ADX sees slight gain
The Abu Dhabi Securities Index had a slight gain of 0.24% today, even though there were almost twice as many decliners as gainers.
The health care and industrial sectors led the way, rising 3.98% and 3.60%, respectively. Overall, 17 stocks declined, ten rose, and six remained unchanged.
Source: Arab Daily
Lebanon predicts 7% GDP growth
November 08, 2009--Lebanon's central bank has forecast that the country's GDP will reach 7% in 2009, while inflation will set at 3%, the Daily Star has reported. Lebanon's balance of payments for the first nine- month period of 2009 had recorded a surplus of $4.8bn, according to Makram Bou Nassar, deputy director of the Foreign Affairs Department at the Central Bank.
Customer deposits are growing by 20% annually and are expected to reach $100bn at the end of 2009, he said. The central bank's foreign assets, excluding gold, had reached a new historical high of $26bn, Bou Nasser noted
Source: AME Info
Saudi index rises 0.27%
November 09, 2009--Saudi Arabia's Tadawul index rose 0.27% today to close on 6,272, led by the insurance sector, which climbed 1.84%.
Anaam Holding was the day's big gainer, up 9.93% to 74.75 riyals, followed by Al Ahlia Insurance, which gained 9.68% to 102 riyal. Overall, 69 stocks rose while 40 fell.
Source: Arab Daily
Yemen plans stock exchange launch by year end
November 6, 2009--The Dubai Financial Market is helping Yemen with its plans to launch a stock exchange by the end of 2009.
Undersecretary of Yemen's Ministry of Finance Jalal Yaqoub told UAE news agency Wam that he has discussed with the bourse how his country could use the DFM's technical and technological expertise, along with how the DFM could promote and support the project. Nine government firms will be selected to implement governance standards in order to list them on the bourse, he said.
Source: AME Info
ADX ends week on slow fall
November 6, 2009--The Abu Dhabi Securities Exchange (ADX) ended the day down by 1.04% after slow losses throughout the day, closing at 2,920.14.
Abu Dhabi National Hotels posted the biggest rise, going up by 4.40% to Dhs4.67. Four stocks rose, three held steady and 28 fell.
Source: AME Info
DFM ends down
November 6, 2009--The Dubai Financial Market (DFM) ended the day slightly lower, going down by 1.88% to 2,097.63. Five stocks rose, 25 fell and two held steady.
KFIC posted the day's biggest rise, moving up 14.91% to Dhs4.47. Emirates also announced its half yearly financial results for the period ended on 30/09/2009, as EK2013 bonds listed in the market.
Source: AME Info
Qatar to lower foreign tax rate
November 6, 2009--Qatar's finance minister has announced a new tax law that will lower the tax rate on foreign companies to a flat 10% starting next year, Bloomberg has reported.
Foreign-owned firms operating in Qatar are currently taxed at a progressive rate ranging from 10% to 35%. Qatar expects its economy to grow by 16% in 2010.
Source: Online News
Saudi index rises again
November 6, 2009-Saudi Arabia's Tadawul index gained 0.95% to close on 6,343 today. The industrial investment category, up 1.94%, led all sectors. Overall, 72 stocks rose while 44 declined.
Saudi Arabian Mining Company, Ma'aden, was one of the day's big gainers, up 4.47% to 18.65 riyals.
Source: AME Info
Dubai Gold & Commodities Exchange Monthly Update November 2009
November 5, 2009--• Year-to-date volume reached a record 1,142,814
on November 2nd, surpassing the total contracts traded in 2008
• Year-to date value of contracts traded exceeds US$ 58 billion
• 159% increase in volume traded in October, with 137,994 contracts, valued at US $7.2 billion
Source: Dubai Gold & Commodities Exchange (DGCX)
International Finance Corporation Lists Its First Sukuk On NASDAQ Dubai
November 5, 2009--The International Finance Corporation (IFC), a member of the World Bank Group, yesterday listed its first Sukuk on NASDAQ Dubai, the international exchange serving the Middle East.
Jeff Singer, Chief Executive of NASDAQ Dubai, said: "The launch of the IFC's and the World Bank's first Sukuk and its listing on NASDAQ Dubai are a significant step in the continuing integration of Islamic finance into the global financial system.
"We are delighted to support the Sukuk as its primary listing venue, providing a regulatory structure that promotes transparency for investors and visibility for the issuer."
NASDAQ Dubai is the world’s largest exchange for Sukuk by listed value, with 21 listed Sukuk valued at $16.7 billion.
HE Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) and Vice Chairman of the UAE Central Bank, said: "DIFC is delighted that the IFC and World Bank Group selected NASDAQ Dubai as the primary listing venue for its first sukuk issue. As the first non-Islamic financial institution to issue a sukuk for term funding in the GCC, this truly is a ground breaking transaction and clearly demonstrates the growing importance of the region within the global financial system.
"NASDAQ Dubai and DIFC remain instrumental in building the regulatory and legal infrastructure to develop a Islamic finance securities market and facilitate the creation of new financing opportunities for global issuers. This listing further enhances DIFC’s stature as a leading global hub for Islamic finance transactions."
The IFC’s $100 million Sukuk is the first to be issued by any non-Islamic financial institution in the Gulf Cooperation Council for term funding. The Sukuk has a Moody’s Aaa rating and the IFC has raised the money to fund health and education investments in the region. The IFC announced the planned listing of the Sukuk last month.
The securities of IFC’s Sukuk are the first to be held on NASDAQ Dubai’s central securities depositary, providing securities holders with an efficient and streamlined service.
Source: NASDAQ Dubai
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