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ADX edges lower
December 31, 2009--The Abu Dhabi Securities Exchange nudged down 0.07% today to close on 2,743, as 12 stocks advanced, 14 fell, and nine were unchanged.
Gulf Pharmacy was the day's big gainer, up 9.58% to close on Dhs1.83.
DFM sees slight dip
December 31, 2009--The Dubai Financial Market dipped 0.37% today to close on 1,803. Overall, eleven stocks fell, eight rose, and nine remained unchanged.
Emarat Takaful Insurance was the top gainer, up 6.19%, and Arabtec was the best of the more active gainers, up 2.29%. Al Salam Bank Sudan, down 4.38%, and Emirates NBD, down 3.91%, were the worst of the losers. Emaar Properties fell 0.52% to 3.88.
OPEC Output Rose in December, Bloomberg Survey Shows
December 31, 2009--The Organization of Petroleum Exporting Countries increased crude-oil production in December to the highest level in a year as members took advantage of rising prices, a Bloomberg News survey showed.
Output averaged 28.965 million barrels a day this month, up 65,000 barrels from November, according to the survey of oil companies, producers and analysts. The 11 countries with quotas, all except Iraq, pumped 26.615 million barrels a day, 1.77 million above their target. All members exceeded their production goals.
SABIC plans bond issues
December 30, 2009--Saudi Basic Industries Corp (SABIC) has announced plans to issue 10 billion Saudi riyals ($2.67bn) in bonds to the government's Public Investment Fund.
The private placement to the PIF, which owns 70% of Sabic, will be over several issues. The bonds have a maturity of seven years after being issued, Sabic said in a statement.
Saudi index ends flat
December 30, 2009--Saudi Arabia's Tadawul All Share Index (Tasi) remained unchanged in trading today, as 72 stocks rose and 41 fell.
The day's most widely traded stock was Saudi Kayan Petrochemical Co, which fell 1.09% to SR18.21.
MSM rules out plans of trading in Exchange Traded Funds
December 29, 2009--The Muscat Securities Market (MSM) wouldn't be immediately trading in equity-based Exchange Traded Funds (ETF) nor would it be giving it a thought at least in the nearest future.
This was said by Ahmed Saleh al Marhoon (pictured), Director-General, MSM. "We have been trying and encouraging companies to introduce ETF in the country and there have been a lot of efforts put in.
Last year, we held a huge conference in association with Dow Jones in the early 2008 and it was a very successful one. The aim of the conference was just to raise awareness among the brokerage firms about the importance of ETFs in the exchanges and unfortunately, all the exchanges in the GCC have not yet succeeded in getting it started in any form.
There have been a lot of efforts not only in the MSM but in all stock exchanges in the GCC countries but strangely enough, no one could take off with the proposed ETF", Ahmed said. ETFs have been a very popular instrument. It has been commonly believed by the experts in the industry that if this instrument is introduced in the Muscat securities market, it will, no doubt have added value and depth in the trading activities.
New law imposes tough penalties for fraudulent acquisition of public or private funds in Dubai
December 29, 2009--United Arab Emirates: H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai today issued a law imposing tough penalties aimed to safeguard public and private funds in Dubai.
Designed to protect Dubai's economic interests and preserve financial rights of individuals, the new law comes in line with Dubai's ongoing efforts to eradicate all forms of fraud, enhancing the emirate's position as a leading global business hub.
The law facilitates redemption of funds fraudulently seized by individuals from either public or private money. Under the new law, convicted persons will face 5 to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.
UAE Ministry of Economy prepares national plan to develop small and medium businesses
December 28, 2009--His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said the Ministry will be the federal authority responsible for developing the small and medium business sector in the UAE, following an official request from the Cabinet.
He said the Ministry is working a national plan to drive economic development by enhancing the role of SMEs and in coordination with concerned government departments in the UAE.
He was chairing the sixth meeting of the Coordination and Economic
Saudi annual M3 slowed in November
December 29, 2009--Official data from the Saudi Arabian Monetary Agency (SAMA) has showed the kingdom's M3 money supply had slowed from 11.4% in October to 11.3% in November, Reuters has reported.
M3, the broadest measure of money circulating, stood at SR1,023.2bn in November, up from SR919.3bn a year earlier and SR1,003.9bn in October.
GCC Investor Confidence – Shaken but still positive
December 28, 2009--Special two-part report reflecting pre and post Dubai World restructuring and subsequent sukuk repayment announcement
Initial drop in GCC Index below 100. Post Nakheel sukuk repayment, figure moves into positive territory at 116.9 points
UAE experiences volatility, initial loss of 46.8 points followed by gain of 26.5 points, post Nakheel sukuk repayment
SHUAA Capital, the region’s leading financial services institution,
today issued its December Special Edition GCC Investor Sentiment Report, the only report of its
kind for the Gulf markets.
December has been an incredible month for the global financial community, given the events surrounding Dubai World and its announcement on 25 November 2009 to request a standstill on its debt obligations while it restructures various parts of its business, including the master developer, Nakheel. The subsequent repayment of the Nakheel ’09 Islamic bond, or sukuk, via a loan from Abu Dhabi, was equally unexpected and highlighted the issue of uncertainty in regional markets. Owing to this, two investor surveys for December’s SHUAA Capital Investor Sentiment Report were conducted - one before the Nakheel sukuk repayment and one after. By doing this, SHUAA Capital is aiming to fairly reflect investor confidence in the region, drawing together the viewpoints from the regional and international professional investment community.
