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PetroSaudi, 1Malaysia form $2.5bn JV
Saudi Arabia's PetroSaudi International Limited and Malaysia's 1Malaysia Development Berhad, a wholly-owned government firm, have formed a $2.5bn joint-venture company to be a vehicle for investments from the Middle-East into the Malaysia, Malaysia's The Star newspaper has reported. The joint-venture is also expected to actively make investments in the renewable energy sector.
Nasdaq Dubai: Citigold jumps 18.46%
Australia-based Citigold posted the largest gain, closing 18.46% higher at $0.154. Market bellwether Dubai Ports World recovered and added 4.67%, ending at $0.56. Damas (8.11% higher at $0.40) extended its gains from the previous days Trading activity picked up at the Nasdaq Dubai as four shares, one certificate and two derivatives posted sufficient volumes for price changes.
Saudi market ends the month in a bullish mood
The Tadawul index advanced by 0.68%, finishing at 6,322.04 points. Contrary to the other GCC exchanges, Saudi banks and insureres posted gains today. Islamic insurance operator Weqaya Takaful Insurance and Reinsurance Co. posted the second largest gain (9.82% higher at SR35.80).
Kuwait Stock Exchange dips slightly
The KSE Price Index closed at 7,817.3 points (off 0.21%). No sector index advanced, as the insurers (down 1.42%) weighed on the market in particular. IFA Hotels and Resorts Co. bucked the market trend and topped the charts by ending 7.14% higher at KD0.750. Gulf Bank of Kuwait performed weaker (5.47% lower at KD.345) as the financial sector at all GCC markets came under pressure as the impact of the Saad Algosaibi on the entire financial segment case has not been clear until today. However, Sheikh Salem AbdulAziz al-Sabah, governor of Kuwait's central bank, has said that economic indicators, including the movement of deposits, credit and money supply, suggest that general economic conditions are better than they were in the fourth quarter of 2008 and first quarter this year, Bloomberg has reported, citing Arabic daily Awan.
Qatari shares end mixed
Shares in Doha ended the month of September 0.57% lower (DSM20-Index) as investors prefer to stay on the sidelines, waiting for the coming earnings season on third quarter results. Al-Khaleej Insurance posted the largest retreat (off 4% at QR37.40). Qatar Telecom (Qtel, up 0.6% at 149.80) is approaching a key resistance level at QR160. Qtel has signed an agreement with Packet One International (P1i), the international WiMax global service provider, EFG Hermes quotes Trade Arabia.
Abu Dhabi bourse remains fickle
The ADX market plummeted at the beginning but eventually closed insignificantly lower at 3,124.22 points. Industry shares and financials struggled in particular. Banks were facing pressure after the ADX demanded full disclosure from them about their exposure in troubled groups Saad and Algosaibi. As a result six banks issued statements on this issue. The emirate's biggest lender National Bank of Abu Dhabi (NBAD) (unchanged at Dhs13.55) said in a public statement today that it has a total exposure of $8.7m to both group, adding that it has voluntarily disclosed this sum on July 28.
Dubai market back on bullish track
The Dubai Financial Market (DFM) did not perform well during the first hour of trading but eventually gained 1.33%, closing at 2,191.03 points. Twenty-one shares gained, three times more than losing stocks. Dubai Refreshments (up 4.84% at Dhs9.96 posted the largest gain. The investors rewarded Emaar Property's announcement to relaunch an IPO which was cancelled in 2008 of its India-based unit MGF and sent Emaar shares higher by 2.53% (ending at Dhs4.05). Banks performed lower as Emirates Business 24 7 reported that the UAE Banks' share of non-performing loans (NPL) is still on the rise, quoting Dr. Giyas Gokkent, Chief Economist at National Bank of Abu Dhabi. Dubai-based Shuaa Capital closed 1.47% lower at Dhs2.01.
