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Tadawul dips 0.34%
Saudi Arabia's Tadawul All Share Index fell 0.34% to 6,200, with 100 stocks falling and 24 rising. All sectors ended lower except real estate development and agriculture and food industries. Market heavyweight Alinma Bank dipped 0.40 to SR12.55.
ADX sees slight rise
The Abu Dhabi Securities Index gained 0.56% today to close on 2,719. All sectors ended higher, led by health care, which rose 3.91%. Overall, 22 stocks finished higher, led by Abu Dhabi Ship Building, which climbed 9.83% to Dhs3.80. Six stock ended lower, with Gulf Cement leading the way with a drop of 3.64% to Dhs1.57.
DFM rises 0.86%
The Dubai Financial Market gained 0.86% today to close on 1,660, with 12 stocks rising and 11 falling. Market heavyweight Emaar climbed 0.93% to Dhs3.27, while Dubai Islamic Bank was the day's big mover, climbing 5.91% to Dhs2.33. National Cement had the biggest loss, falling 4.72% to Dhs3.22.
UAE central bank expects low growth in 2010
Sultan Nasser al-Suweidi, the governor of the UAE's central bank, told a media briefing yesterday that the country's growth is projected to be low in 2010, but better than the previous year, Reuters has reported, citing a source at the briefing. The International Monetary Fund forecast last month that the UAE economy would grow zero to 1% in 2010 as the impact of Dubai's debt restructuring continues to be a drag on its performance. 'We don't contradict their prediction but the IMF changes their forecast from time to time,' Suweidi said.
Weekly FX roundup: Currency markets end lower
World markets continued their slide as negative risk sentiment continued to drive the markets lower. After what seemed like a positive start to the week for currencies, we saw sharp selling across the board as investors poured into safer yielding assets. Against the Dollar, we saw the Euro make a low of 1.3585 (shedding close to 1.42%), the GBP lost 2.08% to trade below 1.56 for the first time since May 2009, while the Yen lost close to 1.11%.
Nasdaq Dubai changes operating hours
Nasdaq Dubai has announced it is changing its opening hours to those of sister exchange, the Dubai Financial Market, in an effort to boost trading, Reuters has reported. Nasdaq Dubai has said it will reduce its trading hours to 0600 GMT to 1000 GMT, pending regulatory approval, and outsource operational functions of Nasdaq Dubai equities to DFM, including trading, clearing, settlement and custody. Listing status and the regulatory framework of Nasdaq Dubai equities will remain unchanged, it said.
Deloitte opens Islamic finance centre in Bahrain
Financial advisory services firm Deloitte has announced the opening of a new Islamic Finance Knowledge Centre in Bahrain. The new centre aims to help clients tap the opportunities and potential of the Islamic finance market, which is predicted to maintain its growth record it averaged over the past five years at an annual rate of 15%-20%.
Tadawul nudges higher
Saudi Arabia's Tadawul All Share Index gained 0.09% to 6,222, with 87 stocks falling and 34 rising. Arabian Pipes Company was the day's biggest gainer, moving up by 4.90% to SR32.
ADX sees slight rise
The Abu Dhabi Securities Index gained 0.84% today to close on 2,704, with only the consumer sector ending lower. Overall, 23 stocks ended higher and just five lower, with Al Ain Al Ahlia Insurance posting the biggest gain, up 10% to Dhs71.50.
DFM rises 0.98%
The Dubai Financial Market gained 0.98% to 1,646, with 17 stocks rising and two falling. Emaar climbed 1.25% to Dhs3.24, while Islamic Arab Insurance led all gainers with a rise of 8.75% to Dhs0.87. Global Investment House had the day's biggest loss, down 4.31% to Dhs1.11.
DMCC is not part of Dubai World
The Dubai Multi Commodities Centre is financially and legally separate from Dubai World which is seeking to restructure about $22bn of debt, The National has reported, citing a company spokeswoman. DMCC, a state-owned business park, formally asked Dubai World to remove its logo from the Dubai World website, the newspaper said, adding that the business park is wholly owned by the Dubai government.
UAE inflation falls to 9-year low in '09
Inflation in the UAE reached a nine-year low of 1.5% in 2009, as prices returned to a downward path in December due to a fall in the household category, Reuters has reported, citing preliminary data from National Bureau of Statistics. The country's consumer prices fell 0.4% on an annual basis in December, after an increase of 0.17% in November. On the month, prices decreased 0.7% in the last month of 2009, after rising 0.4% in November, the data showed.
Esterad cancels convertible bond offer
Esterad Investment Co., a Bahraini trade and investment firm, has called off a plan to offer BD7m ($18.6m) in convertible bonds due to market conditions, Bloomberg has reported. 'The decision for retraction was in light of the prevailing conditions of the lending markets and liquidity regionally and globally,' the company said.
Tadawul holds level
Saudi Arabia's Tadawul All Share Index rose by 0.01% to 6,216.16, with 59 stocks rising and 53 falling. United Cooperative Assurance was the day's biggest gainer, moving up by 6.95% to SR40.
DFM falls 1.95%
The Dubai Financial Market (DFM) fell 1.95% to 1,630.81, with only five stocks rising, 22 falling and two holding steady. Hits Telecom was the day's biggest riser, moving up by 4.30% to Dhs1.94. Global Investment House fell the furthest, losing 9.38% to Dhs1.16.
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