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ADX ends down
The Abu Dhabi Securities Exchange (ADX) ended the week's trading by falling 2.38% to 3,023.10. The Consumer sector was the only one to rise, going up by 5.63%. Abu Dhabi National Hotels rose by 9.63% to Dhs4.45, as the emirate prepares to host its first F1 Grand Prix race on Sunday. Methaq Takaful Insurance Co. fell the most on the day's trading, going down 8.99% to Dhs3.91.
UAE Central Bank: No rise in interest rates
In an interview with CNN's Marketplace Middle East UAE Central Bank governor Sultan Nasser Al Suwaidi has said that the there will be no rise in interest rates in 2010. 'I think we will leave them where they are because we still do not see any reason to increase them. We do not see any inflationary pressures and we still see markets that not are functioning efficiently,' said Al Suwaidi, adding that the UAE would keep the dollar peg.
Sama: Saudi credit growth stalls
The Saudi Arabian Monetary Agency (Sama) has said that credit growth in the kingdom almost came to a halt in September compared to August, as banks dealing with a debt crisis of family firms remained cautious, Reuters has reported. Bank credits were almost flat, reaching SR721.6bn in September after SR721.4bn in August, Sama said. Credit growth in August increased almost 2% compared to July.
Egypt's extra spend to be 'off budget'
Egypt's plans to spend an additional EGP10bn ($1.8bn) would not increase the deficit target as any extra funds would be off-budget, according to the country's finance minister. 'The budget target is not changed,' Boutros Ghali told Bloomberg News. 'Additional spending is by economic authorities out of their own resources,' he said.
Dubai closes five-year sukuks
Dubai's five-year Islamic bonds book closed yesterday with the dollar tranche attracting $4.9bn and the dirhams tranche receiving Dhs5.4bn, Reuters has reported, citing a banker involved in the deal. The government of Dubai launched a $6.5bn bond plan last week, consisting of $4bn euro medium term notes and a $2.5bn Islamic bond programme.
Saudi stocks dip 1.4%
Saudi Arabia's Tadawul index fell 1.4% today to close on 6,441. All sectors finished lower, led by hotel & tourism which declined 2.33%. Kingdom Holding gained 1.96%, but it was one of just eight stocks that finished higher, compared to 121 that declined.
Dubai stocks decline again
The Dubai Financial Market fell 1.43% today to close on 2,286. Among the decliners were Emaar and Aramex, which fell 3.51% and 4.57% respectively. Emirates NBD climbed 4.04%, but it was one of just 3 stocks that ended higher on the day, compared to 25 that declined.
Abu Dhabi stocks drop 1.54%
The Abu Dhabi Securities Exchange on Wednesday fell 1.54% to close on 3,096. The emirate's largest developer, Aldar, dipped 3.31% after it reported a 44% decline in third-quarter earnings yesterday. Sorouh, Abu Dhabi's second largest developer, dipped 3.28%. Abu Dhabi National Energy Co (Taqa), lost 2.5% to Dhs1.55, its lowest since July 29, according to Bloomberg data. Overall, six stocks advanced while 27 fell.
Dubai's planned bond sale gets $6.6bn of bids
Dubai's planned sukuk sale has attracted bids worth $6.6bn, Bloomberg has reported. Bids for the dollar-denominated, five-year fixed Islamic bond totaled $5bn, while offers for the dirham- floating rate Islamic note were $1.55bn, the news service reported, citing bankers involved in the deal said today. 'The order book shows that Dubai's story is gaining credibility,' Chavan Bhogaita, head of credit research at National Bank of Abu Dhabi, was quoted as saying.
Egypt deficit at 9-10% of GDP, says minister
Egypt's Prime Minister Ahmed Nazif said stimulus spending will propel the country's budget deficit by 9-10% of gross domestic product in the financial year 2009/10, compared to 6.9% in 2008/9, Reuters has reported. Egypt had spent almost EGP15bn ($2.75bn) to boost the economy in the first half of 2009, and plans a second stimulus package worth EGP10bn, of which some EGP4bn had been spent, Nazif said.
Kuwait to spend $140bn on development plan
Sheikh Ahmad al-Sabah, Kuwait's deputy prime minister for economic affairs, has said that the country plans to spend up to ($139.9bn) on its proposed five-year development plan, Reuters has reported. The plan aims to attract more investments into the country and boost the participation of the private sector in government projects. If implemented, the plan would be the government's first since 1986.
Dubai seeks to raise $6.5bn in bond issues
The Dubai government has unveiled plans to raise $6.5bn through bonds, Emirates Business reported yesterday, citing a prospectus for investors. The borrowing programme would be divided into a euro-denominated medium-term note worth $4bn and a $2.5bn Islamic bond issue, or sukuk. The new euro-based note might be listed on the London Stock Exchange and the Dubai Financial Market, according to the paper.
Tasi sees slight decline
Saudi Arabia's Tadawul index fell 0.47% to close on 6,532. The energy and utilities sector was the day's best performer, up 1.93%. Overall, 79 stocks declined while 40 ended higher.
Abu Dhabi stocks fall, led by ADCB
The Abu Dhabi Securities Exchange fell 0.71% today to close on 3,145, led by Abu Dhabi Commercial Bank, which dropped the most in nine months after reporting that its third quarter profit plunged 90%, according to Bloomberg data. Overall, 10 stocks rose, 17 declined, and five remained unchanged.
Dubai index ends lower
The Dubai Financial Market dipped 0.80% today to close on 2,319, led by the day's most actively traded stock, Emmar, which fell 0.82%. Overall just six shares rose while 26 declined. Among the day's big gainers were Du and Shuaa Capital, which rose 3.54% and 1.46% respectively.
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