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DFM posts increase
The Dubai Financial Market (DFM) saw a good start to the week, ending the day up by 1.23%. Emaar, Air Arabia and Deyaar were among the most active stocks by value and by volume, with the former two going up by 2.70% and 2.56% respectively to Dhs4.56 and Dhs1.20.
Abu Dhabi begins week on a rise
The Abu Dhabi Securities Exchange began the week well, ending up 1.17% at 3,230.44. Twenty-two stocks rose, 11 fell and five closed unchanged. Fujairah Building Industries posted the largest rise, going up by 9.89% to Dhs4.78. National Marine Dredging Co was the day's biggest loser, going down by 8.5% to Dhs8.50. Waha Capital was the most active stock by volume and by value.
Egypt urban inflation up in September
Figures from Egypt's state-run CAPMAS statistics agency have shown that the country's annual urban inflation in September saw its first rise in ten months due to the rising cost of food and drinks, Reuters has reported. Urban inflation jumped to 10.8% in the year to September from 9.0% in the year to August. The main rise was seen in food prices, which jumped 3.7% on the month, while culture items gained 0.7%. Food and drink constitute the single largest category in the basket and have risen 23.6% since the start of the year.
Qatar Holding becomes Songbird top shareholder
The investment arm of Qatar Investment Authority, Qatar Holding has announced that it has become the largest shareholder in Songbird Estates with total investment exceeding £350m, Reuters has reported. The firm had taken up its right to 24% of ordinary shares issued, in addition to its subscription to preference shares and participation in a £135m credit facility that it will provide together with other key Songbird shareholders including CIC and Morgan Stanley Real Estate Funds. Songbird is the principal owner of London's Canary Wharf business hub.
Dubai may issue second tranche of bonds
The Dubai government could possibly raise the second tranche of $20bn government bond programme this month, according to a member of the Dubai Executive Council, agencies have cited remarks aired on Friday. Emaar CEO Mohammad Al Abbar has told CNN the dates could not be confirmed when it will be issued but has expressed November could be the reasonable date. Dubai has early this year raised $10bn in emergency cash from the UAE Central Bank through a bond issue.
Abu Dhabi stocks end slightly lower
The Abu Dhabi Securities Exchange lost 11.05 points, or 0.34%, to close on 3,193 today. Abu Dhabi Islamic Bank gained 3.46% to Dhs3.33, while Sorouh fell 0.73% to end the day on Dhs4.05. Overall, 13 stocks gained, four declined, and 21 remained unchanged.
Dubai market hits 11-month high
The Dubai Financial Market hit an 11-month high today, advancing 1.4% to 2,297, boosted by interior outfitter Drake & Scull International, which announced yesterday that it had won a $109m contract. D&S climbed 5.45% to close on Dhs1.16, while market heavyweight Emaar gained 1.60% to end the day on Dhs4.44.
UAE inflation to rise 0.5% to 1.0% in '09, says minister
The UAE's Economy Minister Sultan Bin Saeed al-Mansouri said he believes the country's economic growth will slow to 0.5% or 1% this year due to a decline in revenue from the fall in oil prices, the newspaper Al-Khaleej has reported. The minister also said average inflation will be 3% this year, compared with 12.3% in 2008, due to lower housing costs.
HSBC says Dubai's $80bn debt 'reasonable'
The $80bn of state-related debt that Dubai has accumulated is 'reasonable', given the economy's size and growth rate, HSBC Bank Middle East Chairman Youssef Nasr told Bloomberg. 'If you believe the Middle East story, you have to believe the Dubai story,' he said.
Kuwait issues $279m in treasury bonds
Kuwait's central bank issued KD80m worth of one-year treasury bonds on Wednesday, with a coupon rate of 1.5%, Reuters has reported. Bids for the bonds amounted to KD453.5m, according to the central bank's data. The central bank's last issue was on September 16, for KD75m at the same coupon.
Lebanon on track for 7% rise in GDP
Lebanon is on track to achive 7% growth in GDP in 2009, according to the Investment Development Authority of Lebanon. The organization said that foreign direct investments increased by 32% from $2.5bn in 2007 to $3.6bn in 2008, and is poised to grow by up to 20% to reach $4.32bn this year. Bank deposits have increased by 50% from July 2008 to July 2009 despite the shortage in cash flow in the global market, it added.
Tadhamon Capital to launch in Bahrain
Bahrain-based Islamic investment firm, Tadhamon Capital, has announced it had received its Category 1 license from the kingdom's central bank and is all set for its official launch later this month. The firm aims to launch and manage new investments and products across its main business lines which include asset management, private equity, real estate, treasury and wealth management.
Tasi dips slightly
The Tadawul All-Share Index (Tasi) fell 31.80 points, or 0.50%, to close on 6,308 today. Market heavyweight Kingdom Holding fell 2.04% and Sabic dropped 1.53%. Overall 36 stocks rose, 90 fell, and eight remained unchanged.
Abu Dhabi stocks climb 1.29%
The Abu Dhabi Securities Exchange gained 40.87 points, or 1.29%, to close on 3,204. Dana Gas, the most actively traded stock by value and volume, gained 3.31% to close on Dhs1.25. Overall, 27 stocks gained, two were unchanged, and 10 fell.
Property stocks drag DFM down
The Dubai Financial Market fell 0.35% today to close on 2,265. Market heavyweight Emaar rose 0.46% to Dhs4.37, but other major property-related stocks did not fare so well, including Deyaar (-3.33%), Arabtec (-2.25%) and Union Properties (-1.82%). Overall, nine stocks on the DFM rose today, while 19 fell and four remained unchanged.
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