DP World closes 10.61% higher

On the last trading day of this week, shares of container port operator DP World continued to advance, closing 10.61% higher at $0.365 with 5.46m stocks changing hands. Interior designer DEPA, the mastermind firm behind the decoration of the Burj Al Arab and the Burj Dubai (under construction), lost 1.71%, closing at $0.575. No other shares were traded at Nasdaq Dubai.

Kuwaiti stocks end mixed

The Kuwait Stock Exchange (KSE) Price Index closed 0.45% higher at 7,580.3 points. While investment firms posted the largest gains, banking and industrial shares retreated in value. Sharia-compliant Osoul Investment Company gained 8.77%, closing at KD0.062. Global Investment House declined slightly (off 1.66%, closing at KD0.118). The investment bank announced that the majority of its creditor ban...

Qatar Exchange advances further

The Qatar Exchange (QE) gained for the fourth consecutive day, closing 1.88% at 6,385.25. However, the key DSM20-Index could not sustain eraly advanced above the level of 6,500 points. United Development Compnay, builder of the prestigious The Pearl Qatar, posted the scond largest gain (up 4.65%, closing at QR31.20). Insurers were the major loser, with Al Kahleej Insurance dipping 2.22% to QR30.40...

Abu Dhabi market remains bullish

The Abu Dhabi Securities Exchange (ADX) gained 1.14%, closing at 2,637.09 points despite declining oil prices. Nine tenths of the UAE oil are located in the emirate of Abu Dhabi. Market bellwether Abu Dhabi National Energy Company (Taqa) advanced 2.11% to Dhs1.45. Taqa's next resistance barrier stays at Dhs1.60. RAK Properties, builder of Mina Al Arab and RAK Tower, closed 2.94% higher at Dhs...

DFM shares gain 5.41%

The Dubai Financial Market (DFM) advanced over two per cent at the beginning, but failed to break through 1,760 points and eventually closed 1.47% higher at 1,737.18 points with a value of Dhs657.8m being traded. Higher trading volumes and a surprising rebound during this week raised shares of the DFM to the top of the charts, gaining 5.41% (at Dhs1.56). Kuwait-based Global Investment House (GIH) ...

UAE receives US dollar reassurance

UAE's Central Bank Governor Sultan bin Nasser al-Suwaidi has said that US Treasury Secretary Timothy Geithner has reassured him of the stability of the dollar during his visit to the region, Bloomberg has reported. ‘It's very important to give realistic committal messages to the international markets. I would say he's done that,’ has said. Al-Suwaidi has also reiterated the government's stance emphasizing that the country will continue to peg the dirham to the US dollar.

UAE banks to reveal Saudi exposure

The UAE Central Bank has held a key meeting of banks affected by their exposure to the two Saudi conglomerates, Saad and Algosaibi, in order to take stock of the extent of the problem and to chalk out an action plan, according to Emirates Business. About 25 UAE banks are exposed, banking sources said. Central Bank Governor Sultan bin Nasser Al Suwaidi had said that banks will be required to disclo...

UAE may buy part of Dubai bond

UAE's Central Bank Governor Sultan bin Nasser al-Suwaidi has said the country may buy part of Dubai's $10bn bond offering, after purchasing the first tranche in February, Bloomberg has reported. ‘Maybe, if our board decides, we will buy part of them and, of course, start trading these bonds very soon,’ he said

Financials lead Tadawul advance

The Saudi Tadawul All-Share Index (Tasi) added 55.16 points, closing at 5,631.78 counters (up 0.99%). Samba Financial Group ended 5.83% higher at SR45.40. KSA'a second largest lender in relation to market value reportet a second-quarter profit rise of 1.7%. That GCC markets in general closed higher the last two days as a direct reaction to an upswing at Western markets indicates that both reg...

UAE private sector holiday declared

The UAE Labour Ministry has declared that Sunday July 19 will be a public holiday for the private sector to mark 'Isra and Miraj'. All workers and employees in the private sector will be entitled to a fully paid holiday on Sunday, according to WAM news agency.

Bahrain bourse gains 1.41%

After dipping to a five-year-low on July 12, the Bahrain Stock Exchange (BSE) showed some form of relief today, with the All-Share Index advancing by 1.41% to 1,507.02 points. Mostly financial stocks lifted the BSE, with Ahli United Bank posting the largest profit (up 5.68%, closing at $0.46). However, the market in Manama still has a long way to go up if a real turnaround becomes evident. Accordi...

Bahrain bourse gains 1.41%

After dipping to a five-year-low on July 12, the Bahrain Stock Exchange (BSE) showed some form of relief today, with thh All-Share Index advancing by 1.41% to 1,507.02 points. Mostly financial stocks lifted the BSE, with Ahli United Bank posting the largest profit (up 5.68%, closing at $0.46). However, the market in Manama have still a long way to go if a real turnaround is evident. According to F...

Qatar Exchange jumps 6.55%

The Qatar Exchange (QE) key index DSM20 closed 6.55% higher at 6,267.42 points with trading volumes nearly doubling from yesterday to 20.22 million shares. Gulf Holding Company (up 5.96%, closing at QR16.30), previously Gulf Cement, issued 124 million new shares today, increasing its capital to QR1.24bn. The firm is in the process of merging with privately-owned Qatari Investors Group, an affiliat...

