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DFM posts slight loss
The Dubai Financial Market (DFM) ended the day down slightly by 0.63% to 2,244.03, with trading picking up in the late afternoon. Emaar was the most active by value and by volume, but only increased by 0.22% to Dhs4.61. Ekttitab was the day's biggest gainer, going up by 9.47% to Dhs1.04.
ADX ends the week on a low
The Abu Dhabi Securities Exchange (ADX) ended the week on a downwards trend, closing 1.16% down on Thursday at 3,119.56. Only seven stocks advanced, with 27 falling and one holding steady. National Marine Dredging Co posted the day's biggest gains, going up by 5% to Dhs8.40. The Industrial sector was the only one to show any uplift during trading.
Saudi authority fines SCC chair, board members
The Saudi Capital Market Authority (CMA) has fined the chairman and six board members of Saudi Chemical Co. (SCC) SR50,000 ($13,330) each, for allegedly approving an acquisition in which the chairman had a vested interest but failed to consult shareholders, Arab News has reported. '[The fine] is because they have accepted a deal for their subsidiary to buy 15% of the shares in Mawarid, although the chairman of the [SCC's] board had an interest in the transaction, without authorization from the general assembly,' CMA said.
Oman economy to grow 2.5%
Abdulmalik Al-Hinai, undersecretary of Oman's economy ministry has said that the Sultanate's economy will grow by 2.5% in 2009 in nominal terms, thanks to better performance of its non-oil sectors, Reuters has reported. 'The growth will come from the non-oil sector such as mining, industries, agriculture and taxes,' he said. In nominal terms, Oman's non-oil sector share of GDP stands at 74%, while the rest goes to the hydrocarbon sector, which has a much larger impact on economies of the country's more resource-rich Gulf neighbours.
Mubadala to triple assets
Mubadala Development, the Abu Dhabi government-backed investment firm, has said it plans to triple its assets in three years, Bloomberg has reported. 'That is a very realistic and achievable target,' Matthew Hurn, Mubadala's executive director of group treasury said. 'We're long-term, patient developers and deployers of capital, which means that actually a lot of the benefit doesn't come back until the plans are operational,' he added.
UAE to wait for Fed before upping rates
The UAE's central bank governor Sultan bin Nasser al-Suwaidi, has said that the country will wait for the US Federal Reserve before increasing interest rates. 'We are not prepared to raise the interest rate on the dirham before the US Federal Reserve because this will create for us other problems resulting from the inflow of additional money into the UAE economy," al-Suwaidi told Bloomberg.
Saudi index dips lower
The Tadawul All Share Index (Tasi) fell 0.57% as 88 stocks declined compared to 34 that finished higher. Kingdom Holding declined 2.9% to 5.05 riyals after the company reported that net income in the third-quarter dropped 54%. Saudi Cable plunged 9.86% to 31.1 riyals, after reporting that profit fell to 20.1 million riyals from 92.3 million riyals in the year-earlier period.
World Bank unit plans $100m sukuk
The International Finance Corporation (IFC), an arm of the World Bank, has announced plans to list a $100m sukuk on the Nasdaq Dubai and the Bahrain stock exchange. The planned listing makes the IFC the first non-Islamic financial institution to issue a sukuk in the GCC. 'This is a historic day for Islamic Finance and the Islamic Finance market,' said Dr Nasser Saidi, Chief Economist of the DIFC Authority.
ADX ends slightly lower
The Abu Dhabi Securities Index on Wednesday fell 26.94 points, or 0.85%, to end the day on 3,156. With no sectors ending the day in positive territory, the industrial index saw the biggest drop, down 3.92%. Real estate stocks Aldar and Sorouh also declined by 2.06% and 2.49%, respectively.
Dubai stocks fall 1.63%
The Dubai Financial Market on Wednesday dropped 1.63% on Wednesday, led by market heavyweight Emaar, which fell 2.34% to close on Dhs4.60. Other stocks posting declines included Commercial Bank of Dubai, down 3.80% to Dhs3.80, and Shuaa Capital, which dipped 3.90% to Dhs1.97. Overall, 18 stocks declined, eight rose, and five remained unchanged.
UAE economy to rebound with 'greater confidence', says PM
The UAE has survived the worst of the downturn and will rebound with 'greater confidence' due to measures that have been put in place to help the economy, Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said today. 'Despite all the negative effects of the crisis, they have proven that our economy is solid and capable of absorbing its various ramifications,' the prime minister was quoted as saying by Reuters.
UAE economy to rise 1.3% in '09, says minister
The UAE's economy minister said today that the country's economy was set to grow 1.3% in 2009, Reuters has reported. 'This would be a good figure,' Sultan bin Saeed al-Mansouri told Al Arabiya television. Last month the central bank governor said the economy could contract.
Kingdom Holding Q3 profits fall
Saudi-based Kingdom Holding has said its third- quarter profit dropped by 54% to SR104.8m ($28m) in the three months ended September 30, compared to SR226.5m in the year-earlier period. The company blamed the decline in income on a 'decrease in dividend distribution from investments in international and local markets'.
Jordan may issue sukuk to tackle deficit
Jordan is considering issuing sukuk by end of the year to help it cover part of its spiralling budget deficit, Reuters has reported. A committee has been set up to study how to introduce the Islamic bonds for the first time in the kingdom which traditionally relies on conventional six month, one-year and three-year maturity T-bills and bonds, sources at the Jordanian ministry of finance told the news service.
TASI rises for second straight day
Saudi stocks closed higher for a second straight day, gaining 6.39 points to finish on 6,541. The Energy and Utilities sector led the way with a gain of 4.08%. Overall, 60 stocks declined, 56 rose, and 16 remained unchanged.
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