AME Info News - Finance and Economy

Tadawul index slightly down

Mon, 06 Jul 2009 13:29:00 GMT

Lack of inputs and a lacklustre trading session pulled Saudi Arabia's Tasi index down by 1.63% to 5,407.31 points. The insurance sector index plummeted 5.15%. According to a report in the UAE daily The National, Islamic insurance (Takaful) operators face increasing problems in finding a Re-Takaful operator due to growth rates above 25% p. a. Shares of Yanbu Cement closed 0.46% lower at SR48. Kuwait's Global Investment House reiterated its 'buy'-rating for Yanbu Cement, saying that the current P/E-ratio of 8.9 is 'cheap' and that the stock has an upside potential of 65%. Only the Hotel and Tourism segment emerged as a gainer (2.67% higher) in Riyadh. The Kingdom is currently investing SR 1.25bn in order to boost religious tourism. [AMEInfo.com]

Kuwait market slumps 3.64%

Mon, 06 Jul 2009 12:18:00 GMT

Lower oil prices knocked the Kuwait Stock Exchange (KSE) out, with its Price Index ending 3.63% lower at 7,664.1 points. Aref Energy posted the largest loss (together with National Real Estate Company) plummeting 8.29% to KD0.255. Oula Fuel Marketing Company bucked the bearish mood, closing 5.35% higher at KD0.295. <BR>With today's slump, the chances that the market will climb above the support line at around 8,000 points in short term, are diminishing. GCC markets are currently all hit by deflation fears. [AMEInfo.com]

Weak insurers weigh on Qatar Exchange

Mon, 06 Jul 2009 11:31:00 GMT

The Qatar Exchange (QE) closed 1.40$ lower at 6,281.22 points. Al Khaleej Insurance posted the largest loss (down 5.94% to QR30.00). Other insurance operators ended lower likewise, such as Islamic Insurance (losing 4.21%, closing at QR27.10 or Qatar Insurance (down 3.55% to QR61.80). Only Doha Insurance added value (up 1.59%, closing at QR18.70). Qatar Gas Transport - Nakilat dipped 2.54% to QR22.80. According to EFG Hermes, Nakilat's 25 new LNG carriers will be fully operational in 2010. [AMEInfo.com]

Taqa rebounds 2.10% on Canadian gas deal

Mon, 06 Jul 2009 10:58:00 GMT

Despite further falling oil prices, shares of market bellwether Abu Dhabi National Energy Company (Taqa) ended 2.10% up at Dhs1.44 after several days of heavy losses. Taqa was granted rights to produce gas from 10,000 hectares of land in the Canadian province of British Columbia. Oil (Light crude NYM) closed 2.58% lower at $63.83. But Taqa as well as industry giant Unified Cement Company (up 6.85% at Dhs2.34) failed to lift the General Index, closing 0.44% at 2,625.47 points. [AMEInfo.com]

Emaar shares dip 4.62% to 1.5 months-low

Mon, 06 Jul 2009 10:27:00 GMT

The Dubai Financial Market (DFM) showed no form or resistance against further losses, closing 2.01% lower at 1,720.86 points. Shares of market bellwether Emaar Properties closed at the level of mid-May (down 4.62% to Dhs2.48). Deyaar Development (down 5.41% to Dhs0.70) and Shuaa Capital (5.16% lower to Dhs1.47) also posted significant losses. Logistics specialist Aramex bucked the trend and gained 1.53%, closing at Dhs1.33. The Advance-Decline-Ratio ended at 2:22. [AMEInfo.com]

Emcredit to release credit-related economic indicators

Mon, 06 Jul 2009 06:40:00 GMT

The UAE's first government-backed credit information services company, Emcredit, said it is set to launch quarterly market and credit-related economic indicators focusing on the country. The firm has also revealed plans to launch similar indicators later in the year on trends related to credit risk and employment. Ali Ibrahim, Managing Director of Emcredit has said the company is an aggregator of information placing it at the heart of the system, which enables it to provide timely and credible information in an unbiased manner. [AMEInfo.com]

Tadawul index gains 0.53%

Sun, 05 Jul 2009 13:37:00 GMT

Saudi shares mostly rebounded amid stabilizing oil prices. The Saudi Tasi index closed 0.53% higher at 5,496.72 points. Sabic rebounded by 1.28% to SR59.25. The Financial sector index stabilized (up 0.03%)although the Saudi newspaper Al Riyadh daily revealed the family holdings Saad and Al Gosaibi owe some $40bn to its creditors after their Bahraini banking branches defaulted, the highest figure which has been reported since both groups started tumbling in June. Alinma Bank, an Islamic bank, posted closed 0.28% higher at SR13.10. [AMEInfo.com]

