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Tadawul market weakens 0.2%
July 26, 2010--The Saudi Arabian stock market could not sustain its positive momentum from Saturday, as WTI oil prices may head lower later this week, possibly moving back toward $77, research firm CPM Group says. Petrochemical leader Sabic ended flat at $88.25.
"Last week crude oil fell after EIA data revealed United States crude oil inventories had unexpectedly increased 360,000 barrels. Later in the week crude oil rose toward $80 on concerns over adverse weather conditions possibly disrupting offshore oil production in the Gulf of Mexico", CPM research writes. Nevertheless, the Saudi economy strengthened. According to Amman-based Jordinvest, non-oil Exports in Saudi Arabia surged by 39% to SR11.9bn ($3.2bn) in May 2010 compared with SR8.5bn ($2.3bn) in May 2009. Saudi Arabia's main non-oil exports were plastics, petrochemicals and metals comprising 32% of the total non-oil exports.
Tadawul market starts the week positively
July 25, 2010--GGC market, opening trading the week on Sunday, received positive inputs from the Saudi Arabian stock market Tadawul, which starts trading on Saturday. Its main index Tasi advanced 1.6% to 6,187.39 points, thanks to rising energy, petrochemical and insurance shares. Shares of Zamil Industrial Investment Co. (Zamil Industrial) surged 2.55%, ending at SR44.20.
The Board of Zamil Industrial announces that it has approved distributing SR45m as bi-annual dividends for the first half of 2010 at SR0.75 per share (representing 7.5% of the paid-up capital).
Dubai Gold And Commodities Exchange Weekly Views-July 25, 2010
July 25, 2010--Commodities Overview
Most commodities prices rallied last week as investor sentiment shifted toward a more positive tone over economic conditions. Recovering equity values provided a boost to most commodities along with better than expected economic data for Europe. Although there is the expectation that economic activity in Europe will improve in the months ahead, concerns remain over still fragile conditions there.
The projected reduction in economic expansion in the United States for the remainder of the year has become a major focus for investors.
Currencies Overview
The dollar may consolidate against developed economy currencies this week, following almost two months of consistent weakness. Volatile currency activity began to ease last week ahead of the results of the much awaited euro zone banking sector stress tests. The stress test results, made public on Friday 23 July, did not have a major impact on financial markets. There was mixed sentiment over the results and the testing methods, with some market participants questioning the credibility of the tests. Increased currency trading activity may be seen early this week after market participants have had some time to form a more conclusive view of the euro zone banking sector stress tests and of the region’s economic conditions and prospects
Kuwait market KSE adds a quarter percent
July 22, 2010--The KSE Market or Price Index extended its advance from Wednesday, finishing 0.25% higher at6,582.6 points. All sector indices went up with the exeception of the KSE bank segment which ended flat.
Global Investment House added another 6.55% after it rallied during the week, closing at KD0.065. Over the week, the KSE market gained 1.36%, also thanks to the IMF's positive outlook for the northern Gulf state, saying its economy would grow by 1.9% this year.
Qatar bourse ends flat at 6,951.89 points
July 22, 2010--The Qatari stock market ended flat after a lackluster trading day. Investors booked profits at banks in particular, with Doha Bank (the number three in Qatar) eased 1.13% to QR44.40. But Credit Suisse maintained its outperform rating on Doha Bank and target price of QR64 per share after the bank reported on Tuesday a second quarter net income of QR300m, down 5.4% on a year on year basis and 4.9% quarter on quarter.
EFG Hermes Chief Economist Dr. Monica Malik told Bloomberg that "Qatar continues to see the strongest credit environment of the GCC countries, driven by loan growth to the public sector. Total credit grew by 26.7% year on year in June, with public sector growing by just over 100.0%." Dr. Malik concluded that "The latest credit data supports our view of a strengthening domestic demand outlook in 2010."
Abu Dhabi market adds one percent over the week
July 22, 2010--The ADX gained 0.59% on Thursday (closing at 2,550.98 points) and 0.97% over the third week of July. Gulf Livestock Company topped the charts, ending 9.93% higher at Dhs4.98.
National Bank of Fujeirah (NBF, flat at Dhs5.00) reprted a net profit for the first half year of Djs83.0m compared to AED 60.7m in 2009. NBF's Cost to income ratio improved from 50.9% in 2009 to 36.7%. Al Dhafra Insurance weakened in value by 5.08% to Dhs4.30.
Investors unimpressed by Emaar results
July 22, 2010--The Dubai Financial Market (DFM) ended 0.16% lower at 1,528.97 points. Market bellwether Emaar reported a net profit of Dhs802bn ($218m) for the second quarter, a 6% increase over the first quarter of the year. But Emaar shares closed unchanged at Dhs3.37.
Nevertheless, investors can look at an encouraging week, with the DFM stabilizing above 1,500 points, a lesser volatile market and overall positive second quarter company results. Traded value decreased in Thursday by 12% to Dhs132.91m, while some 103.474m stocks changed hands, 20% more than on Wednesday. Interior designer Depa posted the largest loss, ending 4.29% lower at $0.67.
Standard & Poor's fund services assigns first rating to Saudi based fund
July 21, 2010--Standard & Poor's Fund Services announced today that it has assigned an A fund management rating to SAIB GCC Equity Fund, the first Gulf Cooperation Council (GCC) equities fund managed out of Saudi Arabia to receive an S&P fund management rating.
Launched in July 2004, the fund is managed by Sohail Hayyan, who took over the management of the fund in March 2008 and who works closely with Sethuraman Narayanan, assistant manager. The team is overseen by two experienced individuals, CEO Radi Al Haddad and CIO Fazal Seyyed, who have successfully set up a healthy working environment and improved stability within the team.
Tadawul bourse defends 6,000-level
July 21, 2010--The most liquid stock was Aabar Investments as it extended it rally by 2.12% and finished at Dhs1.93. Real estate bellwether Aldar Properties ended flat at Dhs2.57.
Petrochemical industry leader edged up by two percent and closed at SR86. As in Qatar, insurance firms led the rebound, with Gulf General Cooperative Insurance Company posting the second largest advance, finishing 7.77% higher at SR44.40.
Abu Dhabi investors take profits, sent ADX 0.29% lower
July 21, 2010--The ADX General Index ended at 2,536.10 points (down 0.29%). Losses at the emirate's largest banks National Bank of Abu Dhabi (NBAD) (1.81% lower at Dhs11.30) and First Gulf Bank (FGB) (off one percent at Dhs14.30) weighed on the market.
The most liquid stock was Aabar Investments as it extended it rally by 2.12% and finished at Dhs1.93. Real estate bellwether Aldar Properties ended flat at Dhs2.57.
