TMCnet News
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) Aug. 01--QATAR EXCHANGE FINISHES SLIGHTLY HIGHER: The QE Index added 0.11 percent, closing at 8,412.44 points. Shares of mall and retail property management company Aamal dipped 0.17 percent and closed at QR18.07. Earlier in the day, Aamal reported a net profit of QR103.3m in comparison to QR98.4m for the same period last year. The company's Earning per Share (EPS) amounted to QR0.21 as of June 30, 2011 versus QR0.20 for the corresponding period in 2010. KUWAIT BOURSE BENEFITS SLIGHTLY FROM U. S. DEBT DEAL: The Kuwait bourse could not advance to the degree like most other GCC markets in Monday, as the KSE Market Index gained 0.11 percent to close at 6,037.2 points. Commercial Bank of Kuwait, known as CBK, surged 2.4 percent, ending at KD0.850. Telecom provider Zain closed even at KD0.990, although Zain reported yesterday a 17 percent increase in net profits for the first half of 2011. SOROUH REAL ESTATE SOARS AS H1 PROFIT JUMPS SIXFOLD: The Abu Dhabi-based ADX General Index ended up 0.69 percent at 2,637.88 points. Shares of the emirate's second real estate developer Sorouh gained 1.63 percent, finishing at Dhs1.25. Earlier in the day, Sorouh reported an interim profit for the first half year of Dhs1.25.31m, compared to Dhs20.2m in the same period last year. Sorouh's provision for doubtful debts fell to Dhs6.15m form Dhs41m. Shares of Abu Dhabi National Energy Co., better known as Taqa (Arab. for energy) surged 3.20 percent to Dhs1.30. Around 30.6m shares were traded, valued at Dhs58.38m. DUBAI MARKET GAINS AMID RISING TURNOVER: The DFM General Index shrugged off worries about plummetting trading volumes on the first day of the Holy month of Ramadan and closed 0.58 percent higher at 1,526.34 points. In fact, trading turnover picked up and stocks surged across the board, with Emaar Properties rising to Dhs2.96 (up 2.78 percent) as the most liquid share. Only two banks failed to jump on the bandwagon: bank Emirates NBD (off 4.65 percent at Dhs4.10) and Dubai Islamic Bank (one percent lower at Dhs2.04). Around 69.23m shares were traded, valued at Dhs97.3m. OMAN'S FISCAL SURPLUS SET TO WIDEN IN 2011: According to figures by the Arab Monetary Fund (AMF), a surge in oil prices is expected to widen Oman's fiscal surplus through 2011 despite a sharp increase in spending following new jobs and pay rises for national civil servants, Emirates 24-7 has reported. The Sultanate had projected a shortfall of OR850m ($2.2bn) when it announced its record 2011 budget early this year, but it revised up the gap to OR1.85bn ($4.8bn) after Sultan Qaboos approved new jobs and hefty pay rises for Omani government employees in response to demands during unrest in two months ago. TADAWUL BOURSE SHOWS RESILIENCE: Despite global worries over the possible U. S. sovereign default, the Tasi benchmark added 0.57 percent to close at 6,392.13 points. Sabic shares gained in line with index half a percent, ending at SR102.75. Once again, an insurer topped the charts: United Cooperative Assurance Co. surged 9.92 percent, finishing at SR28.80. QATAR ISLAMIC INSURANCE PROFIT RISES, WHILE SHARES DECLINE: The Doha-based QE Index gained 0.31 percent to close at 8,402.86 points. Shares of Qatar Islamic Insurance dipped 0.19 percent, finishing at QR52.80. Earlier in the day, QIS reported a reviewed half year net profit of QR33.4m in comparison to QR30.1m for the same period last year. KUWAIT MARKET DECLINES SLIGHTLY: The KSE Market Index ended 0.09 percent lower at 6,030.6 points on Sunday. Global Investment House lost the most (down six percent at KD0.031). National Bank of Kuwait (NBK) ended 1.85 percent lower at KD1.080. UNION NATIONAL BANK SOARS ON HIGHER PROFIT: The ADX bourse in Abu Dhabi fell 0.32 percent to 2,619.70 points. Shares of Union National Bank soared 4.15 percent to Dhs3.52. UNB reported a net profit for the first six months of 2011 of Dhs422.42m compared to Dhs339.96m in the same period last year. Aldar Properties ended flat at Dhs1.26. Some 56m shares were traded, valued at Dhs65.86m. DUBAI ISLAMIC BANK IS THE SHARE OF THE DAY: The Dubai market stabilized above 1,500 points. The DFM General Index opened in the red but eventually gained pace and closed 0.31 percent higher at 1,517.58 points. Shares of Dubai Islamic Bank, the oldest Islamic financial institution