Qatar Exchange reverses gains from last week, dips 1.61%

Sun, 05 Jul 2009 12:46:00 GMT

Trading in Doha remained very thin, with just 6.37m shares changing hands. The Qatar Exchange (QE) closed 1.61% lower at 6,370.11 points. Al Ahli Bank's advanced from last week were wiped out completely. The stock plummeted 5.92% down to QR44.30. Qatar Insurance bucked the negative mood, gaining 7.28% at QR64.50. According to the IMF Qatar will post the highest GDP growth (estimated to be up by 18%) in 2009 in GCC. [AMEInfo.com]

Kuwaiti shares tumble

Sun, 05 Jul 2009 12:39:00 GMT

Triggered by declining energy prices, the Kuwait Stock Exchange (KSE) Price index lost 1.9%, closing at 7,953.5 points. Al Safat Energy Holding Company consistently posted the largest loss at the KSE, closing lower at 8.77% lower at KD0.104. The price of oil has been dipping over 5% to around $65 since Friday due to unauthorized trading in oil futures done by a senior trader at PVM Oil Associates, London, as it was revealed on July 2. The suspected 'rogue trader' caused losses of $10m. 95% of Kuwait's federal budget is based on oil export revenues. [AMEInfo.com]

Aldar Properties loses 4.72%

Sun, 05 Jul 2009 12:19:00 GMT

The Abu Dhabi Securities Exchange (ADX) General Index closed 1.28% lower at 2,637.18 points. Market bellwether Aldar Properties lost 4.72% and closed at Dhs3.60. Lower oil prices (down 5% to around $65.50) and a lack of corporate news triggered 20 stocks to decline while six advanced and two remained unchanged. Arkan Building Materials defied the trend, gaining 4.69% (closing at Dhs4.60). Abu Dhabi Commercial Bank was lifted by 1.18% to Dhs1.70. [AMEInfo.com]

Dubai market nears meltdown

Sun, 05 Jul 2009 10:17:00 GMT

Like ice in the sunshine, the Dubai Financial Market (DFM) General Index dipped 3.57%, closing at 1,756.16 points. Bad inputs from the weak Saudi market yesterday and deflation fears weighed on the market, pulling bellwether Emaar down by 7.14% to Dhs2.60. According to official figures, the inflation rate in Dubai slowed to 5.4% during the first five months compared to 8.7% in 2008. Standard chartered Bank even predicts that the price level increase will come down to 2.5% for the whole year 2009. Only two shares gained value at the DFM, while 22 lost. Ekttitab and Alsalam Sudan gained 3.03% and 1.87%, respectively, closing at Dhs1.02 and Dhs2.72. [AMEInfo.com]

Dubai inflation at 5.4%

Sun, 05 Jul 2009 06:33:00 GMT

Arif Obaid Al Muhairi, head of Dubai Statistics Centre has said the emirate's inflation rate had slowed to 5.4% in the first five months of this year, compared to 8.7% in the same period last year earlier. Rental prices for residential units had risen 3.2% in January to May this year, compared to a 5.4% increase in the same period last year, he said. [AMEInfo.com]

Egypt domestic lending to finance deficit

Sun, 05 Jul 2009 06:26:00 GMT

Egypt's Finance Minister Youssef Boutros-Ghali has said his country expects to finance its mounting budget deficit through domestic borrowing rather than issuing foreign bonds. At present the foreign bond market is not suitable, he has said. According to central bank figures, Egypt's total domestic debt at the end of March was $134bn and foreign debt stood at $30.88bn, putting total debt at the equivalent of almost 90% of the country's gross domestic product. [AMEInfo.com]

Tadawul market loses 2.35%

Sun, 05 Jul 2009 04:40:00 GMT

Triggered by lower oil prices, the Saudi Tadawul Index lost 2.35%, closing at 5,467.81 points on Saturday. The price per barrel of oil has been plummeting over 5% to around $65 since Friday due to unauthorised trading in oil futures done by a senior trader at PVM Oil Associates, London, revealed on July 2. The suspected 'rogue trader' has allegedly caused losses of $10m. Saudi Arabia's bellwether Sabic subsequently plummeted 6.40% to SR58.50. Only the cement sector index ended higher (up 2.36%). [AMEInfo.com]

DIC, Oaktree tie up for Almatis debt

Sat, 04 Jul 2009 06:38:00 GMT

US debt investor Oaktree Capital has teamed up with Dubai International Capital, the owner of Almatis to secure control of the German aluminium company through a restructuring of its debt, Financial Times has reported. DIC and Oaktree would work together on a restructuring proposal to underwrite a capital injection and cut the companys roughly $1bn debt load. [AMEInfo.com]

DP World ends 0.55% higher

Thu, 02 Jul 2009 17:55:00 GMT

Shares of Dubai Ports (DP) World gained 0.55% at Nasdaq Dubai, closing at $0.363. Dubai Gold Securities closed 0.78% higher, while Damas and Depa remained flat. Some 3.5m securities changed hands at the Middle East's only international exchange today. [AMEInfo.com]

