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Dar Al Arkan to Tasi this month
Saudi Arabian real estate firm Dar Al Arkan will float its shares on the Tadawul All Share Index (Tasi) on December 29, following its recent initial public offering (IPO), reported Reuters. Its $888m IPO was more than three times oversubscribed when it closed on December 8. Saudi's market regulator said the shares will trade without a ceiling or floor on their first day on the bourse.
Investors seek Tasi small caps
The 0.9% fall in Saudi Arabia's Tadawul All Share Index (Tasi) yesterday, Saturday, was partly due to investors booking profits on large cap stocks and buying into small caps, according to agency reports. Ebrahim Al Alwan, the Deputy CEO of KSB Capital, said investors were selling stock such as the Saudi Basic Industries Corporation and buying into smaller firms which have not been part of the recent rally on the bourse.
QIA turning to Japan
The Qatar Investment Authority (QIA), the $60bn sovereign wealth fund, is seeking out suitable investments in the Japanese stock market, reported Bloomberg citing the Nikkei business daily. An un-named QIA official recently revealed that the fund is pinpointing financial firms in Japan, the US and Europe that have been hit by the subprime mortgage crisis. The QIA is now closing in on possible candidates.
Iraq clears $470m IMF debt
The International Monetary Fund (IMF) has revealed that Iraq has cleared its debts with the organisation by making a $470m payment, reported Reuters. The IMF lent the war-torn country the cash in 2004, 12 months after the US led invasion. Iraq has paid back the sum ahead of time as it looks to secure additional funding.
Revaluation possible says UAE
The Governor of the UAE Central Bank Sultan Nasser Al Suwaidi has said that revaluation of domestic currencies within the GCC is still 'an option on the table', reported Reuters citing the Al Hayat newspaper. Al Suwaidi stressed though that the decision not to de-peg from the US dollar was 'final'. Last month, Al Suwaidi said he was under pressure to ditch the weak greenback.
Dollar hits DP World shares
The weakness of the US dollar impacted on the performance of the shares of Dubai World subsidiary DP World at the end of last week, reported Reuters. The stock fell to its lowest level since it was listed on the Dubai International Financial Exchange on November 26, closing on $1.2, a fall of 5.6%. Analysts said retail investors were selling the stock due to the greenback's ongoing malaise.
Tasi dips 0.9%
Saudi Arabia's Tadawul All Share Index (Tasi) declined by almost 0.9% today, Saturday, closing on 10,928.9 points, a dip of 93.7 points. The Al Khaleej Training and Education Company was the day's main gainer advancing nearly 10% to close on SR173.8, a rise of SR15.8.
Kuwaiti inflation at 15 year high
Inflation in Kuwait hit 7.3% in the first nine months of the year, reported the KUNA quoting official statistics. The figure is a 15 year high and is largely due to an increase in the cost of products and services, most especially housing, education and healthcare. The Gulf state depegged its currency from the US dollar earlier this year in a bid to cool inflationary pressure.
Tamweel prices $300m sukuk
Mortgage firm Tamweel has revealed its $300m exchangeable sukuk, which was oversubscribed within hours of its launch, has been successfully priced. The sukuk will carry a sub Libor profit rate of 4.3%, payable quarterly in arrears, and the exchange price is just under $2.3, representing a premium of more than 30% above Tamweel's average share price over the past three months. The sukuk is scheduled to mature in 2013.
Foreigners buy $205m on DFM
The Dubai Financial Market (DFM) has revealed that the value of shares and bonds bought by foreign investors last week reached $1.2bn, comprising 30.9% of the total value of stocks traded. The value of stocks sold by foreign investors during the same period amounted to $995m, representing 25.8% of the total value. Net foreign investment over the course of the week therefore totalled $205m.
FTSE up, Dow Jones, Nasdaq down
The FTSE 100 gained 32.8 points, or 0.5%, yesterday, Friday, to close on 6,397 points. Troubled lender Northern Rock was the day's big gainer, rising 6.9% to reach 91.9 UK pence. In the US, the Dow Jones retreated by 1.3% to finish the day on 13,339.9 points, while the Nasdaq fell by 1.2% to settle on 2,635.7 points.
Sensex gains 0.3% over week
India's benchmark Sensex Index fell 73.6 points, or 0.4%, yesterday, Friday, to close the week on 20,030.8 points, reported Bloomberg. The bourse had advanced 0.3% in early trading but telco firm Bharti Airtel helped drive the market downwards by tumbling 3.6%. The index gained 0.3% over the course of the week, its third straight weekly lift.
ADSM in Taiwan tie-up
The Taiwan Stock Exchange Corporation (TSEC) has signed an agreement with the Abu Dhabi Securities Market (ADSM) in order to strengthen ties and open new areas of cooperation between the two exchanges, as well as the companies listed on the bourses. Dr Rong-I Wu, the Chairman of the TSEC told the Bloomberg news agency that the two markets may co-list Islamic funds; the TSEC is looking to encourage more investment.
GFH unveils $10bn Indian zone
Bahrain's Gulf Finance House (GFH) has signed a deal with the Indian state of Maharashtra to develop a $10bn economic zone near Mumbai which will attract companies in sectors such as energy and telecommunications. The project will cover 1,600 acres and will be located on the Mumbai-Pune expressway. The zone will include its ongoing Energy City India development, as well as Software City Mumbai, Telecom City Mumbai and Entertainment City Mumbai.
Indian inflation creeping higher
India's inflation rate hit a three month high in late November due to rising food and energy prices, reported Reuters. Government figures revealed inflation climbed to almost 3.8% in the 12 months to December 1, up significantly from the previous week's level of fractionally above 3%. It is the highest rate since inflation broke above 3.9% in late August.
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