Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Abu Dhabi bourse dips a quarter percent
September 22, 2010-As the Dubai market, the Abu Dhabi exchange ADX dipped slightly (off 0.25% at 2,631 points) as investors booked profits at the bourse's heavyweights Aldar Properties (down 0.79% at Dhs2.51) and Dana Gas (1.16% lower at Dhs0.84).
The sheikhdom's energy giant Taqa bucked the trend, gaining 0.80% at Dhs1.25. Six shares advanced at the ADX, five ended flat and 18 declined in value.
Qatar market dips insignificantly
September 22, 2010--The Qatar Exchange (QE) lost 1.56 points and finished at 7,636.67 points due to lacklustre trading in Doha. Trading volumes declined 14.89% to some 7.04m shares changing hands.
The majority of shares (14) closed flat, while 13 stock gained value and 12 went down. Qatar Fuel outperformed the QE index by closing 0.55% higher at QR183.00.
Al Baraka Banking CEO praises Bahrain market BFX
September 22, 2010--The local Bahrain bourse BSE reached 1,440.59 points Wednesday. Islamic Banks Gulf Finance House (GFH) and Ithmaar Bank were the top gainers, advancing by 4.17% and 3.7% to $0.125 and $0.140, respectively.
Al Baraka Banking Group, one of the oldest GCC-based Shari'ah banks, ended flat at $1.450. Al Baraka Banking Group president and CEO Adnan Ahmed Yousif told AME Info today, that he regards Bahrain's new market Bahrain Financial Exchange (BFX), which is scheduled to go live in the fourth quarter, as "a step into the right direction" to upgrade Manama as a financial centre. Mr. Yousif added that his bank aims to play an active role at the multi-asset-class market BFX.
Finance House secures funding, rises 6.44% at Abu Dhabi market
September 20, 2010--The ADX General Index gained a quarter percent Tuesday and reached 2,637.76 points. Shares of Finance House closed 6.44% higher at Dhs4.46.
The firm, specialised in investment banking and executive finance, has said today it secured a long-term funded facility of Dhs157m from "a leading UAE based bank".". Aldar Properties (up 3.25% to close at Dhs2.54), as most real estate developers, helped the ADX to rebound.
Insurers, banks push Qatar bourse higher
September 21, 2010--Investors in Doha showed no exhaustion in buying shares, as the QE Index ended 0.47% higher at 7,638.23 points
As during previous trading session, financials were demanded in particular. General Insurance jumped 3.70% to end at QR56. Qatar Insurance surged 2.29% to close at QR85. Al Khalij Commercial Bank reached QR16.30 (up 2.52%).
Kuwait exchange ends flat
September 21, 2010--The Kuwait Stock Exchange (KSE) turned a red day into a neutral session as the KSE market index ended flat at 6,820.8 points.
The market's financial heavyweight National Bank of Kuwait (NBK) closed in line with the market unchanged at KD1.480. Zain Telecom dipped 1.5% to close at KD1.300 as investors book profits after the share rallied during July and August.
Dubai bourse breaks 1,700 points level
September 21, 2010--Mostly lifted by construction giant Arabtec (up 1,58% at Dhs1.93), the most liquid share in relation to trading volumes, and logistics firm Aramex (gaining six percent at Dhs2.10) the DFM General Index closed 0.57% higher at 1,701.15 points. Shares of Nasdaq Dubai-listed jewelry trader Damas International (up 6.67% at $0.16)still benefited from its announcement from last Sunday, that it had extended a standstill agreement it has in place with most of its bank lenders until November 30.
Damas aims to restructure about $872m in liabilities. Traded value at the DFM jumped 74% to Dhs425m as some 260m (up 53%) shares changed hands.
Tadawul market adds 0.25% ahead of National Day
September 21, 2010--Although market bellwether Sabic lost value (down 0.28% at SR90), the Saudi Arabian benchmark index Tasi added 0.25%, finishing at 6,434.9 points. Shares of Zamil Industrial Investment gained 1.59% to close at SR44.60. Further to Zamil Industrial's announcement on 22 February 2010 when the Board approved establishing a new factory to manufacture Stonewool insulation products with a total investment of SR300m, Gulf Insulation Group (GIG) and Zamil Industrial discussed the possible merger of select insulation businesses in a new company which will provide greater market potential.
Should the merger take place", the firm said in a statement to the Tadawul market,"the revenue of this merged company is expected to be in the range of SR800m($213.3m) in 2011. Zamil Industrial will be the managing partner with a 51% controlling stake." The Riyadh-based market will be closed Wednesday due to National Holiday on September 23.
KSE price index close up to 6,820.9 pts
September 20, 2010-- The price index of Kuwait Stock Exchange (KSE) ended trading on Monday with an up of 29.1 points to 6,820.9 points, while the weighted index reached 455.7 points, an up of 2.32 points.
Trades came to 3,789 transactions, worth KD 33.7 million, and volume was at 210.9 million shares upon closing.
Six sectors indices out of eight were in green, with highest for the banking sector with 83 points.
Leading high share was the stock of Aref Investment Group with 8.7 percent, while biggest loss was suffered by the Palms Agro Production stock with 9 percent.
Petrochemicals push Tadawul market up
September 20, 2010--Saudi Arabia's benchmark index Tasi climbed 0.98% higher to close at 6,418.8 points. Market bellwether Saudi Basic Industries Corporation (Sabic) jumped 2.27% to close at 90.25.
Saudi Riyal.Its rivals Sahara Petrochemical (up 3.27% at SR20.50) or Yansab (gaining 3.18% at SR39.90) also pushed the index higher. Astra Industries ended at the bottom of the charts, declining by three percent (at SR41.50).
