a unified fluctuation band, contrary to the split between active and non-active. The current fluctuation band is 15 per cent up and 10 per cent down for active stocks and 5 per cent up and down for non-active stocks.
Saudi Arabian petrochems regain territory
December 28, 2010--Shares of Sabic and National Petrochemical Company gained 0.96% and 3.11%, closing at SR105.25 and SR21.55 respectively.
Petrochemicals in particular lifted the Tadawul market's main index Tasi by 0.56% t reach 6,616.9 points. Saudi Ceramic Co. was the main loser, ending 3.13% lower at SR147.00. 86 shares advanced, 30 declined and 29 shares ended flat.
National Bank of Kuwait reaches three-month high
December 28, 2010--The Kuwait bourse KSE is close to a happy-end for the year 2010. Its main index rose 0.30% to reach 6,939.3, improving the year-to-date performance to -0.94%.
Shares of Kuwait's largest lender National Bank of Kuwait or NBK gained 1.38% to reach KD1.460. Insurance firms performed mostly weaker. Al-Ahleia Insurance Co. plummeted two percent, finishing at KD0.485.
Qatar shares dip across the board
December 28, 2010--Profit taking continued at the Qatar Exchange on Tuesday. The QE Index weakened 0.86% to close at 8,645.65 points. 2010-highflyer stocks like Doha Bank (down 1.06% at QR65.60) or Industries Qatar (1.54% lower at QR134.40) performed weaker as investors cashed in on profits before the end of 2010.
On Monday, Qatar Petrochemical Company (QAPCO), a subsidiary of Industries Qatar, announced the opening of a new representative office in Philippines.
