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Kuwait exchange advances 0.56%
September 28, 2010--The KSE Market or Price Index ended Tuesday at 6,870.2. Shares of Kuwait Building Materials Manufacturing reached KD0.315, gaining 8.6%. The stock started to recover in recent months.
According to Global Investment House in Kuwait, "cement prices in the GCC averaged around US$65.6/ton in 1H-2010, as compared to US$78.5/ton enjoyed in 1H-2009, a 16.4% decrease."
Taqa shares extend rally at Abu Dhabi bourse
September 28, 2010-The Abu Dhabi bourse ADX lost 0.12% to close at 2,660.98 as real estate stocks declined further RAK Properties (off 2.38% at Dhs0.41) posted the largest loss among ADX listed developers. Despite GCC markets losing steam, shares of Abu Dhabi National Energy Co. surged 0.76%, reaching a new 2010 high at Dhs1.32. Abu Dhabi Ship Building Co. (up 5.75% at Dhs3.86) ended as a top gainer.
After advancing 50% since June 2010, Waha Capital today declined by 2.63% to close at Dhs0.75. Waha Capital's CEO Salem Rashid Al Noaimi told AME Info recently that his firm aims to invest $300bn in maritime and logistics companies in the GCC, along with increasing investments in East Asia.
Nasdaq Dubai: DP World shares stabilise
September 28, 2010--The FTSE NASDAQ Dubai UAE 20 Index closed at 1771.710 today, down -3.880, or -0.22%, from the previous close. Shares of ports operator DP World gained amid high trading volumes by 0.97%, reaching $0.52. News on a planned $1bn Euro Medium Term Note by the Dubai government might have supported DP World shares, as the emirate of Dubai holds four fifths in the firm.
Dubai Gold Securities ended 0.62% lower at $128.18 as the price for an ounce of gold eased Tuesday from its record highs by 0.6%, trading at $1,287.80.
AAOIFI issues three new Shari'a standards
September 28, 2010--The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".
Commenting on the issue of these new standards, Secretary General of AAOIFI, Dr. Mohamad Nedal Alchaar, said, "The adoption of these new standards by AAOIFI Shari'a Board came after careful and indepth study in the same way as all other AAOIFI Shari'a standards are reviewed and assessed before issuance. The purpose of these standards is to seek setting Shari'a requirements and rules for the different modes of investment, insurance and financial services and provide interepretation for such requirements and rules."
Beltone to Receive Egyptian Exchange-Traded Fund License Before Year End
September 28, 2010--Beltone Financial, an Egyptian investment bank, may receive an exchange-traded fund license before the end of the year, Khaled Seyam, chairman of the Egyptian Exchange, said.
“We are at the final stage, the stage of signing contracts,” he told reporters at an investment conference today in Cairo. “Beltone is the only applicant but other firms have started talking about getting in.”
Egypt’s benchmark EGX30 index has gained 7.7 percent this year, according to data compiled by Bloomberg. The exchange- traded funds, known as ETFs, trade like stocks and allow investors to track indexes and make bets on whether they will rise or fall. The bourse will begin listing funds based on the benchmark index, Seyam said.
Dubai confirms plan for bond issue
September 27, 2010--Dubai has confirmed that it plans to launch a dollar-denominated sovereign bond, the first since the scale of the regional business hub’s debt problems dramatically surfaced last November.
The government said in a statement on Monday that it would launch the bond “shortly”, adding that the proceeds would be used for general budgetary purposes. It did not say how big the bond would be, but bankers say the emirate is looking to raise around $1bn with maturities of up to seven years.
Saudi economy to grow 3.5% this year
September 27, 2010--Saudi Arabian Monetary Agency (Sama) has said the kingdom's economy is expected to grow 3.5% this year due to government spending and higher oil prices,
Bloomberg has reported. "The role of the state's fiscal policy during this year and last year has been large," Sama governor, Muhammad al-Jasser said in a press conference in Riyadh. "Its influence on the private sector and other sectors will be good." [
Tadawul exchange dips insignificantly
September 27, 2010--The Saudi Stock Exchange added anoth standstill day, as the benchmark Tasi closed 0.03% lower at 6,451.44 points. Only gains in the energy segment prevented the Tasi from losing territory.
Bellwether share Sabic gained 0.28% to close at SR 91. Arabia Insurance Cooperative Co. (AICC) posted the largest loss, declining by 4.41% to close at SR19.50.
Kuwait market bucks fickle GCC trend
September 27, 2010--The Kuwait Stock Echange (KSE) gained against the GCC trend on Monday, ending 0.13% higher at 6,832.1. Burgan Bank closed unchanged KD0.450. Burgan Bank, the commercial banking arm of Kuwait Projects Company (KIPCO), has announced its successful issuance of a subordinated bond worth $400m to enhance its capital base.
The transaction was well supported across multiple regions and investor types with over 140 orders received and was more than 3.5 times oversubscribed at close. Food companies and insurers performed weaker. Islamic insuerer First Takaful Insurance Co. ended 6.17% lower at KD0.076.
Industries, banks drag Qatar bourse down
September 27, 2010--The QE Index ended 0.73% lower at 7,630.50. Shares of Doha Bank failed to climb above a seven-month high and dipped 0.19% to close at QR52.90. Qatar as one of the biggest gas exporting countries becomes increasingly attractive for foreign banks. Barclays PLC and Barclays Bank PLC ("Barclays") held a three-day meeting in Doha, Qatar this week.
Marcus Agius, Barclays Chairman, said: "We are delighted to have been able to hold this Barclays Board meeting in Doha. The decision to do so reflects the significance of Qatar and the wider Middle East and North Africa region to Barclays and the continued importance of the relationships it has within it..." Insurers bucked the trend, e. g. Qatar Insurance surged 0.35% to close at QR85.30.
