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Energy giant Taqa gains 3.57% on third quarter results
November 10, 2010--In Abu Dhabi, the ADX bourse ended 0.23% higher at 2,761.66. Shares of Abu Dhabi National Energy Co., also known as Taqa, jumped 3.57% to close at Dhs1.43. Earlier in the day, Taqa reported a Q3 profit attributable to equity holders of Dhs218m, 27% higher quarter-on-quarter and 2.4-fold higher year-on-year.
"The year on year increase in net income resulted primarily from increased commodity prices,...", among other factor, Taqa said in a statement. Dana Gas shares ended 1.30% lower at Dhs0.77. Danag Gas made a net Profit after tax of Dhs33min the third quarter, animprovement compared to 3Q 2009 loss of Dhs79m, "which was due to higher write offs of unsuccessful exploration wells amounting to Dhs110m in Q3 2009 compared to Dhs15m in Q3 2010", the company writes in a statement.
Kuwait bourse recovers slightly
November 10, 2010--After falling for four consecutive days, the KSE Market Index gained 0.20%, closing at 6,996.4 points. The Northern gulf state's bourse was mainly lifted by banking and industrial stocks.
National Bank of Kuwait (NBK) surged 3.13% to cloce at KD1.320. Portland Cement Company jumped six percent in value, ending at KD1.760. Insurance firms mostly declined.
Doha Bank shares close near 2010-high
November 10, 2010--The Qatar Exchange (QE) added 0.48% to close at Shares of Doha Bank gained 0.90%, finishing at QR56, just 0.7%
below the 2010-high from Ocotber 12. Qatar Telecom finished up 0.28%, closing at QR180.
Tadawul exchange weakens ahead of Eid
November 10, 2010--The main index Tasi dipped 0.14% to close at 6,443.61. Petrochemicals, which form the largest sector index, ended mixed.
While Yansab National Petrochemical Company gained 3.18% (closing at SR45.40), market bellwether Sabic declined slightly (off 0.24% at SR103.00). Due to the Islamic Festival of Sacrifice 'Eid al-Adha', the Tadawul market will remain closed of next week.
Qatar Exchange surges above 8,000 points
November 9, 2010--The Doha-based QE Market gained 0.43% to close at 8,002 straight, as investors remained bullish on industrial and services firms. "Given the relatively low valuation of the MENA markets, we expect them to attract significant international capital in the near future.
The continuing high oil prices and the considerably high bond yields currently available in the regional markets will further encourage capital inflows to the region, since investors can expect higher returns on their investments," Gary Dugan, Chief Investment Officer and Acting General Manager, Private Banking at Emirates NBD said, speaking to media on the sidelines of Emirates NBD's investor road show in Abu Dhabi Tuesday. The Management of Qatar Exchange announced today that the QE will be closed from Monday 15 November up to and including Thursday 18 November 2010 on the occasion of Eid Al-Adah. Trading will be resumed on Sunday 21 November 2010.
Tadawul market stabilises despite most sectors posting losses
November 9, 2010-The Saudi Stock Exchange added 0.33% to close at 6,452.49 points although 10 out of the 15 Tasi sector indices declined.
Real estate and petrochemical shares lifted the market. Shares of Emaar The Economic City, a 168 million sqm project being built off the Red Sea in the north of Jeddah, jumped 4.32% to close at SR7.25. On a year-to-date basis, the shares lost almost a quarter of its value. Market bellwether and petrochemical giant Sabic finished 0.73% higher at SR103.25.
Five Dow Jones Indexes Licensed to Bahrain Financial Exchange
November 9, 2010-- Dow Jones Indexes, a leading global index provider, today announced that the Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, has signed a licensing agreement to issue financial products based on the Dow Jones Kuwait Titans 30 Index, Dow Jones MSM Index (Muscat Securities Market), Dow Jones ASE 100 Index (Amman Stock Exchange), Dow Jones SAFE India Index and Dow Jones MENA (excluding Saudi Arabia) Index.
