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Industry shares help Qatar market to gain slightly
October 28, 2010--Doha-based Qatar Exchange (QE) added 0.12% to finish at 7,805.01, thanks to gains in the industry sector. Shares of real estate developer United Development Company (UDC), the builder of the man-made island The Pearl
Qatar at Doha's coastline, outperformed the market by climbing 0.40% to QR25.40. UDC advanced steadily as the share failed two times in 2010 to knock out a key resistance level at QR30. On a year-to-date basis, the QE Index surged 12.20%.
Dubai economy expected to grow by 2.3 per cent in 2010
October 27, 2010--Population is estimated at 1.87 million
Arif Obaid al-Muhairi, executive director at Dubai Statistics Centre has said the emirate’s economy is expected to grow by 2.3 per cent this year, as it recovers from the global crisis, Reuters has reported. Muhairi also said Dubai’s population is expected to increase, while the jobless rate in the city stands at 0.8 per cent.
“According to field surveys, the rate of population growth was around 7 per cent over the first nine months of the year,” he said. “The number of residents is estimated at 1.87 million.”
Abu Dhabi Commercial Bank shares rise as Credit Suisse remains 'neutral' on ADCB
October 27, 2010--The ADX General Index dipped 0.14%. Shares of Abu Dhabi Commercial Bank (ADCB) gained 0.40%, closing at Dhs2.49. ADCB has reported 3Q net income of Dhs325m (versus net loss of dhs531m in Q2 10), "missing our estimates by 35% but beating consensus estimates by 29%", says Credit Suisse analyst Mohamad Hawa. Reported non performing loans (NPL) ratio was fairly flat at 5.5% (5.4% in Q2 10), while provision coverage increased from 76.7% in Q2 to 81.5% in Q3.
Hawa added: "Although we see downside risk to our full year estimates, we remain neutral on the stock (ADCB) as Q3 results came ahead of consensus and the stock is likely to benefit from upward revisions of the street estimates." Due to the sad demise of of His Highness Sheikh Saqr Bin Mohamed AI Qassimi, Ruler of Ras AI Khaimah (RAK), RAK Properties, pharmaceutical producer Julphar and RAKNIC cancelled their planned board meetings which were scheduled for the coming days.
Lacklustre trading at Nasdaq Dubai
October 27, 2010--FTSE NASDAQ Dubai UAE 20 Index closed at 1866.300 today, down -17.410, or -0.92%, from the previous close. DP World ended flat at $0.60 on low volumes. Interior designer Depa Ltd. ended 1.49% to close at $0.66.
No other stocks posted price changes.
Kuwait bourse outperforms GCC exchanges
October 27, 2010--As the only GCC equity market, the KSE Price Index gained 0.33% to finish at 7,049.30, due to gains in the insurance and real estate segment. Mena Real Estate Company topped the charts, closing 9.61% higher at KD0.057.
National Bank of Kuwait (NBK), the country's largest lender by assets, lost 1.44% to close at KD1.360.
Banks weigh on Qatar Exchange
October 27, 2010--As at most GCC markets, investors in Doha preferred to stay on the sidelines. The QE Index lost a quarter percent, closing at 7,795.73. Shares of Commercial Bank of Qatar (CBQ) and Doha Bank (off 0.75% at QR53.10)
failed to benefit from recent statement by Credit Suisse that the Qatari banking market offers the most attractive valuations and 'best asset quality' in the region.
Tadawul market ends 0.36% lower at 6,309.92
October 27, 2010--Over the week, the lead index TASI added 79.77 points or 1.28% Shares of construction contracting specialist Abdullah A. M. Al-Khodari Sons Company, which were listed last Saturday, posted the largest gain, closing 7.08% to finish at SR46.90.
The shares were issued at SR48.
Qatar bourse may introduce bond, ETF trading in Q1 2011
*Bond, sukuk, ETF trading may start by Q1
2011October 26, 2010--Qatar's bourse may begin trading bonds, sukuk and exchange traded funds (ETFs) in the first quarter of next year, the exchange's deputy chief executive said on Tuesday.
The Gulf state's bourse embarked on a revamp last year when it entered a strategic partnership with NYSE Euronext (NYX.N). It is currently 20 percent owned by the Big Board parent.
"They are our partners and have 20 percent of the bourse. From an administrative side, we will develop the market from a domestic market to international one using the NYSE platform," Saif Al Mansoori said on the sidelines of a conference in Beirut when asked about further plans to develop the exchange.
*Qatar currently assigned frontier status by MSCI
Leaders Highlight MENA Region’s Growth Potential
The MENA region has the potential to become an emerging market leader and engine of world growth
Better cooperation and increased economic integration is necessary to unlock the region’s potential
October 26, 2010-- The Middle East and North Africa region has the potential to become an emerging market leader, said global and regional leaders in the opening plenary of the World Economic Forum on the Middle East and North Africa which is taking place in Marrakech, Morocco from 26 to 28 October.
Salaheddine Mezouar, Minister of Economy and Finance of Morocco, highlighted the need for the MENA region to position itself on the global economic map as an integrated regional bloc. “The importance of the region is enhanced by its exceptional location,” he said. “It acts as a bridge between vibrant Asian economies, European-Mediterranean partnership opportunities and Africa’s significant potential for development.”
“The future lies in the emerging markets such as the MENA region,” said Carlos Ghosn, Chairman and Chief Executive Officer, Renault-Nissan Alliance (France and Japan), France. “Regional leaders should actively shape this future by improving intra-regional cooperation and integration – building on the successful Gulf Cooperation Council model.”
Abu Dhabi Securities Exchange projects growth of foreign investments after upgrading UAE to emerging market
October 26, 2010--Abu Dhabi Securities Exchange (ADX) today announced its participation in the annual conference of the Union of Arab Stock Exchanges, taking place in Beirut, Lebanon, from 25 to 26 October, 2010.
This year’s round takes place under the patronage of Saad Al Hariri, the Lebanese Prime Minister along with the heads of member country’s stock exchanges and settlement houses, as well as heads of international organizations and exchanges including the World Federation of Exchanges, Istanbul Stock Exchange, Italy Stock Exchange and NYSE Euronext.
Rashed Al Baloushi, ADX’s Deputy Chief Executive and Director of Operations, is representing the exchange in the 2010 conference which is dedicated to discuss the challenges facing the Arab exchanges and the opportunities for development and growth.
“Upgrading Arab stock markets by international institutions from frontier to emerging markets is of great importance at this stage, a course of action that is earnestly pursued by the UAE owing to the vast opportunities offered by such upgrade by placing the Arab stock markets on the map of international investment opportunities,” Al Baloushi said during his presentation at the conference.
“The success achieved by the financial markets in the UAE through the upgrade from frontier to secondary emerging market by FTSE is a milestone in that direction, while we expect a similar upgrade by MSCI soon which, according to experts will result in the flow of about US$ 40 billion of foreign investments to the country,” he added.