RAK Cement rebounds 5.26%

The Abu Dhabi Securities Exchange (ADX) gained 1.14%, closing at 2,637.09 points. Two ADX-listed shares from the emirate of Ras al-Khaima (RAK) rebounded after posting heavy losses yesterday. RAK Properties ended 1.49% higher at Dhs0.69. RAK Ceramics jumped 5.26%, closing at Dhs1.20. Union Insurance Company plummeted 9.90%,, ending at Dhs3.46. According to a Business 24-7 report, GCC insurers are ...

Dubai market extends gains

The Dubai Financial Market (DFM) extended its gains from yesterday, closing 1.15% higher at 1,711.98 points. Dubai Insurance and Reinsurance (Aman) posted the largest gain of 13% straight and closed at Dhs1.23. Union Properties ended on top of DFM-listed developers, closing 3.49% higher at Dhs0.89. According to a report in The National, real estate prices in the UAE are currently recovering. Homes...

RAK Islamic Bonds said to offer 8% to 8.5% coupon

The UAE emirate of Ras al-Khaimah may offer a coupon of 8 to 8.5% on its five-year Islamic bond, Bloomberg has reported citing a banker familiar with the transaction. The emirate plans to sell a 'benchmark size' issue, which are usually $500 million or more. Standard Chartered Plc and BNP Paribas are managing the sale. Ras al-Khaimah has an A credit rating from Standard & Poor's, its sixth-highest investment grade, and an equivalent rating from Fitch Ratings.

Thomson Reuters expands Middle East trading network

Thomson Reuters has said that the network of brokerages in the Middle East and Africa using Reuter's Trading for Exchanges (RTEx), its screen-based exchange trading platform to buy and sell shares and other financial instruments, is set to almost double as more brokers 'go live' on the system. Financial market professionals using RTEx will be able to route orders using prices they s...

Egypt’s economy may grow 3.5% this year, says report

Egypt-based investment bank, HC Securities and Investment has said that Egypt's economy may expand 3.5%in the fiscal year that ends in June 2010. The country's economy may have grown 4.5% in the fiscal year that ended last month, the bank said.

Shares of DP World jump 10%

Shares of DP World surged at the Nasdaq Dubai, closing 10% higher at $0.30. Damas lost 7.69%, ending at $0.24. No other stocks changed hands. Three derivatives contracts added value: Air Arabia Future (August 09 Expiry, up 2.56%), Sorouh Future (August 09 Expiry, up 5.64%) and ADCB Future (July 09 Expiry, up 0.12%).

Tadawul index ends 2.36% higher

The Saudi Arabian Tadawul All-Share Index added 128.55 digits, closing at 5,576.62 points. All sector indices gained with the exception of the Tasi Cement segment. Market bellwether Sabic ended 5.29% higher at SR62.75. Islamic insurance operators posted losses on profit bookings. Alahli Takaful Company e. g. could not jump on the bullish bandwagon and closed 4.62% lower at SR190.75. Switzerland’s ...

Tadawul index ends 2.36% higher

The Saudi Arabian Tadawul All-Share Index added 128.55 digits, closing at 5,576.62 points. All sector indices gained with the exception of the Tasi Cement segment. Market bellwether Sabic ended 5.29% higher at SR62.75. Islamic insurance operators posted losses on profit bookings. Alahli Takaful Company e. g. could not jump on the bullish bandwagon and closed 4.62% lower at SR190.75. Switzerland’s ...

NBK shares gain 1.66%

The Kuwait Stock Exchange (KSE) Price Index closed 1.94% higher at 7,512.5 points. National Bank of Kuwait closed 1.63% higher at KD1,220. The country’s biggest lender and the highest-rated bank in the Middle East reported net profits of $439.2m (KD126m) during the first half of 2009. Strong inputs from the US and Asian markets lifted Kuwaiti stocks across the board. Al Safat Energy Holding Compan...

Dubai sees sharp fall in job vacancies

Dubai's share of the region's job vacancies has fallen this year in the wake of the economic downturn, according to a new report by GulfTalent.com. Dubai-based vacancies made up 30% of all GCC-based positions advertised in the first six months of 2009, compared with 43% over the same period last year, the report said. By contrast, Abu Dhabi’s share of job vacancies grew from 14 to 23% over the period.

Qatar Exchange surges 2.63%

The Qatar Exchange’s (QE) DSM20-Index closed 2.63% higher at 5,882.19 points with trading volumes surging above 11.4 million shares (up 44% from Monday). Industries Qatar gained 4.98%, closing at QR92.70. Al Khaliji Commercial Bank advanced by 2.58% to QR16.90. The bank has received a $100m secured medium term credit facility which was raised by Alpen Capital Investment Bank. The bank has also exp...

Energy shares lift Abu Dhabi exchange

The Abu Dhabi Securities Exchange (ADX) closed 1.82% higher at 2,607.45 points. Strong performing energy heavyweights Abu Dhabi national Energy Company (Taqa) and Dana Gas pushed the ADX higher. The two entities gained 2.17% and 3.06%, closing at Dhs1.41 and Dhs1.02, respectively. Oil prices were lifted slightly, closing above $60 after US markets surged yesterday.