“We are delighted to work with BFX as it creates new opportunities for investors in this region,” said Michael A. Petronella, president, Dow Jones Indexes. “These indexes measure important markets of interest to people in a region that we are committed to support in its expansion,” added Petronella.
“This relationship with Dow Jones Indexes, the region’s leading index provider, represents another significant step forward for the BFX and its members. With this collaboration, we are developing the preeminent exchange in the region which will provide a range of internationally recognized products and services to the financial sector,” said Arshad Khan, managing director & chief executive officer of the BFX and the BCDC (BFX Clearing and Depository Corporation).
The Dow Jones Kuwait Titans 30 Index measures the performance of the largest and most liquid stocks trading on the Kuwait Stock Exchange. The Dow Jones MSM Index is a total-market index tracking stocks listed on the Oman Stock Exchange, Muscat Securities Market. A new component must trade at least 10 days in a quarter, and an existing component will be deleted from the index if it trades less than 7 days in a quarter. The Dow Jones ASE 100 Index measures the performance of the largest stocks traded on the Amman Stock Exchange. Component stocks are subject to screens for minimum size and liquidity. The Dow Jones SAFE India Index is composed of 50 securities trading in India; it is a subindex of the Dow Jones SAFE 100 Index. The Dow Jones MENA ex-Saudi Index measures the stock performance of companies in the MENA region, excluding Saudi Arabia. The index includes listings in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Tunisia and the UAE.
As of November 5, 2010, the year-to-date performance calculated in USD for the Dow Jones Kuwait Titans 30 Index is 26.78%, Dow Jones MSM Index is 3.68%, Dow Jones ASE 100 Index is -7.73%, Dow Jones SAFE India Index is 25.71% and Dow Jones MENA ex-Saudi Index is 12.57%.
All these indexes are float market capitalization-weighted indexes and are quoted in U.S. Dollars (USD). The Dow Jones Kuwait Titans 30 Index is also calculated in Kuwait Dinars (KWD), the Dow Jones ASE 100 in Jordanian Dinar (JOD) and the Dow Jones MSM in Omani Rial (OMR). The indexes are reviewed quarterly in March, June, September, and December. For more information on the Dow Jones Indexes, please visit http://www.djindexes.com.
Credit Suisse: possible DFM-ADX merger priced already in Dubai market DFM shares
November 9, 2010--The DFM General Index surged 1.32% to close at 1,715.68. Construction giant Arabtec recovered from its recent heavy losses, ending 4.21% higher at Dhs1.98. Shares of the DFM, the only Arab market which has listed securities (as yet), gained 2.61%, finishing at Dhs1.57. Credit Suisse research today commented on a possible merger between the DFM and the exchange ADX in Abu Dhabi:
"While we await confirmation and price consideration of any such merger, we believe that the market has already priced in some sort of synergies effect of the consolidation given the strong stock performance during the quarter (up c.22% despite dismal trading volumes)." Consequently, the Swiss bank's research remains neutral on DFM shares.
Methaq Takaful shares fall on third quarter results
November 9, 2010--The Abu Dhabi bourse ADX added 0.16% to finish at 2,755.30. Islamic insurer Methaq Takaful plummeted 4.21% to finish at Dhs2.64. Earlier in the day,
Methaq reported a loss attributable to shareholders for the third quarter 2010 of Dhs5.28m compared to a profit of Dhs6.26m for the corresponding period in 2009.
Kuwait bourse declines the fourth consecutive trading day
November 9, 2010--The KSE Price Index ended 0.97% lower to close at 6,982.20. Low-fare carrier Jazeera Airways extended its surge from Monday, reaching KD0.124 (up 8.772%). Jazeera Airways has said that its Q3 net profit has jumped almost six-fold to KD4.4m ($15.7m) from KD762,745 in the year-earlier period, marking the carrier's best quarter in its five years in operation.
Most insurance firms declined, such as Kuwait Insurance Company (off 7.353 at KD0.315). The banking sector index added half a percentage point with Al-Ahli Bank of Kuwait gained 1.53% to finish at KD0.660.
