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AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs [AME Info, Abu Dhabi, United Arab Emirates]
(AME Info (Abu Dhabi, United Arab Emirates) Via Acquire Media NewsEdge) Sep. 8--NASSDAQ DUBAI: GOLD ENDS MIXED: At the Nasdaq Dubai, shares of Australian gold producer Citigold plummeted 11.72 percent, closing at $0.128, despite gold prices rallying above $1,000 per ounce today. On the contrary, Sharia-compliant Dubai Gold Securities (DGS) advanced 1.46 percent, breaking through $100 for the first time since its launch on March 2 this year.
SABIC SHARES SURGE 3.50 PERCENT: The Riyadh-based Tasi gauge closed 1.11 percent higher at 5,754.86 points. Shares of market bellwether Sabic gained 3.50 percent (closing at SR74.00) as oil prices did (trading at 70.40 at the close of the Tasi). National Petrochemical Co. joined the bullish bandwagon, adding 1.05 percent (ending at SR14.05). While 99 shares gained, 18, mostly insurance operators, declined.
KUWAIT'S ZAIN DIPS ON PROFIT BOOKING: The Kuwait bourse (KSE) was unaffected by the bullish mood at other GCC exchanges and closed 0.32 percent lower at 7,795.4 points. Shares of Kuwait's Telecom giant Zain lost 5.5 percent (closing at KD1.380) as the firm more than doubled in value since the beginning of the year. According to Al Arabiya news network, an unnamed Asian investor aims to acquire a 46 percent stake in Zain. Last week its shareholders paved the way to ease restrictions on foreign ownership. Banks bucked the downtrend, with Al-Ahli Bank of Kuwait posting the largest gain among the financials, ending 5.15 percent higher at KD0.510. The bank obtained an approval from the Central Bank of Kuwait (CBK) to increase its capital by 25 percent on August 10.
QATAR EXCHANGE ADDS 0.66 PERCENT: The DSM20-Index advanced above 7,200 points at first but eventually closed at 7,158.18 points (up 0.66 percent). As occurred at other GCC exchanges, trading volumes picked up, with 11.83m shares changing hands, 65 percent more than yesterday. Commercial Bank of Qatar, the country's second largest bank, gained further, closing 2.89 percent higher at QR77.00.
ETISALAT GAINS ON INDIA DEAL: The Abu Dhabi bourse (ADX) closed higher after a tricky opening but shares ended mixed. The ADX General Index gained 0.77 percent, closing at 2,977.24 points. Shares of Etisalat advanced 2.70 percent (at Dhs11.60). The UAE telecom operator's unit Etisalat DB Telecom has agreed with Tech Mahindra to manage the IT applications and infrastructure needs for its proposed roll-out across 15 circles, Business 24-7 reports. Abu Dhabi Commercial Bank (ADCB) broke out of an eight-week trading range between Dhs1.80 and Dhs2.00, closing 4.48 percent higher at Dhs2.10 The ADX GI advance-decline ratio ended at 14 to 15 while eight shares remained flat.
DUBAI MARKET KNOCKS AT 2,000 POINTS: The Dubai Financial Market (DFM) posted losses on opening but eventually gained momentum and closed 1.12 percent higher at 1,996.01 points on a high trading turnover. While Emaar closed flat at Dhs3.80, other real estate firms gained. Islamic real estate firm Deyaar Development posted the second largest gain on news that it will expand its portfolio across the seven emirates of the UAE, EFG Hermes cites Zawya Dow Jones. Arabtec posted a profit of 0.32 percent and finished at Dhs3.13. The UAE-based firm approved the establishment of Austrian Arabian Ready Mix Concrete Saudi Arabia LLC. 'We expect the company to record a stronger revenue contribution from its Saudi operations from H2 2009 onwards and beyond', says Fahd Iqbal, VP and equity analyst at EFG Hermes. Emirates NBD recovered from recent losses and closed at Dhs3.69 (up 2.50 percent). Shuaa Capital declined further after gaining 33 percent last week, ending 1.97 percent lower at Dhs1.01. Only two shares lost, while 16 gained and eight remained unchanged.
UAE SETS UP PUBLIC DEBT MANAGEMENT UNIT: The UAE's Ministry of Finance has started the setting up a Public Debt Management Unit (PDMU) as a step towards the implementation of the Public Debt Law. The PDMU's main responsibility is to strategize and plan debt and asset management and risk management.
JORDAN TO GET $300M LOAN FROM WORLD BANK: The World Bank plans to give Jordan a $300m loan by the end of the year to help offset the country's budget deficit, the Jordan Times has reported. The kingdom 'will have a long grace period as well as low interest rates associated with the long-term loan', the kingdom's minister of finance has said. Jordan's budget deficit for the first seven months of 2009 had reached JD640m ($902m) compared with JD90m during the same period last year.
MUBADALA H1 PROFIT FALLS 37 PERCENT: Mubadala, the investment arm of Abu Dhabi Government, reported a 38 percent fall in net profit to Dhs737.7m in the first half of 2009 due to higher costs. However, while net income declined to Dhs749m ($204m) from Dhs1.18bn a year earlier, the company's operating income jumped 81 percent to Dhs6.5bn. The oil and gas business was the biggest contributor to revenue, while the real estate, hospitality, infrastructure and aerospace units were also responsible for a large share of earnings, the company said.
DOHA MARKET ENDS AT 7,111 POINTS: The Qatar Exchange's DSM20-Index added 0.53 percent. While banks were demanded today, industry shares mostly underperformed in Doha. Doha Bank consolidated after hitting an eighth-month high last week, closing 2.05 percent higher at QR45. Commercial Bank of Qatar (CBQ) followed with a profit of 3.25 percent (finishing at QR78.00). United Development Company (UDC) dipped 0.56 percent lower (at QR39.00) on profit booking. Some 7.1m shares changed hands in Doha.
