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Tadawul ends down 0.22%
Saudi Arabia's Tadawul All Share Index (TASI) ended its second day of trading up 0.22% to 6,284.39. Sixty-three stocks rose, while 52 fell. Alinma Bank was the most active stock by value and by volume, ending the day at SR13.20.
DFM falls 2.63%
The Dubai Financial Market (DFM) fell by 2.63% to 2,073.66, with only two stocks rising, 25 falling and one holding steady. Al Salam Bank (Bahrain) and CBD were the only gainers, rising by 3% and 2.63% to Dhs1.03 and Dhs3.90 respectively.
ADX falls across all sectors
The Abu Dhabi Securities Exchange (ADX) fell 2.03% on the first day of trading of the week, ending at 2,865.25 with falls across all major sectors. Commercial Bank International and RAKBank led the seven rising stocks, moving up by 9.59% and 3.71% to Dhs1.60 and Dhs4.49 respectively.
Weekly FX roundup: Dollar pushes back
The Greenback ended the week up against all major currencies except the Yen. Sentiments were positive in the beginning of the week, as indices rose to 13-months high, but things started to change towards the end of the week as Asian stock markets started to plunge on concerns of a growing asset bubble which carried through into European and US trading sessions.
Egypt to expand free trade zones
The Egyptian minister of trade has said the government will seek to expand by at least three the number of Qualified Industrial Zones (QIZ) it has with the US, Reuters has reported. The government wants to expand the number of free zones to the country's poorer southern provinces, Rachid Mohamed Rachid said. However, textiles, one of Egypt's largest industries, would not be part of the zone expansion, he noted.
China, Sharjah trade grows
Ali Salim Al Mahmoud, general manager of Sharjah Economic Development Department has said that trading volumes between China and the emirate of Sharjah grew from Dhs2.33bn in 2007 to Dhs3.98bn in 2008. China is currently the emirate's third largest trading partner, he said.
IMF: Dollar peg has served Gulf well
John Lipsky, first deputy managing director of the International Monetary Fund has said that Gulf states' dollar peg has served the region well and inflationary pressures haven't returned, Bloomberg has reported. The increase in oil prices from December lows 'is going to produce a rebound in the surpluses, external surpluses of this region that's going to be a new challenge,' Lipsky said in an interview at the World Economic Forum in Dubai. Inflation in Saudi Arabia eased to 3.5% in October, its slowest pace since June 2007.
UAE sees 1.3% growth in 2009, 3% in 2010
UAE Minister of Economy Sultan Bin Saeed Al Mansouri has said during the sidelines of World Economic Forum summit in Dubai that the country is seeing economic growth of up to 3% i 2010 and that this year's growth would be 1.3%. Al Mansouri attributes this year is a modest growth, saying, "If you take inflation which used to be 12% and now it's down to three per cent, if you minus that from the overall GDP growth as it is calculated, we will manage 1.3% growth in 2009."
DFM falls slightly
The Dubai Financial Market (DFM) fell 0.81% to 2,129.75. Only four stocks; DIB (2.55%, to Dhs2.82), Alsalamsudan (2.48%, Dhs2.48), EmiratesNBD (1.54%, Dhs4.62) and Masq (0.55%, Dhs91.00) rose, while 19 fell and four held steady.
ADX dips with Insurance only rising sector
The Abu Dhabi Securities Exchange (ADX) ended the day's trading down by 0.85% at 2,924.56, with Insurance the only sector to see an increase. Of the 35 traded stocks, 27 fell, while only five rose. Abu Dhabi National Insurance Co was the day's biggest riser, moving up 10% to Dhs7.15.
Qatar bond issue given AA rating
Standard & Poor's Ratings Services has assigned its 'AA-' senior unsecured debt rating to Qatar's (AA-/Stable/A-1+) $7bn global bond issue. 'The ratings on Qatar are supported primarily by the country's solid fiscal and external balance sheets, its prosperous economy and strong growth prospects, and its prudent long-term policies,' the rating agency said.
UAE: Basel II system in place
The Central Bank of the UAE has said the Basel-II system has been implemented, asking for tougher capital adequacy levels for a sound banking industry, Khaleej Times has reported. Under the new system, lenders have been directed to maintain a minimum capital requirement of 11% at all times, which would be increased to 12% by June 30, 2010. Furthermore, main banks in the country are expected to migrate to the Foundation Internal Ratings Based approach, in due course.
ADX slips 0.48%
The Abu Dhabi Securities Exchange (ADX) fell by 0.48% to 2,949.69. Arkan Building MAterials posted the highest rise of the day, moving up by 6.62% to Dhs3.32. Dhafra Insurance fell furthest, going down by 9.5% to Dhs4.57.
UAE money supply growth slowing
According to data by the UAE's central bank, the country's M3 money supply in October grew 10.9%, compared with 13.4% in September, Bloomberg has reported. M2 money supply, which excludes government deposits, rose 11%, up from 7% in September. M1 money supply, a narrower measure, had contracted 0.2% in October, compared with shrinkage of 6% the month before.
New Qatar income tax 'for corporations only'
A Qatari government official has said that the country's new income tax law would apply to revenues of corporations and not that of individuals, Reuters has reported. The new tax will take effect as of January 1, 2010 - but there have been no specifics on the type of income to be taxed.
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