Saudi Tadawul market dips slightly amid profit booking-continued

March 07, 2012--The Riyadh-based market gauge Tasi closed at 7,374.92 points, off 0.34% Wednesday. Sabic slipped a quarter percent to SR101.75.
Al Ahsa Development Company gained 1.46% to reach SR20.80. Earlier in the day, Al Ahsa announced that three former Members of Board of Directors has filed a case against Al-the company in the Court, demanding regardless Directors remuneration, for the year 2009 for total amount of SR250k for each member which was approved during the Ordinary General Assembly Meeting, held on April 5 2010. The firm declared further: "The Management of the company has stopped to release the remuneration, after receiving a letter from the Capital Market Authority, stating that the company proceeded in violation in that Assembly, against the Article of Association provisions of Article 43 and Article 74 of Companies Regulations, was committed to what was stated in the Shareholders Report, and the regulations issued by the higher authorities, and approved the distribution of remuneration to the Members of the Board of Directors without dividends given to shareholders. Based on freezing of remuneration for Members of the Board of Directors, a case was raised against the against company in Dammam Court; and the company believes and legal adviser to the plaintiffs the former members of Board of Directors, are not eligible for any remuneration in accordance with the statue of the company and the corporate system."

Source: AME Info


Middle East ETP News
MIDEAST STOCKS-Egypt may rise further on capital gains tax delay
May 19, 2015--Egypt's bourse may extend its gains on Tuesday after many stocks in Cairo surged their daily 10 percent limit on Monday because the government put on hold a capital gains tax. Gulf markets may continue moving sideways.
read more
MIDEAST STOCKS-Gulf markets may diverge further, Saudi nears chart barrier
May 18, 2015--Gulf stock markets may remain largely trendless on Monday after the Saudi-led coalition resumed air raids against Yemen's Houthis, while Egypt may bounce from near major technical support at its December low.
read more
Saudi Arabian stock market welcomes foreign investors
May 17, 2015--Saudi Arabia's decision to open its stock market to foreign institutions is being heralded as a "game changer".
read more
QSE awaiting regulatory nod to launch 3 live ETFs
May 13, 2015--The Qatar Stock Exchange (QSE) yesterday said it is ready to launch three live exchange-traded funds (ETFs) any time but awaiting final clearance from the regulator.
read more
Govt fixed income risk ETF from Asia borrower set for QSE listing
May 13, 2015--An exchange traded fund (ETF) based on government fixed income risk from an Asian borrower, which is among three such funds, is all set to be listed on the Qatar Stock Exchange (QSE), apart from new listings in the main as well as the junior bourse for small and medium enterprises (SMEs).
read more
Saudi Arabia Likely to Be Classified as Emerging Market
May 7, 2015--Saudi Arabia, the Middle East's biggest economy, is likely to be classified as an emerging market following the opening of its $590 billion stock market to foreign investors in June, according to index compiler MSCI.
read more
Saudi Arabia issues final rules ahead of foreign opening of Stock Exchange
MAy 5, 2015--Opening up it's Bourse to foreign investors, Saudi Arabia looks to strengthen the Saudi Capital market's position to become a leading market. In addition to increase the opportunities of raising its rating to be classified as an emerging market under global indices.
read more
IMF-Middle East Outlook Sees Modest Improvement, But Risks Remain
May 5, 2015--Steady growth in oil exporters despite oil price plunge, but they will need to curb spending
Higher growth expected in oil importers; spillovers from regional conflicts pose risk
read more
Tadawul holds steady on Saudi reshuffle
April 29, 2015--Stock market shows muted reaction to
read more
Egypt's growth reaches six per cent in H1
April 29, 2015--Egypt's economic indicators are good and growth rates have increased to about six per cent during the first half of the current fiscal year, says Finance Minister Hany Kadry.
read more
Foreign, institutional investors buy AED 1.1bn shares in Dubai
April 27, 2015--Strong return of institutional investors contributed to the market revival,
read more