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ADX posts slight gain
The Abu Dhabi Securities Exchange had a slight gain of 6.16 points on Tuesday to close on 3,183. The index was led by property stocks Aldar, which rose 2.77%, and Sorouh, which climbed 1.26%. Overall, 17 stocks advanced, 11, declined, and seven remained unchanged.
Capital markets 'worked as advertised' during financial crisis
Nasdaq Dubai CEO Jeff Singer told delegates at the Meed Capital Markets conference that capital markets had 'worked as advertised' during the global financial crisis. 'Derivatives were virtually unaffected, for every seller shying away there was a buyer,' said Singer. 'We don't regulate the price of course, but transparent markets worked, and allowed investors to operate properly.'
Dubai index drops 1.20%
The Dubai Financial Market on Tuesday fell 1.20% to close on 2,295. The index was dragged down by Emaar, the day's most heavily traded stock, which fell 1.26% to end on Dhs4.71. Overall, 20 stocks fell, seven rose, and three remained unchanged. The day's big gainer was Gulf Finance House, which jumped 15% to close on Dhs2.07.
Egypt aims for 10% growth by 2012
The Egyptian government has said that a government plan for 2020 is expected to boost growth rates to 10% by 2012, Reuters has reported. The plan relies on economic growth being propelled by industrial and technological development, a spokesman at the Economic Development Ministry told the news service.
Dubai to hold bond roadshows
Dubai plans to launch fixed income roadshows across Europe, Asia and the UAE from October 22 to test appetite for future debt from the emirate, Bloomberg has reported. The announcement follows news that Nakheel paid off $1.2bn in debt, a sign confidence is returning to the emirate. A prospective international bond sale would be the first from the emirate in more than a year and comes after Dubai International Capital, an investment firm owned by the ruler of Dubai, last week launched syndication for a $550m loan.
Sukuk structures to be 'more conservative'
Future sukuk structures are set to be more conservative, Mohammed Tariq, Head of Treasury at the Islamic Development Bank (IDB) told delegates at the Meed Capital Markets conference in Dubai. 'There has been some clarity but there are still some questions. There were underlying Shariah issues that have now been clarified.'
Saudi stocks hit 2009 high
Saudi stocks rose to the highest level in a year after Saudi Basic Industries Corp, the world's largest petrochemicals maker, reported strong earnings. Sabic gained 6.33%, the most since August, to close on 84 riyals. National Industrialization Co was the day's big gainer, up 9.69% to close on 26.60 riyals. Overall, 119 stocks advanced while only 19 declined. The Tasi has gained 15% since the beginning of September, according to Bloomberg data.
ADX posts slight loss
The Abu Dhabi Securities Exchange fell 29.52 points, or 0.92%, to close on 3,177 on Monday. Just four stocks finished higher on the day, while 22 fell and seven remained unchanged. National Bank of Umm Al-Qaiwain had the day's biggest loss, dropping 9.82% to close on Dhs3.49.
Dubai stocks finish higher
The Dubai Financial Market rose 1.36% on Monday to close on 2,323. Market heavyweight Emaar climbed 3.47% to finish on Dhs4.77 while telecom firm Du rose 4.75% to end the day on Dhs3.75. Al Mazaya Holding had the day's biggest loss, dropping 9.85% to finish on Dhs3.02.
Nakheel pays back $1.2bn securitised bond
Dubai-based developer Nakheel has completed the repayment of a $1.2bn securitised bond a month ahead of its maturity date, MEED has reported. The repayment was made on 15 October, one month ahead of the scheduled repayment deadline of 15 November. In May, the developer was able to push back the repayment date from July to November. Nakheel also has a $3.52bn Islamic bond maturing in December.
Remittances by expats rise to 4% of Saudi GDP
Remittances from the estimated 9 million mostly Asian foreign workers in Saudi Arabia in the January-August 2009 period had jumped 12% compared with 2008, the Saudi Gazette has reported, citing statistics from the kingdom's central bank. Representing 4% of Saudi Gross Domestic Product, remittances in the first eight months of 2009 stood at $15bn, John Sfakianakis of Banque Saudi Fransi said.
Saudi inflation rises in September
According to Saudi Arabia's official statistics authority, the kingdom's rate of inflation climbed to an annual 4.4% in September from 4.1% in August, Reuters has reported. The kingdom's cost of living index was 123.5 points in September up from 118.3 points a year earlier, the data showed. The index was at 122.7 in August.
Gulf states need to diversify economies, says IMF chief
Dominique Strauss-Kahn, managing director of the International Monetary Fund, has said the GCC countries should be commended for cushioning the impact of the crisis through strong countercyclical fiscal policy, Reuters has reported. However, there is a need to continue to diversify the financial sector, and more broadly the economy, he added. 'Doing so would reduce both, volatility in economic activity and financing costs for private investment, which is key to providing jobs for a growing labour force,' he was quoted as saying.
Tadawul posts slight losses
Saudi Arabia's Tadawul index ended its second day of trading down slightly by 0.57% to 6,396.10. Al-Rajhi Company for Cooperative Insurance posted the biggest rise going up by 4.68%. Thirty-eight companies rose while 78 fell.
DFM down over 2%
The Dubai Financial Market began the week's trading by falling 2.49% to 2,292.33. Only two companies rose, with 27 falling. Emaar was again the most active by value and by volume, but ended the day down by 4.75% at Dhs4.61.
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