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Integration of Gulf stock markets on the cards
Regulators call for setting up of a team to monitor global changes
October 26, 2010-- proposal to integrate the Gulf securities markets and restructure the region's financial control systems was discussed at a recent meeting of Gulf capital market regulators in Kuwait recently.
The meeting discussed a UAE proposal "Unified GCC Regulation for Listing of Stocks on Securities Market" on restructuring of financial market supervision systems.
The proposal calls for setting up of a team to study the operations of securities regulators of Gulf members, monitor the changes taking place on the international scene in the area of market supervision, study the proposed structures and see if they will be compatible with the special characteristics of member states, suggest the appropriate organisation structure which matches current local and international developments.
Dubai market loses half a percentage point
October 26, 2010--In line with weak global trend at equity markets, the DFM General index ended slightly lower on Tuesday at 1,744.63 (off 0.50%). After US shares hit a six-month high, investors preferred to stay on the sidelines. Losses at Emaar Properties (down 1.03% at Dhs3.84) and Aramex (2.30% lower at Dhs2.12) dragged the index down.
The DFM suspended trading on Kuwait's Global Investment House shares starting from 1:30PM (UAE Time), as its Board of Directors meeting is being held and trading will resume once results are disclosed.
Qatar Exchange bucks global downtrend
October 26, 2010--The Doha-based QE Index was unimpressed by regional and global losses at stock markets and finished Tuesday 0.37% higher at 7,815.55 points.
Shares of Commercial Bank of Qatar (CBQ) gained 1.46% to finish at QR83.40. Credit Suisse analyst Mohamada Hawa says the second largest lender is one of his top picks as he expects CBQ to 'outperform' with a target price of QR104.0.
Kuwait bourse dips in lacklustre trading
October 26, 2010--The KSE Market Index closed 0.09% lower at 7,026.1 points. Most listed shares were not traded.
Kuwait International Bank (KIB) extended a rally the share commenced in July, closing 3.22% higher at KD0.320.
Saudi stock market adds 0.05%
October 26, 2010--The Tasi benchmark composite in Riyadh ended at 6,332.79. SABIC shares advanced further, closing 0.53% higher at SR95.50.
Food giant Almarai Company also extended its rally and finished 3.13% higher at SR214.50.
GCC Bonds & Sukuk Market Surveys
October 25, 2010-- H1 2010 Abstract:
The GCC aggregate primary bond market, which includes bonds and sukuk, decreased to USD24.2 billion in H1 2010, down by 32% compared to the respective period of 2009. The majority of issuances occurred in the month of April, with 17 issuances and USD6.1 billion, raising 25.1% of H1 2010 total issuances value.
Conventional issuances raised the largest amount during H1 2010 representing 82.9% of the total value raised, and five times the total value of sukuk issued during the same period. As well, sovereign/government issuances dominated the majority of the amount raised during the period.
GCC Bonds & Sukuk Market Survey-H1 2010 Highlights
Real estates push Abu Dhabi bourse up
October 25, 2010--The ADX General Index gained 0.43% to close at 2,833.09. Real estate bellwethers Aldar Properties (up 2.70% at Dhs2.65) and Sorouh Real Estate (2.26% higher atDhs1.82) lifted the market in particular.
National Bank of Abu Dhabi (NBAD), the sheikhdom's largest bank by assets, closed 1.27% higher at Dhs12.05. Credit Suisse analyst Mohamad Hawa added NBAD to his top picks, labelling the bank with an 'outperform'-rating and target price Dhs19.00.
Kuwait market jumps one percent
October 25, 2010--Bank shares lifted the KSE market or price index by 0.99% to close at 7.032.1.
Burgan Bank closed 4.1% higher at KD0.500. Kuwait Finance and Investment Co. posted the largest loss, ending 6.6% lower at KD0.035.
Qatar Exchange adds 0.16%
October 25, 2010--The QE Index in Doha closed at 7,786.49, as industry gains offset losses in the banking sector
Gulf Warehousing Co. gained 0.53% to finish at QR19.10 as the share approached an important resistance level at QR20.
SABIC shares knock out key resistance level
October 25, 2010--Saudi Arabia's Tasi index added 0.47% to finish at 6,329.89. Saudi Basic Industries Corporation (SABIC), the world's largest petrochemical firm, ended at a five-month high at SR95 (up 1.88%). Standard & Poor's Ratings Services today said it has assigned its 'A+' long-term rating to a proposed bond issue by SABIC Capital (not rated), to
be unconditionally guaranteed by SABIC, its parent company which is rated investment grade A+/Stable/A-1. Shares of recently listed Abdullah A. M. Al-Khodari Sons Company dipped 3.81% to close at SR45.50. The shares of the Dammam-based contracting services firm were issued at SR48.
