Finance and Economy
- The news you choose »
- Login to Add to Watchlist
Categories
Tadawul posts slight rise
Saudi Arabia's Tadawul All Share Index rose by 0.27% to 6,332.7. Of the 133 stocks traded 45 rose, while 72 fell. BCI was the day's biggest gainer, moving up by 9.97% to SR33. Saudi Indian had the biggest drop, going down 3.68% to SR65.25.
DFM sees only three rising stocks
The Dubai Financial Market fell 0.91% to 2,178.53. Only three stocks rose, while 22 fell and four held steady. Of the three rising stocks ACICO was the only one to have any major advances, going up by 13.81% to Dhs5.85.
ADX falls minimally
The Abu Dhabi Securities Exchange (ADX) fell a minimal 0.1% to 2,963.85. Fifteen stocks fell, 11 rose and seven held steady. The National Corp for Tourism and Hotels was again one of the strongest stocks, going up by 9.93% to Dhs8.30.
Qatar to issue dollar-denominated bonds
Qatar plans to launch a sale of dollar-denominated bonds in overseas markets today, Bloomberg has report, citing a person familiar with the transaction. The proceeds will be used to provide 'contingency funding' for state-owned firms, pay for infrastructure projects, and invest in the international oil and gas industry. Qatar may sell five-year bonds to yield about 1.9% points above US Treasuries, 10-year bonds to yield about 1.95% points more than US Treasuries and 30- year bonds to yield a spread of about 2.15% points, the person said, who declined to be identified because terms aren't set.
Aabar looks to raise Daimler stake
Khadem Abdulla Al-Qubaisi, Chairman of Abu Dhabi's Aabar Investments has said that the firm is in talks with Germany's Daimler AG to raise its stake to 15% from 9.1%, Bloomberg has reported. The timing of a stake increase will depend on the stock price, he said. Daimler's shares have surged 77% from the €20.27 per-share price Aabar paid in March, giving the fund a gain of some €1.5bn.
Second half of Dubai bonds 'before year end'
Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of Dubai's Supreme Fiscal Committee has said that the second half of the emirate's $20bn bond program will be issued before the end of this year, Bloomberg has reported. The first $10bn had been secured by selling bonds to the country's central bank in February. Dubai and its state-owned companies have to repay $15.8bn of bonds and loans maturing this year, $9.2bn in 2010, $19.8bn in 2011 and $17.3bn in the following year, according to a Deutsche Bank AG report in August.
UAE has 'no plans' to rejoin single currency
The UAE's minister of state for foreign affairs, Anwar Gargash has said that there are no plans to rejoin Gulf countries working to establish a single currency, the Khaleej Times has reported. 'The UAE has already taken a clear position on that and we've opted out of the single currency,' Gargash said. 'There's no new development here.'
Tadawul posts slight increase
Saudi Arabia's Tadawul all share index rose by 0.7% to 6,315.45, with all sectors save Insurance posting increases. Atheeb Telecom posted the biggest increase of the day, going up by 2.95% to SR17.50.
ADX slips 0.2%
The Abu Dhabi Securities Exchange (ADX) slipped down by 0.2% to 2,966.91. Of the 33 traded stocks, 12 rose, 12 fell and nine held steady. National Corp for Tourism and Hotels was again the biggest riser, going up by 8.63% to Dhs7.64. Emirates Driving Company posted the biggest losses, going down by 8.16% to Dhs4.50.
DFM enjoys positive growth
The Dubai Financial Market (DFM) rose during trading today, ending the day up by 1.59% to 2,198.50. Seventeen stocks rose, six fell and four remained unchanged. Emaar, again the most actively traded by value and by volume, was the second highest riser of the day, moving up by 2.94% to Dhs4.55. Aramex was the day's biggest earner, going up by 5.23% to Dhs1.81.
Jordan bank reserves top JD3bn
The volume of excess reserves for Jordanian banks is JD3.7bn, including overnight window deposits, according to the Central Bank of Jordan (CBJ). Volume of required reserves is JD1.07bn, the CBJ said.
Investcorp to buy Gulf Cryo stake
Bahrain-based asset management firm, Investcorp has announced that its Gulf Opportunity Fund will acquire a 20% stake in Kuwait-based manufacturer of industrial, medical and specialty gases, Gulf Cryo. This acquisition comes six months after Investcorp's Gulf Opportunity Fund closed its second investment, a 70% stake in L'Azurde, the world's fourth largest manufacturer of gold and jewellery.
Saudi inflation hits 28-month low
According to data from Saudi Arabia's official statistics authority, the kingdom's annual inflation had reached a 28-month low of 3.5% in October, Reuters has reported. Cost of living index reached 124.3 points in October up from 120.1 points a year earlier, the data showed. 'Although inflation has come down on an absolute basis, month on month it still remains high and it could very well average above 5% for the year,' said John Sfakianakis, chief economist at Banque Saudi Fransi.
Investment Dar to present debt plan
Kuwait-based The Investment Dar has announced that it will present a restructuring plan to its banks and creditors later this month, Bloomberg has reported. Banks and investors 'will have a period to review and consider approving the proposed restructuring plan' following the meeting, the firm said. The first meeting will be held in Kuwait on November 24 and the second in Dubai on November 25. The Investment Dar had $3.6bn of debt outstanding at the end of September 2008, the last time it reported results.
Tadawul dips on second day of trading
Saudi Arabia's Tadawul exchange ended the day down by 0.39% at 6,271.51. Of 133 stocks traded 34 rose and 78 fell. Tawuniya posted the highest gains, moving up 6.86% to SR74.00. Al Ahlia posted the biggest losses, going down by 5.19% to SR100.25.
It looks like you are using a Mac - check out our 
Web Feeds