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Kuwait market recovery extended
December 16, 2010--The KSE Market index added 0.38% Thursday, closing at 6,853.2 points. Shares of Islamic insurance provider Wethaq Takaful Insurance Co. ended flat at KD0.051.
Rating agency Standard and Poor's said today it has revised the outlook on takaful player Wethaq Takaful Insurance Co. (Wethaq) to stable from negative. "The outlook revision reflects our belief that, despite substantial asset write-downs and the parent's financial troubles, Wethaq has sustained operations in Kuwait and launched a new business in Egypt," said Standard & Poor's credit analyst Lotfi Elbarhdadi.
2010, a financial rollercoaster ride for the UAE
December 15, 2010--After the double-shock in 2009, with falling oil prices and plummeting real estate markets, the UAE witnessed a multiple-speed recovery. While services and logistics got quickly back on their feet, the real estate market struggles to find a way out of the ground. The Gulf state's economy has become more and more complex for businessmen and investors alike.
If there is to be a new synonym for "standstill", then 2010 might be the right term. For the UAE it was rollercoaster ride through all economic hopes and fears. The months-long negotiations between Dubai World and its creditors in order to re-structure its $24.9bn worth of debt, following a standstill from the end of 2009, are symptomatic for the entire year.
Trading volumes at Dubai market near meltdown
December 15, 2010--The DFM General Index failed to sustain an early upswing and ended eventually 0.84% lower at 1,629.98 points. The DFM, the only Arab market which is listed publicly (as yet), saw its shares declining by 1.97% to close at Dhs1.49.
During the last three months DFM shares plummeted 13%. Today, only 68m stocks in total changed hands at the local Dubai bourse. Earlier in the day, Fahima Bastaki, Senior Vice President for Market Development at the DFM told AMRinfo.com at the sidelines of a conference, that the DFM is confident that the UAE will be upgraded by index provider MSCI to "emerging market"-status "in mid-2011". "Two issues have to be solved: the payment and delivery-structure at the DFM and foreign ownership", Ms. Bastaki said.
Abu Dhabi exchange ADX loses 0.43%
December 15, 2010--Like in Dubai, investors at the ADX market in Abu Dhabi seem to have called 2010 a year, as trading volumes dipped further and the ADX Index closed 0.43% lower at 2,716.08 points.
Abu Dhabi Islamic Bank, known and branded as ADIB, ended unchanged at Dhs2.90. Earlier in the day, ADIB announced that it successfully arranged a syndicated Dhs1.14bn Islamic Finance deal for Dubai-based conglomerate Majid Al-Futtaim (MAF) Group. It was the first Sharia-compliant deal ever for MAF, one of the leading retailer and consumer conglomerate in the UAE.
Doha Bank shares buck Qatar market decline
December 15, 2010--The QE Index saw one of its rare declining days in December on Wednesday, as the Doha-based bourse ended half a percentage point to close at 8,772.67 points.
Industrial shares in particular lost value, weighing on the sentiment. Shares of Doha Bank added 1.41% to reach QR64.90, the highest since September 11 2008.
Financial shares push Kuwait bourse higher
December 15, 2010--The KSE Market or Price Index rebounded Wednesday by 0.57%, closing at 6,827.3 points. Stocks in the insurance and banking sectors were the main gainers.
Gulf Insurance Company posted the fourth largest advance (up 7.9% at KD0.680) as the share is, from a chart technical perspective, performing a double top-formation. The 2010-high at KD0.660 Gulf Insurance Company reached on September 26.
Tadawul market dips as oil prices fall
December 15, 2010--The Tadawul All Share Index (Tasi) in Riyadh declined 0.37% as oil prices dipped below $88 per barrel on Wednesday.
. Islamic Bank Al Rajhi weakened 0.94% to close at SR78.75. The Kingodm's largest Islamic Bank struggles to break throuogh SR80, a resistance line it has been trying to crack since June this year.
Year-end rally pushes Tadawul market up
December 14, 2010--The Saudi Stock Exchange gained 0.22% to reach 6,523.01 points. Contrary to the fickle UAE stock markets, the bourse in Riyadh witnesses steady buying interest across alla sectors.
On a year-to-date basis, the Tadawul bourse added 6.55%. Saudi International Petrochemical Co., also known as SipChem, closed 2.14% lower at SR27.40. Earlier in the day, Sipchem announced that following the extra-ordinary general assembly held on November 27, the board of directors has passed a resolution dated authorizing the company to issue shariah compliant Sukuk to fund the Companys near term growth in new projects. The Company will seek the approval of the CMA in relation to the issuance of the Sukuk and will notify the public as and when the terms and conditions of the issuance have been approved.
Qatar bourse rebounds 0.85%
December 14, 2010--The Doha-based QE Index added 0.85%, reaching 8,816.38 points on Tuesday.
Qatar celebrated today achieving 77m tonnes per annum of liquified natural gas (LNG) production capacity. Doha Bank shares jumped 3.23% to close at QR64, a new 26-month high.
Abu Dhabi real estate blue chips weaken further
December 14, 2010--The ADX General Index lost 0.62% on Tuesday, finishing at 2,727.86 points. As oil prices got stuck around $88 per barrel, energy bellwether
Taqa declined 0.68% to close a Dhs1.45. Real estate developer Aldar plummeted 2.13%, ending at Dhs2.30. The share has lost 8% during the last five trading sessions. Eighteen stocks lost, three ended flat and five advanced. Abu Dhabi Ship Building Co. posted the largest advance (up 9.70% at Dhs2.94).