in the GCC, surged three percent to reach Dhs2.06. DIB reported on Saturday for the first half year a 10 percent increase in net profit which amounted to Dhs552m. Emaar jumped 2.13 percent, closing at Dhs2.88. Air Arabia dipped 0.74 percent to Dhs0.671. Around 55.82m shares were traded, valued at Dhs65.17m. WAHA CAPITAL POSTS DHS35.8M NET PROFIT IN H1 2011: Abu Dhabi-based diversified investment holding firm Waha Capital has said its net profits for the first half of this year stood at Dhs35.8m, Wam has reported. Second quarter net income rose slightly to Dhs6m from Dhs5.98m for the corresponding quarter of last year. Assets grew 2 percent to Dhs3.87bn as at June 30, 2011, compared with Dhs3.8bn as at December 31, 2010, the company said. NON-MUSLIM EMPLOYEES IN UAE ENTITLED TO WORK SIX HOURS DURING RAMADAN: The UAE labour ministry has warned private firms in the country to not request their employees to work more than six hours a day during Ramadan regardless of their religion, as this constitutes a violation of the law of the land, Gulf News has reported. According to the a decision by the ministry, the working hours of companies in the private sector will be reduced to a maximum of six hours instead of the regular eight hours during the month of Ramadan, without affecting the salaries of employees. UAE'S CENTRAL BANK ASSETS FALL DHS5BN IN JUNE: According to the monthly indicators of the UAE central bank, the apex lender's total assets have dropped by around Dhs5bn at the end of June, following a sharp fall in deposits with banks abroad, but remained at their highest level in nearly four years, Emirates 24-7 has reported. The assets fell from about around Dhs273bn at the end of May to nearly Dhs273bn at the end of June. The decline was a result of a drop in the central bank's deposits with banks abroad as they dipped to nearly Dhs73.6bn from Dhs81.7bn at the end of May following a sharp rise over the previous months. U. S. DEFAULT FEARS WEIGH ON SAUDI STOCK EXCHANGE: The Tadawul market in Riyadh declined 1.39 percent to 6,355.72 points on Saturday. Shares lost across the board, with market leader Sabic ending 1.92 percent lower at SR102.25. Insurers finished mixed: Weqaya Takaful gained the most, closing 9.84 percent higher at SR24.55, while AXA Cooperative Insurance (down 7.83 percent at SR53) was the top loser. Shares of Emaar The Economic City dipped 1.38 percent to SR7.15. Earlier in the day, the firm said in a statement that "In Reference to the announcement made by Emaar the Economic City on December 29, 2008 regarding signing of a contract of SR325m with Al-Radwan Contracting Company for the construction of 134 villas in King Abdullah Economic City, to date, the aforementioned contractor has completed the construction of certain structural frames and foundations of the Project and the company has paid an amount of SR56.8m against the contract. The Company and the Contractor have agreed to terminate this Contract, whereby remaining part of the Contract will not be executed. This decision has been made after re-evaluating the cost of the project and the cost of City's other projects and shall not result in any financial burdens on the Company." As trading turnover will probably decline further during the Holy month of Ramadan, which will occupy the entire month of August, chances for a rebound become smaller and smaller, also in the light of ongoing sovereign debt woes in Europe and the U. S. UAE CENTRAL BANK SAYS DOLLAR PEG 'STEADY AND CONSISTENT': The UAE central bank has said the country's policy of pegging the dirham to the US dollar is "steady and consistent" even as US lawmakers remained deadlocked over the country's debt limit, Bloomberg has reported. "No fear on the US dollar, although it is exposed to price fluctuations as it happens with all the major currencies," the apex bank said. "Despite the fact that the central bank foreign reserves are mostly denominated in US dollars, they are invested mostly in non-US assets." ___ To see more of the AME Info, or to subscribe to the newspaper, go to www.ameinfo.com. Copyright (c) 2011, AME Info, Abu Dhabi, United Arab Emirates Distributed by McClatchy-Tribune Information Services. For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com, e-mail [email protected], or call 866-280-5210 (outside the United States, call +1 312-222-4544) |