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Saudi stocks rise again
Saudi Arabia's Tadawul index gained 0.93% today to close on 6,371, led by the insurance and petrochemicals sectors which rose 2.88% and 2.19% respectively. Anaam Holding was the day's big gainer, up 9.93%. Overall, 97 stocks gained while 24 declined.
Abu Dhabi stocks rise 1.97%
The Abu Dhabi Securities Index rose 1.97% today to close on 2,977, led by the consumer and real estate sectors, which climbed 5.09% and 4.51% respectively. Market heavyweight Sorouh rose 4.88% to Dhs3.46. Overall, 26 stocks gained, five declined, and two remained unchanged.
DFM rebounds with strong gains
After four straight days of declines, the Dubai Financial Market bounced back today, gaining 5.24% to close on 2,185. Market heavyweight Emaar gained 7.90% to Dhs4.37, along with Arabtec, which rose 7.28% to Dhs3.24. Other big gainers included Dubai Islamic Bank, up 6.07% to Dhs2.92, and Air Arabia, which gained 5.71% to Dhs1.11. Overall 24 stocks gained, 5 declines, and one remained unchanged.
Sharjah to get Dhs1bn to boost infrastructure
The President of the UAE has ordered the allocation of Dhs1bn ($272m) for infrastructure projects in the emirate of Sharjah, Gulf News has reported. The amount is part of Dhs7.6bn allocated in the UAE budget for 2010 to develop new government and infrastructure projects in northern emirates. Sharjah has been suffering from an acute shortage of power that had affected its industrial sector.
IMF raises forecast for UAE growth in 2010
The International Monetary Fund has revised its economic forecast for the UAE and now predicts that the economy will grow next year by 3%. The Washington-based body said the prudent fiscal and monetary policies of the government had helped the nation overcome the impact of the global financial crisis, the UAE Ministry of Finance said in a statement. The IMF had previously projected that the UAE's economy would expand in 2010 by 2.4%.
Weekly FX roundup: Dollar rallies
Appetite for risk stalled last week giving support to the greenback as major equity indices lost potential, with the Dow Jones Industrial Average sliding 259.45 points or 2.6% to 9,712.7; and Standard & Poor's 500 Index declining 4% to close at 1,036.2.
Tasi sees slight gain
Saudi Arabia's Tadawul index climbed 0.71% today to close on 6,313. The hotel & tourism sector led the way, rising 1.35%. The day's big gainer was Al Baha Investment and Development, which rose 9.85% to end the day on 22.30 riyals. Overall, 70 stocks rose while 44 stocks fell.
ADX ends lower
The Abu Dhabi Securities Index fell 3.4% today to close on 2,920, led by the real estate sector, which dropped 8.22%. The emirate's largest developers, Aldar and Sorouh, fell 8.26% and 8.64% respectively. Abu Dhabi National Hotels also had one of the day's biggest losses, down 8.11%. Overall, 31 stocks fell, one gained, and two remained unchanged.
Dubai stocks drop 5.5%
The Dubai Financial Market dropped 5.5% on Sunday to close on 2,076, as market heavyweight Emaar fell sharply for the second straight day. Emaar plunged 7.74% to Dhs4.05 after the head of Dubai Properties, a company which Emaar plans to merge with, was arrested on charges of embezzlement. Shuaa, the UAE's largest investment bank, tumbled 9.69% to Dhs1.77 after posting a third-quarter loss. Overall, 26 stocks fell, two rose, and one remained unchanged.
Weekly FX roundup: Appetite for risk stalls, supporting the dollar
Appetite for risk stalled last week, giving support to the greenback as major equity indices lost potential, with the Dow Jones Industrial Average sliding 259.45 points or 2.6% to 9,712.7; and Standard & Poor's 500 Index declining 4% to close at 1,036.2. The US dollar rallied against most of its major counter parts except the pound and yen, sending the Dollar Index to 76.2, as risk aversion began with the unexpected fall in US consumer confidence and new home sales at the onset of October. On a positive note, durable goods orders rose by 1% in October and the Chicago PMI rose to 54.2.
Egypt plans to sell stakes in state-owned firms
Egypt's Investment Ministry plans to sell stakes of up to 49% in selected state-owned firms, Reuters has reported. Some of the firms are fully state-owned and some are majority state-owned. The ministry said that Egypt would retain a minimum 51% stake in all the firms. "I'm not really very much under any kind of pressure or in a hurry to get things on a fast track, because the kind of portfolio we have today is a profitable one," Investment Minister Mahmoud Mohieldin told the Reuters Middle East Investment Summit.
Oman's earnings suffer heavy fall
Oman's National Economy Ministry has said the Sultanate's earnings fell by 26.7% during the first eight months of this year, the Times of Oman has reported. The country's revenue fell to RO4,240.7m from RO5,787m for the same period in 2008. Capital revenues fell by 69.3% to RO16.4m from RO53.5m and other revenues fell by 7.8% to RO708m from RO768m. The sharp fall in oil prices and lower customs income contributed to the decline in revenue, the ministry said.
Yemen plans stock exchange launch by year end
The Dubai Financial Market is helping Yemen with its plans to launch a stock exchange by the end of 2009. Undersecretary of Yemen's Ministry of Finance Jalal Yaqoub told UAE news agency Wam that he has discussed with the bourse how his country could use the DFM's technical and technological expertise, along with how the DFM could promote and support the project. Nine government firms will be selected to implement governance standards in order to list them on the bourse, he said.
UAE, UK trade ties up by 63%
Trade between the UAE and the United Kingdom has increased by 63%, over the 2007 level, now ranking the UK as 7th on the list of UAE's trade partners, Gulf News reported. The report further cited Scottish exports to the UAE were up from $185m in 2004 to $275m in 2007.
DFM keeps downward trend
The Dubai Financial Market (DFM) fell 3.88% to 2,197.52 on the last day of trading before the weekend. Only two companies rose, while 24 fell and two remained unchanged. Grand rose by 14.09% to Dhs1.70, while Gulfa rose 4.85% to Dhs4.11.
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