AXA SHARES REBOUND IN RIYADH: The Saudi Arabian Tasi Index closed 0.42 percent higher at 5,691.56 points. Shares of AXA Cooperative Insurance posted the largest gain, soaring 9.88 percent at SR35.60. AXA made its debut with a 267 percent jump at the Saudi market on July 27, closing at SR67.00. Since then the insurance operator performed weakly but with today's surge investors hope to see the initial price of SR46.40 again soon. SABB Takaful, on the other hand, changed sides today and plummeted 9.90 percent lower to SR43.70. KSA's insurance stocks gave been constantly outperforming the market, but were also trading in a very volatile way.
ABU DHABI GAINS ON REAL ESTATES: The Abu Dhabi Securities Exchange (ADX) gained 0.77 percent, closing at 2,956.03 points, mostly lifted by the real estate sector (gaining 2.57 percent).
Financial bellwether National Bank of Abu Dhabi (NBAD) advanced to Dhs13.90 (up 1.09 percent). The UAE's second largest lender plans to issue more bonds after it raised $850m through bonds last week, EFG Hermes cites Trade Arabia. Oman Emirates Investment Holding posted the largest loss (down 9.79 percent to Dhs1.75).
DUBAI MARKET ADDS 0.62 PERCENT: The Dubai bourse DFM closed at 1,970.25 points (up 0.62 percent). Kuwait-based Global Investment House posted the largest gain (up 13.55 percent at dhs 1.76). Emaar Properties extended its gains, closing 1.60 percent higher at Dhs3.80. According to real estate advisory firm Landmark Advisory, the market stabilised further in August. Islamic developer Deyaar failed to reap benefits from the positiv momentum and closed at Dhs0.73 (off 1.35 percent).
UAE ECONOMY TO GROW 3 PERCENT THIS YEAR: Sheikha Lubna Al Qasimi, the UAE Minister of Foreign Trade, said the country's economy is on pace to grow 3 percent by the end of the year, with the recovery propelled by the private sector, The National has reported. The forecast comes after comments from Sultan al Mansouri, the Minister of Economy, who said the country's economy would start to grow again by the fourth quarter of this year.
KUWAIT TO MAINTAIN MERRILL, CITI INVESTMENTS: The Kuwait Investment Authority (KIA), the country's sovereign wealth fund, said it has no plans to sell its investments in Merrill Lynch or Citigroup in the short term, Reuters has reported, citing daily al-Rai. KIA has received criticism from some parliamentarians for investing $5bn in the two financial services companies. KIA's investment in Citigroup amounts to some $2.39bn to November 30, 2008, and about $984m in Merrill Lynch to December 1, 2008.
DEPA POSTS RECORD TRADING VOLUME: At the Nasdaq Dubai, shares of interior design firm Depa Ltd. closed 1.56 percent hihgher at $0.65, posting the highest trading volume in 2009 (as yet) with 7.22m Depa stocks changing hands. Container port operator DP World closed flat at $0.429. No other shares were traded at the DIFC-based market.
TADAWUL MARKET ENDS UNCHANGED: The Tadawul All Share Index (Tasi) closed at 5,667.94 (down 0.05 percent), despite 74 declining shares outnumbering 38 advancers. For the second consecutive day, Islamic insurance operator SABB Takaful posted the largest gain (up 9.98 percent at SR48.50). Despite moving sideways around 5,820 points since May 2009, the Tasi index might be lifted soon due to a better business sentiment. According to a survey done by British Bank HSBC, about 57 percent of KSA's entrepreneurs with a turnover of less than $30m (SR112.5) per year believe trade with the rest of the Middle East will expand by up to a fifth or more in the next 12 months.
KUWAIT BOURSE REBOUNDS SLIGHTLY: After constantly falling during trading last week, the Kuwait Stock Exchange (KSE) Price Index regained territory today, closing 0.53 percent higher at 7,829.5 points. Warba Insurance topped the market by advancing 9.62 percent to KD0.285. All sectors gained with the exception of the KSE food sector index, dragged down by United Foodstuff Industries Group which posted the largest loss (down 11 percent at KD0.405).
UNITED DEVELOPMENT CLOSES NEAR KEY RESISTANCE LEVEL: Shares of Doha-based United Development, builder of the man-made island Pearl Qatar, closed 2.65 percent higher at QR38.50, approaching an 11 month high of QR40. The Qatar Exchange added 0.39 percent, closing at 7,073.82 points. Trading volumes stabilised on a low level, with 5.02m shares changing hands in Doha.
ALDAR PROPERTIES JUMPS 6 PERCENT: As in Dubai, the Abu Dhabi market ADX was lifted by a bullish real estate sector. The ADX General Index closed 1.57 percent higher at 2,933.42 points. The emirate's leading developer Aldar Properties added 5.99 percent and is now worth Dhs5.23 per share. All sector indices gained, except the healthcare segment (down 0.95 percent). Twenty-eight shares advanced, four declined and two remained flat.
According to Adnan Ahmad Yousif, President and CEO of Bahrain's Al Baraka Banking Group and head of the Union of Arab Banks, the UAE Central Bank in Abu Dhabi was the first in the GCC to take measures against the financial crisis, which helped the real estate market to stabilise.
'But it shall improve cooperation with the other central banks in relation to information sharing,' he told AME Info.
To see more of AME Info, go to http://www.ameinfo.com.
Copyright (c) 2009, AME Info, Abu Dhabi, United Arab Emirates
Distributed by McClatchy-Tribune Information Services.
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