Bahrain market gains slightly

Thu, 02 Jul 2009 12:11:00 GMT

The Bahrain All Share Index closed 0.09% higher at 1,590.57 points in a very lacklustre trading day. While only Salam Bank gained 6.19%, closing at BD0.120, bank NBB and Ahli United Bank remained flat at BD0.57 and BD0.52, respectively. Around 2.4m shares changed hands in Manama. [AMEInfo.com]

Qatar's Al Ahli Bank jumps 10%

Thu, 02 Jul 2009 12:02:00 GMT

Doha's Qatar Exchange closed 1.04% higher at 6,474.16 points ahead of the weekend. Trading remained extremely flat with just 7m shares changing hands. Shares of Al Ahli Bank gained 10%, closing at QR47.30. Most banks and insurers posted gains, while a handful industry shares lost value. [AMEInfo.com]

Abu Dhabi market gains 1.62%

Thu, 02 Jul 2009 11:55:00 GMT

Abu Dhabis ADX General Index advanced constantly throughout todays trading session, closing 1.62% higher at 2,671.29 points. Constructions shares (up 3.34%) lifted the market, along with the energy segment. Dana Gas added 2.68% (closing at Dhs1.15). Abu Dhabi National Energy Company (Taqa) remained unchanged. Its CEO Peter Barker-Homek said that the global energy firm told rating agency Standard and Poors not to value Taqa any longer. Taqa disagrees with new rating criteria of government-related enterprises. Taqa's major shareholder is the emirate of Abu Dhabi. [AMEInfo.com]

Shares of Emaar back on track

Thu, 02 Jul 2009 11:45:00 GMT

After losing over 14% during the last six days, shares of market bellwether Emaar Properties closed 1.45% higher at Dhs2.80 at Dubai Financial Market (DFM). The DFM General Index consolidated further, closing 0.61% at 1,821.19 points. Bargain hunters also added stocks of real estate contractor Arabtec (up 2.58%, at Dhs2.78) and Islamic developer Deyaar (gaining 1.30%, at Dhs0.78). Among only three declining shares, Emirates NBD ended 2.78% lower at Dhs3.50. [AMEInfo.com]

UAE launches fraud reporting system

Thu, 02 Jul 2009 07:11:00 GMT

The UAE State Audit Institution (SAI) has unveiled its new 'ReportFraud' service for members of the public to report on fraudulent activity within the UAE Federal Government. The new service, available through SAI's web site www.saiuae.gov.ae, is also open to federal government employees and suppliers. SAI has said it has provided complete guidelines for reporting fraud in English and Arabic on its website. Individuals may report fraud by email or in writing, it said. SAI has pledged to keep all information it receives as confidential. [AMEInfo.com]

UAE economic development dept launches e-services

Thu, 02 Jul 2009 07:00:00 GMT

UAE's Department of Economic Development (DED) has launched two new eServices on its website, www.dubaided.gov.ae, to reserve and renew trade names. DED's eServices, which are available in Arabic/English, include Transaction Status whereby customers can check the status of the transaction, Search Trade Names which enables users to reserve trade names or find out if the desired name is already taken, Company Lookup which helps to search for existing companies operating in Dubai, Number of Licenses per Person Report which lists the number of licenses registered under one person's name. [AMEInfo.com]

SABB Takaful extends gains at Tadawul market

Wed, 01 Jul 2009 13:56:00 GMT

Shares of SABB Takaful, which is part of HSBC Group, closed 3.53% higher at SR110. The Islamic insurance operator jumped 45% during the last seven trading days. The Saudi stock market Tadawul advanced slightly, closing 0.05% at 5,599.39 points. The retail sector index posted the largest retreat (off 1.42%) amid fears that the GCC will be hit by deflation over the next 12 months, as Standard Chartered Bank Dubai estimates. [AMEInfo.com]

Nasdaq Dubai: Depa up, Damas down

Wed, 01 Jul 2009 13:36:00 GMT

The Nasdaq Dubai witnessed a relatively busy trading day, with DP World remaining flat at $0.36 and Depa Ltd. closing 3.33% higher at $0.62. Jewellery trader Damas lost 3.57%, closing at $0.27. Dubai Gold Securities (DGS) ended 1.15% lower at $93.12. Since March this year, rhe spoot price for an ounce of gold has been trading in a range between around $980 and $860. [AMEInfo.com]

Kuwait exchange gains 0.23%

Wed, 01 Jul 2009 13:19:00 GMT

The Kuwait Stock Exchange (KSE) closed 0.23% higher at 8,098.9 points. Midan Dental Clinic posted the largest advance by adding 8.5% (closing at KD0.320). Asset management company Kuwait Financial Centre gained 6.78%, closing at KD0.126. Shares of Mobile Telecommunications Co. (Zain) jumped 5.08% on announcing that is negotiating a possible sale of its Africa unit to France's Vivendi, according to EFG Hermes. Investment firm listed at the KSE mostly traded lower today. [AMEInfo.com]