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Tadawul posts increase
The Saudi Tadawul posted a slight increase, with the Tasi going up 0.59%. A total of 134 stocks were traded, of which 98 rose and 22 fell. Alinma Bank was the exchange's most active share, closing up at SR13.60 (up 0.74%). Kingdom Holding fell by 2.94% to SR4.95.
Dubai market ends mixed
The Dubai Financial Market (DFM) ended the day down by 0.11%, with five shares rising, 10 holding and 12 falling. Emaar was the most actively traded stock, but ended the day down by 0.49% at Dhs4.05. The developer is to exhibit at Dubai Cityscape from tomorrow, having performed a u-turn on an original decision to miss the emirate's main property event.
Abu Dhabi holds steady
The Abu Dhabi Securities Exchange (ADX) ended the day down slightly by 0.33%, picking up in the afternoon following falls during morning trading. The banking and industrial sectors were the only gainers of the day, going up by 0.23% and 5.91% respectively. Twelve companies rose, four held steady and 22 fell. United Arab Bank and National Marine Dredging Co both led the rise at 10%.
FX roundup: Dollar strengthens against basket
The Greenback (USD) ended higher against most major currencies last week, as weak economic data prompted traders to take profits from the US equity market, and sell the higher yielding assets. Consumer confidence, ADP employment, Chicago PMI, and non-farm payrolls were all worse than expected. Other factors also played a role in the dollar's strength as public officials from Sweden, Tokyo, and Guttenburg all called for a strong US currency which is essential to the global economy, taking into consideration a weak dollar could hurt economies outside the US by making their exports more expensive.
Investment Dar to reorganise its debt
Kuwait-based Investment Dar has appointed Mike Grant as Chief Restructuring Officer to help reorganise its debt after the company defaulted on borrowings, Bloomberg has reported. Grant, co-founder of Aaronite Partners, a London-based provider of corporate restructuring services, will work with management to help reach an agreement with creditors, Investment Dar said.
Kingdom Holding investments rise
Saudi Arabia-based Kingdom Holding has said that the value of its investments available for sale rose 4.2% to SR6.1bn ($1.63bn) in September compared to August, Reuters has reported. The gain is due to improvement on local and international stock markets, the group said.
IMF 'confident' about Iraq loan agreement
Masood Ahmed, the Middle East director of the International Monetary Fund (IMF), has said the fund is "confident" that it can agree a loan with Iraq, which has requested $7bn to cover its budget deficit, AFP has reported. "Exactly how and when is what we need to know," he added.
Kuwaitis are biggest foreign investor group on Jordanian bourse
The number of Kuwaitis dealing on the Jordanian stock market crossed 3,000 in the first nine months of 2009, accounting for 378.3 million stocks, valued at $1.9bn. They make up some 6% of the overall non-Jordanian investments on the kingdom's bourse, Kuna reported. Saudi dealers are the next biggest group, with just over 2,000 of them accounting for 325.6 million stocks. However Saudis account for the biggest value in terms of investments, at $2.4m. Lebanese dealers ranked third, with 1,500 investors, while Qataris came fifth and Bahrainis sixth.
Dubai launches trade licence eService
The Dubai Department of Economic Development (DED) has launched an eService to speed up the renewal of trade licences. The service forms part of Dubai's efforts to offer more eGovernment services. Mohammed Shael, CEO of the Business Registration and Licensing Division at DED, said: "The DED will introduce new and innovative services on its website in the coming months to achieve greater effectiveness in performance and reduce cost burden both for the government and entrepreneurs."
IIF sees GCC states on solid growth in 2010
Institute of International Finance (IIF) has released its report on Gulf economies, seen returning to solid growth in 2010, Reuters has reported. Qatar and Oman is predicted to soar on rising oil and gas output, but 'corporate distress' remains a risk, said the report. Meanwhile, growth in real gross domestic product (GDP) in Kuwait, Saudi Arabia, and the United Arab Emirates was expected at 4%, 3.5% and 3.4% percent respectively in 2010, driven mainly by a rebound in oil production. Estimated contractions in 2009 are reported in Kuwait with 1.9%, 1.2% in Saudi Arabia and 1.5% in the UAE.
Banks gain at Kuwait Stock Exchange
The KSE Price Index closed 0.80% lower at 7,754.6 points. Only the banking sector (up 0.20%) resisted the downtrend. Gulf Bank of Kuwait advanced 2.89%, ending at KD0.355. Islamic investment bank Gulf Finance House from Bahrain added 1.25%, finishing at KD0.355.
Nasdaq Dubai: Depa hits new 2009 high
Shares of interior designer Depa Ltd. gained 1.27%, closing at a new 2009 high at $0.80. Depa was responsible for the interior of the seven- star hotel Burj al-Arab and is currently decorating the inner architecture of the Burj Dubai which will be the highest tower in the world at approximately 820 metres. Australia's Boulder Steel lost further, ending 9.09% lower at $0.16. Boulder said on September 16 that it intends to delist its shares voluntarily within the next six weeks.
Trading volumes surge at Qatar Exchange
The Doha-based Qatar Exchange (QE) closed 0.95% higher at 7,484.75 points with QR492.06bn value traded. All industry sectors advanced. Vodafone Qatar, after trading in a lacklustre way for over a week, soared 7.39% higher, closing at QR9.65. Qatar General Insurance and Reinsurance dipped 4.96% lower, finishing at QR54.00. The firm and Ezdan Real Estate Company announced that they will sign a Memorandum of Understanding (MoU) with Al Sarri Trading Company on the Development of Real Estate Project Al Dafna. The DSM20 Index lost insignificantly (down 3.5 points) during the week.
Abu Dhabi shares end the week friendly
The ADX followed the Dubai market and gained slightly, ending 0.44% higher at 3,137.99 points. As oil prices soared to $70 per barrel again, Abu Dhabi National Energy Co. (Taqa) advanced 1.90% and finished at Dhs1.62. Taqa announced today that it completed a EUR285m acquisition of DSM Energie Holding B.V. from Netherland's Royal DSM N.V. Banks, on the other hand, performed weakly, with bellwether National Bank of Abu Dhabi (NBAD) plummeted 2.55% (at Dhs13.55). The ADX General Index gained 0.61% during the last week.
Dubai market gains slightly
The Dubai bourse index DFM was struggling around the level of 2,200 points throughout the trading session and eventually closed 0.16% higher at 2,194.64 points with Dhs960,857,153 value traded. Real estate developer Al Mazaya posted the largest gain, surging 15% higher (at Dhs3.35). While real estate share gained overall, Islamic banks lost value, led by Gulf Finance House (down 9.87% at Dhs3.56) and Dubai Islamic Bank (1.59% lower at Dhs3.10). Eight shares remained unchanged, among them the DFM itself (flat at Dhs2.38). During the last week of trading the DFM Index added 0.43%.
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