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Qatar National Bank approaches key resistance level
The Qatar Exchange closed at 7,508.53 (up 0.27%) on rising trading volumes. Qatar National Bank added three per cent, closing at QR150.50. The country's largest lender in relation to market capitalisation is approaching a key resistance level at QR160 which it failed to crack in January this year. Al-Ahli Bank, on the other hand, posted the largest loss, ending 4.22% lower at QR44.0
Abu Dhabi bourse gains slightly
Only the real estate sector was shining today at the Abu Dhabi Securities Exchange (ADX), which saw its General Index edging higher by 0.16%, closing at 3,123.68 points. RAK Properties was most actively traded in relation to volumes, closing 2.45% higher at Dhs0.80. Abu Dhabi National Energy Co. (Taqa) lost 1.25% due to oil prices dipping below $70 during Eid. Taqa closed at Dhs1.59.
Dubai shares end mixed
Investors at the Dubai Financial Market (DFM) witnessed a rollercoaster trading session with 18 shares advancing, five declining and six remaining flat. The DFM Index eventually closed 0.55% higher at 2,197.08 points. Insurers led the rise. Islamic Arab Insurance (Salama) gained 8.21%, finishing at Dhs1.45. Real Estate contractor Drake and Scull International, which was upgraded by Credit Suisse on Friday to 'outperform', ended unchanged at Dhs0.98. Market bellwether Emaar Properties dipped to Dhs4.05 (off 0.98%).
T'azur gets Qatar licence
Bahrain-based Islamic insurance provider, T'azur has received a license from the Qatar Financial Centre Regulatory Authority (QFCRA) to operate in the country, Gulf Times has reported. The Manama-based T'azur has set out an expansion plan that is backed by an initial authorised capital of $500m, the firm said.
UAE inflation up in July
The UAE's Ministry of Economy has said inflation rose slightly in July, but continues to be at one of its lowest levels, following a sharp fall in rents and a drop in food prices. In July, there was an increase of 0.84% in the food and beverage index and a nearly 0.77% rise in rents. There was also an increase of 1.92% in home supply and 0.27% in culture, the figures showed. The Consumer Price Index rose by 0.39% in July. The country had recorded its highest inflation rate of 12.3% in 2008, due to surging rental and food prices, higher global commodity prices, and a sharp increase in its import bill due to the weakening US dollar, to which the dirham is pegged.
UAE wage protection system covers only dirham salaries
The UAE Central Bank has said that only salaries paid in the local dirham currency will be protected by the newly introduced wages protection system (WPS), Emirates Business 24/7 has reported. The scheme, designed to ensure staff are paid on time, is for companies with a minimum of 100 employees and means wages will be paid via a designated bank or exchange company. However, the Central Bank has confirmed that it applies only to employees whose full wage is paid in the local currency.
Qatar and Switzerland sign tax agreement
Qatar and the Swiss Federal Council have signed an agreement on avoidance of double taxation, the Peninsula has reported. The agreement allows for the exchange of tax information in cases such as suspected tax evasion and complies with the blueprint for international tax agreements issued by the OECD.
Saudi market hits 11-month high
The Tadawul All Share Index (Tasi) gained 3.08%, closing at 6,130.95 points on the first trading day after Eid holidays. Banks and financials (up 7.94%) fuelled the market's comeback, pushing the Saudi gauge above the 6,000 barrier. The Saudi-British Bank (SABB), an affiliate of European banking giant HSBC, led the charts and closed 9.98% higher at SR51.25. Al Rajhi Bank, one of the largest Islamic financial institutions in the world, jumped on the bullish bandwagon and finished at SR75.25. Both banks were upgraded to 'outperform' from 'neutral' by Credit Suisse on Friday. Market bellwether Sabic, the petrochemical sector leader, remained, however, unaffected by the buying mood and lost 0.64%, closing at SR78. The Tasi advance-decline ratio ended at 110 to 15. Eight shares remained flat.
G20 leaders aim for tighter financial regulation
The Group of 20 (G20) leaders has pronounced during the summit in Pittsburgh to set up tighter financial regulations to cut down on some of the risky behavior and excesses, blamed for the current global economic slump, AP has reported. The G20 leaders have also promised for more inclusive global governance. The G20 leaders have agreed to keep stimulus plans, which include government spending and low interest rates, in place in their respective countries.
Tadawul market resumes trading
The Saudi Arabian Tadawul stock exchange resumed trading on Saturday after it was closed for one week due to Eid holidays, marking the end fo the Holy Month of Ramadan.
Nasdaq Dubai posts huge profits
The NASDAQ Dubai bucked the UAE local market's negative sentiment on the first trading session after Eid ul-Fitr. Dubai Ports (DP) World gained 3.77%, closing at $0.55 as 54.6m DP World shares changed hands. Jewelry trader Damas jumped 9.09% and finished at $0.36. Intertior designer DEPA Ltd. soared 10% higher, ending at $0.781.
Pharma firms buck Abu Dhabi exchange's decline
The Abu Dhabi market ADX lost 0.82%, closing at 3,118.70 points. Abu Dhabi Commercial Bank (ADCB) posted the largest loss (down 6.15% at Dhs2.43) among the financials after ADCB disclosed total exposure to the troubled Saudi groups Saad and Algosaibi of Dhs2.24bn, comprising Dhs751m to Algosaibi Group and Dhs1.487bn to Saad Group, EFG Hermes cites Gulf News. Pharma firms Gulf Medical Projects (up nine percent at Dhs3.38) and Ras al-Khaima-based Gulf Pharmaceutical Co. (Julphar) (8.20% higher at Dhs1.98) bucked the negative market sentiment.
Dubai market declines slightly
The local Dubai stock market DFM closed 0.87% lower at 2,185.03 points after the investors witnessed a rollercoaster trading session which pulled the market temporarily down by two per cent. Real estate share underperformed, with e.g. Islamic developer Deyaar ending at Dhs0.85 (off 2.30%). Deyaar announced that it completed and handed over all units at 41-floor commercial tower 'The Citadel' at Dubai's Business Bay, a development worth Dhs700m.
Doha Bank shares hit 11-month high
The Qatar Exchange advanced slightly, closing at 7,488.25 points (up 0.34%) with QR429.65m value traded. Shares of Doha Bank closed three percent higher at an 11-month of QR52.60. Industry stocks performed overall weaker. Food producer Zad Holding Co. posted the biggest loss (down 2.97% at QR58.30). It was followed by Industries Qatar (1.58% lower at QR118.30) which appointed Abdul Rahman Al Shaibi as a General Coordinator, effective September 16, 2009 instead of Mohammed Sheriff Al Shirawi.
Nasdaq Dubai resumes trading after Eid holidays
The NASDAQ Dubai is reopen for trading from today's Thursday on. The DIFC-based market was closed for four days due to Eid holidays. Normal trading hours are from 10am - 5pm, Sunday to Thursday.
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