Finance and Economy
- The news you choose »
- Login to Add to Watchlist
Categories
DFM falls slightly
The Dubai Financial Market (DFM) fell 0.81% to 2,129.75. Only four stocks; DIB (2.55%, to Dhs2.82), Alsalamsudan (2.48%, Dhs2.48), EmiratesNBD (1.54%, Dhs4.62) and Masq (0.55%, Dhs91.00) rose, while 19 fell and four held steady.
ADX dips with Insurance only rising sector
The Abu Dhabi Securities Exchange (ADX) ended the day's trading down by 0.85% at 2,924.56, with Insurance the only sector to see an increase. Of the 35 traded stocks, 27 fell, while only five rose. Abu Dhabi National Insurance Co was the day's biggest riser, moving up 10% to Dhs7.15.
Qatar bond issue given AA rating
Standard & Poor's Ratings Services has assigned its 'AA-' senior unsecured debt rating to Qatar's (AA-/Stable/A-1+) $7bn global bond issue. 'The ratings on Qatar are supported primarily by the country's solid fiscal and external balance sheets, its prosperous economy and strong growth prospects, and its prudent long-term policies,' the rating agency said.
UAE: Basel II system in place
The Central Bank of the UAE has said the Basel-II system has been implemented, asking for tougher capital adequacy levels for a sound banking industry, Khaleej Times has reported. Under the new system, lenders have been directed to maintain a minimum capital requirement of 11% at all times, which would be increased to 12% by June 30, 2010. Furthermore, main banks in the country are expected to migrate to the Foundation Internal Ratings Based approach, in due course.
ADX slips 0.48%
The Abu Dhabi Securities Exchange (ADX) fell by 0.48% to 2,949.69. Arkan Building MAterials posted the highest rise of the day, moving up by 6.62% to Dhs3.32. Dhafra Insurance fell furthest, going down by 9.5% to Dhs4.57.
UAE money supply growth slowing
According to data by the UAE's central bank, the country's M3 money supply in October grew 10.9%, compared with 13.4% in September, Bloomberg has reported. M2 money supply, which excludes government deposits, rose 11%, up from 7% in September. M1 money supply, a narrower measure, had contracted 0.2% in October, compared with shrinkage of 6% the month before.
New Qatar income tax 'for corporations only'
A Qatari government official has said that the country's new income tax law would apply to revenues of corporations and not that of individuals, Reuters has reported. The new tax will take effect as of January 1, 2010 - but there have been no specifics on the type of income to be taxed.
Tadawul posts slight rise
Saudi Arabia's Tadawul All Share Index rose by 0.27% to 6,332.7. Of the 133 stocks traded 45 rose, while 72 fell. BCI was the day's biggest gainer, moving up by 9.97% to SR33. Saudi Indian had the biggest drop, going down 3.68% to SR65.25.
DFM sees only three rising stocks
The Dubai Financial Market fell 0.91% to 2,178.53. Only three stocks rose, while 22 fell and four held steady. Of the three rising stocks ACICO was the only one to have any major advances, going up by 13.81% to Dhs5.85.
ADX falls minimally
The Abu Dhabi Securities Exchange (ADX) fell a minimal 0.1% to 2,963.85. Fifteen stocks fell, 11 rose and seven held steady. The National Corp for Tourism and Hotels was again one of the strongest stocks, going up by 9.93% to Dhs8.30.
Qatar to issue dollar-denominated bonds
Qatar plans to launch a sale of dollar-denominated bonds in overseas markets today, Bloomberg has report, citing a person familiar with the transaction. The proceeds will be used to provide 'contingency funding' for state-owned firms, pay for infrastructure projects, and invest in the international oil and gas industry. Qatar may sell five-year bonds to yield about 1.9% points above US Treasuries, 10-year bonds to yield about 1.95% points more than US Treasuries and 30- year bonds to yield a spread of about 2.15% points, the person said, who declined to be identified because terms aren't set.
Aabar looks to raise Daimler stake
Khadem Abdulla Al-Qubaisi, Chairman of Abu Dhabi's Aabar Investments has said that the firm is in talks with Germany's Daimler AG to raise its stake to 15% from 9.1%, Bloomberg has reported. The timing of a stake increase will depend on the stock price, he said. Daimler's shares have surged 77% from the €20.27 per-share price Aabar paid in March, giving the fund a gain of some €1.5bn.
Second half of Dubai bonds 'before year end'
Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of Dubai's Supreme Fiscal Committee has said that the second half of the emirate's $20bn bond program will be issued before the end of this year, Bloomberg has reported. The first $10bn had been secured by selling bonds to the country's central bank in February. Dubai and its state-owned companies have to repay $15.8bn of bonds and loans maturing this year, $9.2bn in 2010, $19.8bn in 2011 and $17.3bn in the following year, according to a Deutsche Bank AG report in August.
UAE has 'no plans' to rejoin single currency
The UAE's minister of state for foreign affairs, Anwar Gargash has said that there are no plans to rejoin Gulf countries working to establish a single currency, the Khaleej Times has reported. 'The UAE has already taken a clear position on that and we've opted out of the single currency,' Gargash said. 'There's no new development here.'
Tadawul posts slight increase
Saudi Arabia's Tadawul all share index rose by 0.7% to 6,315.45, with all sectors save Insurance posting increases. Atheeb Telecom posted the biggest increase of the day, going up by 2.95% to SR17.50.
It looks like you are using a Mac - check out our 
Web Feeds