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Dubai market sinks to 1,472 points
August 12, 2010--The DFM Index lost 0.71% on Thursday and 6.56% since the closing of last week. Financials and transport firms were the major losers today, with Sharjah-based budget carrier Air Arabia (off 2.55% at Dhs0.803).
Shares of Islamic real estate developer Deyaar bucked the trend, closing 0.33% higher at Dhs0.307. Deyaar reported today a net loss of Dhs243m for the second quarter of 2010, down from a profit of Dhs75.332m in Q2 2009. The company's gross revenues for the three months ending June 30, 2010, stood at Dhs79.7m. Shares of Nasdaq-Dubai listed Dubai Ports (DP) World declined 2.68% to $0.472. Some 47.3m shares changed hands.
Qatar bourse loses half a percent
August 12, 2010--The Qatar Exchange (QE) closed 0.56% lower at 7,064.50 points as the index fell by 0.96% over the week. The Central Bank of Qatar (CBQ) has cut its overnight deposit rate by 50 basis points to 1.5%, Reuters-Thomson reported.
Doha Bank, together with only four other listed securities, gained against the trend and finished 0.22% higher at WR45.60. According to EFG Hermes Chief Economist Monika Malik, "there are tentative signs of an increase in credit to sectors such as construction, which we believe is largely linked to (Qatari) government."
Saudi index posts largest decline in seven weeks
August 12, 2010--udi Arabia's stock benchmark Tadawul All Share Index (TASI) dropped 1.21 percent on Wednesday to close at 6,187.97 - its largest decline since June 29.
Further losses are forecast as the Kingdom's bourse tracked stuttering world markets and oil.
DGCX Indian Rupee Futures Contract Achieves Another Record Day
August 12, 2010--Trading in the DGCX Indian Rupee/Dollar futures contract reached another all time daily high yesterday (August 11th, 2010) in terms of both the volume and value traded.
2,303 contracts
$98.26 million notional value
The Indian Rupee futures contract continues to attract more interest and participation month on month, as market participants become aware of its unique offering as the only Indian Rupee futures contract available for trading and hedging outside of India. Furthermore, the contract is cash settled based on the US Dollar reference rate published by the Reserve Bank of India on the last day of trading.
Value of Nasdaq Dubai trading rises 9% after outsourcing
August 11, 2010--The value of equities traded on Nasdaq Dubai rose 9 per cent in the first four weeks following its operations outsourcing to Dubai Financial Market.
The value of equities traded on Nasdaq Dubai rose 9 per cent in the first four weeks following its operations outsourcing to Dubai Financial Market (DFM), compared to the same period of 2009.
The value reached $51.3 million, up from $47 million. The proportion accounted for by individual investors, as opposed to institutions, also increased.
Volume in the four-week period, beginning on July 11 2010, fell by 18 per cent to 107 million shares, from 131 million the year before.
Measured by percentage change, the figures for both total value and total volume were the best performing of any UAE stock exchange over that period.
Invesco launches offshore latin american equity fund
August 11, 2010--Invesco today announced the launch of a new fund, the Invesco Latin American Equity Fund, available to offshore investors and managed by fund manager Dean Newman, who has 24 years' experience investing in the region.
Invesco opened its Dubai based Middle East operations in September 2005 and has a license from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC) as an authorised firm.
Recently, the inaugural Invesco Middle East Asset Management Study revealed that Middle East investors are increasingly focusing towards emerging markets across the world including Latin America.
Kuwait bourse corrects by 0.33%
August 11, 2010--After rising nearly one percent during the last five trading days, investors booked profits at the Kuwait Stock Exchange (KSE) and the Market or Price Index 0.33% lower to 6,679.3 points.
Shares of financial market leader National Bank of Kuwait continued to rally, ending 3.22% higher at KD1,280. Real estate firms weighed on the index, with Dar Al Thuraya Real Estate Co. posting the largest loss (down 7.843% at KD0.0235).
Qatar Exchange follows global downtrend
August 11, 2010-Hit by bearish comments done by the Fed on Tuesday, the Qatar Exchange (QE) lost 0.31% and finished at 7,104.04 points. The U. S. Federal Reserve said the economic recovery would be less strong than anticipated.
Only the insurance sector index added value, while banks and real estate shares posted losses overall. Barawa Real Estate was the most liquid stock, finishing 1.59% lower at QR30.80. Traded value plummeted with the beginning of the Holy month of Ramadan by over 30% to QR69.84m.
Saudi shares lose across the board
August 11, 2010--With 129 losers and only six gaining shares, teh Tadawul bourse ended 1.21% lower at 6,187.97 points. Comments by the U. S. Fed that the much anticipated economic recovery will be more modest than expected, triggered profit bokings worldwide.
Shares of market bellwether Saudi Basic Industries Corporation (Sabic) ended 1.71% lower at SR86. Knowledge Economic City (KEC, off 6.50% at SR9.40), the third of KSA's six Econmic Cities launched in 2006, landed at the bottom oft the charts.
Egypt inflation remains at 10.7%
August 11, 2010-- According to Egypt's Central Agency for Public Mobilisation and Statistics, inflation in the country has remained unchanged in July at 10.7%, Bloomberg has reported.
Prices rose 2.3% in the month, the most since August 2008, because of high food and tobacco costs, the agency said. Core inflation, which excludes the costs of fruits and vegetables as well as regulated prices, increased to 7.08% in July from 6.7% the previous month, the central bank revealed.
