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Kuwait market gains 4.43% in September
September 30, 2010--Against the regional trend, the KSE Market or Price Index advanced on Thursday, closing 0.82% higher at 6,985 points. All sectors landed in the green, except the real estate index. Kuwait Hotels topped the market by ending 16.37% to finish at KD0.270.
Telecom giant Zain ended flat at KD1.360. UAE Telecom provider Etialat confirmed its bid of 46% in Zain today in a statement, adding that no final fulfilment has been made as yet, depending of further requirements and conditions.
Qatar bourse declines a quarter percent
September 30, 2010--The QE Index dipped 0.25% to close at 7,694.88 points. Financials lost in particular. Al Ahli Bank bucked the trend and gained 6.04% to finish at QR57.90.
The QE Index posted the third largest gain in September (behind the ADX in Abu Dhabi), adding 6.4%.
DIFC announces elimination and reduction to fees imposed by the Registrar of Companies
September 29, 2010--The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today announced a series of changes to its Registrar of Companies (ROC) fees.
The changes made by the DIFC Authority which came into effect on September 5 2010, included amendments to the Companies Regulations (COR) fees covering retail and non-retail companies. In addition there were also amendments to DIFC Limited Liability Partnership Regulations, General Partnership Regulations and Limited Partnership Regulations and Special Purpose Company Regulations. The changes include the elimination of fees in 61 categories, a reduction of fees in 10 categories and a slight increase in fees in 12 categories. Fees in 46 categories were maintained at the same levels.
Abdulla Al Awar, CEO of the DIFC Authority said:
“This review process is part of our wider initiative to reduce the cost of doing business in the DIFC. We are committed to working closely with our clients in order to help them achieve their business goals. These proposals are designed to help our clients grow their businesses by making the DIFC a more competitive business hub.”
The changes followed a review conducted in the first quarter of 2010 in relation to the fees imposed by the Centre’s ROC. The review’s aim is to make the DIFC a more attractive and cost effective centre for companies establishing and maintaining a presence in the region.
Once-fertile Gulf proves a fundraising desert
September 29, 2010--International asset managers used to make regular journeys to the Gulf, where sovereign wealth funds, sheikhs and merchant families, flush with petrodollars, were eager investors.
Local asset managers also benefited from the region’s capital surplus, as many wealthy Arabs started to plough more money into their domestic economies after the 9/11 terrorist attacks.
However, the financial crisis sent oil prices plummeting, hammered local stock markets and precipitated real estate crashes in several countries, hurting sentiment across the region.
Dubai market rebounds 0.72% on high turnovers
September 29, 2010--The DFM General Index ended Tuesday at 1,702.43 as Arabtec, the most liquid share, surged two percent to reach Dhs2.03, along with gains at real estate developers Emaar (gaining 0.80% at Dhs3.80) and Deyaar (0.31% higher at Dhs0.321).
DP World and Depa Ltd., both listed at the Nasdaq Dubai and the DFM parallel, posted losses (down 1.73% at $0.511 and down three percent at $0.64 respectively). At the DFM, traded value surged 51% to Dhs220m. Some 120.8m shares changed hands, 45% more than on Monday.
Insurers boost Qatar exchange
September 29, 2010--Investors have sent the QE Index 0.88% higher to close at 7,714.34 points. The advance was mostly driven by advances in the financial segment. Shares of Qatar Insurance reached a 21-month high by finishing 1.78% higher at QR86.
Qatar Telecom gained (up 0.46% at QR174.40) due by news that the UAE's Etisalat aims to buy 46% in Kuwait's Zain Telecom.
Tadawul bourse remains in stutter mode
September 29, 2010--Saudi Arabia's Tadawul market declined 0.18% to close at 6,392.39. The talk of the day in the GCC were rumors that the UAE telecom giant Etisalat aims to buy 46% in Kuwait's Zain Telecom, worth around $11bn. Saudi Telecom (STC) failed to reap benefit from the buyont environment in the GCC telco sector
and ended off 0.77% to close at SR38.70. United International Transportation Company bucked the trend and surged 3.54%, ending at SR58.50.
Shariah-compliant Australian equity fund approved by Bahrain authorities
September 29, 2010--The Central Bank of Bahrain has authorized formation and marketing of the Hyperion Australian Equity Islamic Fund, the first Shariah-compliant offshore fund comprised of the country's stocks.
Investment manager for the fund is Hyperion Asset Management, a Brisbane-based, growth-style manager whose award-winning core investment team has worked together since 1997. Shariah advisors to the fund are Dr. Mohd Daud Bakar of Malaysia and Sheikh Nizam Yaquby of Bahrain.
DGCX Indian Rupee Futures exceed 4,000 contracts
September 30, 2010--DGCX Indian Rupee / Dollar futures achieved further new records this week, with daily volumes surpassing 4,000 contracts for the first time on Tuesday 28th and again on Wednesday 29th September 2010.
The new daily high for Indian Rupee futures, achieved on Tuesday 28th September 2010 was as follows:
4,367 contracts traded
US $192.75 million notional value
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Tadawul market dips slightly
September 28, 2010--The Tadawul bourse's benchmark index Tasi closed 0.74% lower at 6,403.93. Petrochemicals, IT firms and retailers posted the largest sector losses.
Market bellwether Saudi Basic Industries Corporation (Sabic) declined by 1.10% to finish at SR90. Shares of Southern Province Cement added 1.13% to close at SR67.00. According to Global Investment House in Kuwait, in relation to cement sales "Saudi Arabia was the only GCC country to witness a higher sales revenue in 1H-2010, as sales increased 5.5% to reach US$1.13bn, as compared Kuwait, Qatar, UAE and Oman witnessed a severe decrease in sales revenue by 31.6%, 24.5%, 33.5% and 27.2% respectively."
