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Tadawul falls slightly
Saudi Arabia's Tadawul All Share Index (Tasi) closed down 1.5% on its second day of trading, at 6,255.80. Saudi Kayan was the most active stock by value, but also registered the day's largest drop, going down 7.49% to SR17.90.
DFM climbs 1.22%
The Dubai Financial Market (DFM) closed at 2,123.26, going up by 1.22%. Fifteen stocks rose, 10 fell and five remained unchanged. Mazaya posted the biggest gains of the day, climbing 14.81% to Dhs3.10. Alfirdous fell the steepest, losing 4.64% to Dhs1.85.
ADX posts gains
The Abu Dhabi Securities Exchange (ADX) began the week on a high, rising by 0.74% to 2,941.72. Twenty-one stocks rose, while seven fell and seven held steady. Sorouh, Aldar and RAKProperties were all among the top five most active stocks by value and by volume, going up to Dhs3.18, Dhs5.38 and Dhs0.71 respectively.
Weekly FX roundup: Dollar drops as stocks climb
The Greenback had a disappointing week, dropping against all major currencies. Latest data released on Friday showed unemployment rising to a 26-year high of 10.2%, thus preventing risk appetite as stock continued to climb ending a two-week retreat. The Dow Jones Industrial Average again rose above 10,000 levels to 10,023.42 while Standard & Poor's 500 Index and Nasdaq composite both gained 3.2% each.
UAE brings in anti-laundering measures
The UAE has introduced new anti money-laundering measures in the insurance sector, Wam has reported. The new measures are applicable to all insurance companies, including foreign firms operating in the UAE. The insurance firms and the related professions are urged to rectify their status as per these instructions within three months, said Fatima Mohammed Ishaq Al Awadhi, deputy director general of the National Insurance Authority.
Lebanon predicts 7% GDP growth
Lebanon's central bank has forecast that the country's GDP will reach 7% in 2009, while inflation will set at 3%, the Daily Star has reported. Lebanon's balance of payments for the first nine- month period of 2009 had recorded a surplus of $4.8bn, according to Makram Bou Nassar, deputy director of the Foreign Affairs Department at the Central Bank. Customer deposits are growing by 20% annually and are expected to reach $100bn at the end of 2009, he said. The central bank's foreign assets, excluding gold, had reached a new historical high of $26bn, Bou Nasser noted.
Saudi scores in business confidence over UAE
US-based research and polling firm Zogby International has released a survey of business confidence in the Gulf revealing that senior executives in the UAE are much less confident about their economic prospects than their counterparts in Saudi Arabia, Khaleej Times has reported. The findings were based on interviews with 126 chief executives and other senior managers in the UAE, Saudi Arabia and Qatar — during October 22 and 23. From 47 respondents in the UAE, 15% said their businesses were flourishing while 57% said their businesses were in decline, while among 67 Saudi respondents, 46% said they were prospering, and only 15% said they were in decline.
ADX ends week on slow fall
The Abu Dhabi Securities Exchange (ADX) ended the day down by 1.04% after slow losses throughout the day, closing at 2,920.14. Abu Dhabi National Hotels posted the biggest rise, going up by 4.40% to Dhs4.67. Four stocks rose, three held steady and 28 fell.
DFM ends down
The Dubai Financial Market (DFM) ended the day slightly lower, going down by 1.88% to 2,097.63. Five stocks rose, 25 fell and two held steady. KFIC posted the day's biggest rise, moving up 14.91% to Dhs4.47. Emirates also announced its half yearly financial results for the period ended on 30/09/2009, as EK2013 bonds listed in the market.
Jordan extends deposit guarantees
Jordanian Prime Minister Nader Dahabi has announced the extension of last years' guarantee of private commercial deposits in the kingdom's banks until end of 2010, to shore up confidence in the banking system, Reuters has reported. The move aims to mitigate the global downturn's impact on the aid-dependent economy. The country's 23 commercial banks have had minimal exposure to Western markets, and a strong supervisory system run by an independent central bank has limited their currency, property and stock market exposure.
Qatar to lower foreign tax rate
Qatar's finance minister has announced a new tax law that will lower the tax rate on foreign companies to a flat 10% starting next year, Bloomberg has reported. Foreign-owned firms operating in Qatar are currently taxed at a progressive rate ranging from 10% to 35%. Qatar expects its economy to grow by 16% in 2010.
Saudi index rises again
Saudi Arabia's Tadawul index gained 0.95% to close on 6,343 today. The industrial investment category, up 1.94%, led all sectors. Overall, 72 stocks rose while 44 declined. Saudi Arabian Mining Company, Ma'aden, was one of the day's big gainers, up 4.47% to 18.65 riyals.
Moody's cuts ratings of five Dubai firms
Moody's Investors Service today lowered the credit rating of five Dubai-owned companies, citing tougher government criteria for supporting state-controlled entities. DP World, Dubai Electricity & Water Authority, and DIFC Investments had their ratings cut to A3 from A1. Jebel Ali Free Zone was downgraded to Baa1 from A3, while Dubai Holding Commercial Operations Group, had its ratings lowered to Baa1 from A3. 'The downgrades reflect recent disclosures that reveal the increasing conditionality under which support may be provided,' Dubai-based Philipp Lotter and London-based David Staples wrote in a report. The criteria include whether the government-owned companies 'are able to demonstrate sustainable business plans, the on-going support of their existing financial creditors, and realistic prospects of fulfilling their repayment obligations,' they added.
ADX sees slight gain
The Abu Dhabi Securities Exchange rose 0.10% today to close on 2,950, led by the real estate sector, which gained 0.89%. The health care sector saw the largest decline, down 4.61%. Gulf Cement was the best performing stock on the day, up 4.08% to Dhs2.07. Overall, 19 stocks finished upp, 13 fell, and five were unchanged.
Dubai index rises 3%, led by Emaar
The Dubai Financial Market climbed 3.00% today to close on 2,137, led by market heavyweight Emaar, which gained 6.17% to Dhs4.30. Other gainers included Shuaa Capital, which climbed 7.69% to Dhs1.82, and Dubai Islamic Bank, which rose 1.44% to Dhs2.82. Overall, 26 stocks gained, 2 declined, and 2 were unchanged.
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