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Tasi dips 1.39%
Saudi Arabia's Tadawul index slipped 1.39% today to close on 6,283, led by the petrochemical sector, which fell 2.23%. Sabic, the world's largest chemical firm by market value, had the day's biggest loss, down 3.94%. Overall, 20 stocks rose while 17 declined.
Adu Dhabi stocks see slight drop
The Abu Dhabi Financial Index fell 1.00% today to close on 2,947, led by the real estate sector, which fell 4.47%. Leading real estate stocks Aldar and Sorouh fell 4.86% and 4.36% respectively. The only category to rise today was the industrial sector, which climbed 2.85%. Overall, six stocks advanced, 26 declined, and three remained unchanged.
DFM falls 5.03%
After solid gains yesterday, the Dubai Financial Market fell sharply today, losing 5.03% to close on 2,075. Among stocks that reversed their gains from yesterday included Emaar, which dropped 7.32% to Dhs4.05, and Arabtec, which fell 6.17% to Dhs 3.04. Other decliners were Air Arabia, down 3.60% to Dhs1.07, and Dubai Islamic Bank, down 6.4% to Dhs2.78.
Abu Dhabi to spend $1tr on projects
Abu Dhabi's Minister of Economy said the emirate will spend $1tr on infrastructure, real estate and manufacturing projects as the capital speeds up its economic diversification efforts, the National has reported. The spending 'will lead to extraordinary demand for building materials and technological innovations, thus boosting the economy further," Sultan al Mansouri was quoted as saying at the Abu Dhabi Outlook Summit yesterday.
Egypt sells bonds worth $388m
The Egyptian central bank has said it has accepted offers worth EGP2.127bn ($388.46m) in an auction for reopened 5-year bonds worth EGP3bn, Reuters has reported. The bank, acting on behalf of the ministry of finance, has accepted offers between 11.05% and 11.59%.
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.
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