Kuwait denies report of $94bn losses
Kuwait Investment Authority (KIA) has dismissed as 'untrue' a recent report that it had incurred losses totalling $94bn. It has written to the author of the report, the UN Conference on Trade and Development (UNCTAD) asking it to correct the 'serious mistake' it had made, Managing Director Othman al-Issa said.
Kuwait economy improving, official says
Sheikh Salem AbdulAziz al-Sabah, governor of Kuwait's central bank, has said that economic indicators, including the movement of deposits, credit and money supply, suggest that general economic conditions are better than they were in the fourth quarter of 2008 and first quarter this year, Bloomberg has reported, citing Arabic daily Awan. The improvement could be attributed to the Kuwait's stabilization program, the governor was quoted as saying. However, in the absence of broader economic data including gross domestic product, it is too early to determine whether the economy has started to recover, he noted.
Egypt expects $10bn in foreign investment
Egyptian Investment Minister Mahmoud Mohieldin said he believes the government will attract about $10bn in foreign direct investment in the current fiscal year, up from $8.1bn the previous year, Bloomberg has reported. The government will promote 52 infrastructure projects to foreign investors, including Asian and Gulf Arab sovereign wealth funds, he said. The government expects growth of more than 5% in the fiscal year through June 30 and is drafting a law to encourage companies to invest in infrastructure, he added.
Doha market stabilises around 7,450 points
The Qatar Exchange joined the GCC markets' rebound and finished 0.27% higher at 7,456.72 points. Trading, however remained lacklustre as 12 shares remained unchanged. Dlala jumped 8.93% higher and closed at QR18.40 as a top gainer. Trading volumes remained at a low level with 10.87m stocks changing hands.
Jewelry trader Damas tops at Nasdaq Dubai
Shares of Dubai Ports World lost further, closing 0.93% lower at $0.533. Citgroup's emerging market analysts recommend DP World in their latest report, saying that the emerging markets will outpace the advanced economies due to an increase in the Intra-emerging-markets trade (which stands today at 65% against 28% in 1995), among other factors. Dubai-based jewelry trader Damas added 2.78%, ending at 0.37% and slowly approaching a four-month-high. Meanwhile, trading activity in the derivatives segment listed at the Nasdaq Dubai is picking up as investors aim to hedge their positions at UAE stock markets.
Saudi insurance stocks extend gains
The Tadawul market successfully resisted selling pressure during the first hours of trading and closed at 6,279.47 points (up 0.84%). As yesterday, the insurance sector was the driving force behind the upturn. Saudi Arabian Cooperative Insurance Company advanced 6.67%, finishing at SR92.00 as one of the top gainers. Investors mostly sold Sabic (off 0.62% at SR79.75), after the share hit an 11-month high on Sunday. Aldrees Petroleum & Transport Services Co. posted the largest decline (down 3.71% at SR41.50).
Real estate shares lift Abu Dhabi bourse
Strong inputs from the US stock markets helped the ADX Index to close 1.21% higher at 3,126.46 points. RAK Properties was most actively traded in relation to value and volumes, gaining 5.13% (at Dhs0.82). Most financials outperformed as well. National Bank of Umm Al-Qaiwain (8.48% higher at Dhs 3.58) topped the charts. Commercial Bank International, on the other hand, lost 6.06%, ending at Dhs1.55. Thirty shares advanced, six remained unchanged and seven lost in value.
Dubai market rebounds by 1%
The Dubai Financial Market (DFM) rose above 2,180 points in the opening but failed to sustain its advances. The DFM Index eventually closed 1.01% higher at 2,162.20 points. Banks led today's market advances. Investment bank Shuaa Capital posted the largest advance (up 5.15%), closing at Dhs2.04. Commercial Bank of Dubai (CBD) followed with a profit of 4.80% (ending at Dhs3.93). Emirates NBD, the largest lender in the Middle East in relation to assets, failed to jump on the bandwagon and lost 0.23%, finishing at Dhs4.35.
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