AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs
Dec 27, 2012 (Menafn - AME Info - McClatchy-Tribune Information Services via COMTEX) --FTSE NASDAQ DUBAI UAE 20 INDEX HITS ONE-MONTH HIGH: The FTSE NASDAQ Dubai UAE 20 Index, which measures the performance of 20 liquid stocks listed on the Dubai market DFM, the Abu Dhabi Securities Exchange ADX and NASDAQ Dubai, gained 0.63 percent to reach 1,806.38 points Thursday. It is the highest index-level since Nov. 29 this year. DP World gained 0.80 percent, finishing at 11.52. Since Oct. 1, the Shares of the world's third largest port operator have been trading in a range between 11.50 and the 2012-high at 13.
BAHRAIN BOURSE REACHES OUT TO HAPPY-END 2012: The Bahrain All-Share Index soared to a six-week high Thursday, closing up 1.16 percent at 1,063.92 points Thursday. In one of the most active sessions this year, shares of Alumninum Bahrain jumped 9,95 percent to close at BD0.442. Islamic investment bank Gulf Finance House, known as GFH, ended flat at 00.12. GFH said on Wednesday, it will partially divest from Tunisia and India in order to increase its exposure in the GCC, The National reported. With today's gain, the Bahrain Bourse reduced its year-to-date loss to 6.97 percent.
MAZAYA QATAR SOARS ON PROPERTY PURCHASE OFFER: The Doha-based QE 20 Index fell for the 5th consecutive day, ending 0.20 percent lower at 8,311.22 points. Mazaya Qatar Real Estate Development jumped 3.60 percent to hit QR11.02. Earlier in the day, Mazaya Qatar said it received a purchase offer "for one of its investment properties" for a consideration of QR170m. Mazaya added that it was studying this offer.
ALDAR, FGB LIFT ABU DHABI MARKET,...AGAIN: The ADX General Index recovered a quarter percentage point Thursday, ending at 2.625.51 points. As it happened many times during the last week, Aldar Properties (up 0.80 percent) and First Gulf Bank (1.80 percent higher) were the top gainers among the most actively traded shares. Rising oil prices surged for the second day straight. - Oil prices at the Dubai Mercantile Exchange (DME) gained 1.13 percent to reach 108.15 after the UAE's official news agency said that United Arab Emirates (UAE) and Saudi security jointly busted a terrorist whose members, Emirati and Saudi nationals, planned to launch terror attacks in the GCC.
DFM SHARES SURGE AS MARKET VOLUMES RISE: The DFM General Index closed near a three-week high at 1,610.84 points Thursday. Shares of the DFM, the only Arab market publicly listed, closed 3.66 percent higher at Dhs3.66 as trading volumes continued to surge. Some 222.70m shares were traded, valued at Dhs186m. Shares of Shuaa Capital hit a limit-up at the opening but eventually closed with a gain of 2.06 percent at Dhs0.595. Ajman Bank was the most liquid share, consolidating over it 4-year hear at Dhs1.37 (up three percent). Emaar added half a percentage point to close at Dhs3.74. After hitting limit up in the last two days, Al Salam Bank Bahrain fell 9 percent on profit takings, finishing the week at Dhs0.54.
SANCTIONS HIT UAE RE-EXPORTS TO IRAN: Abdulla Al Saleh, the UAE undersecretary for foreign trade has said the country's re-exports to Iran have dropped by nearly a third in the first half of 2012, as tighter international sanctions curbed one of the Islamic republic's key trading relationships, Dow Jones has reported. The UAE's re-exports to Iran fell to Dhs13.28bn (3.6bn) in the first half of 2012, down 32 percent from the same period of 2011. "Of course, the international sanctions on Iran have had a great impact on the size of trade and was the main reason behind the drop recorded," said Al Saleh.
EGYPT POSTPONES SALES TAX HIKE FOR TWO WEEKS: Egypt's planning minister Ashraf al-Araby has said the government will not implement a series of planned tax increases until it completes a dialogue with different parts of society, Reuters has reported. "The government will not implement the increases earlier than in two weeks, after the end of the social dialogue that the government is currently holding," local daily al-Mal quoted al-Araby as saying. Finance minister Mumtaz al-Saeed on Tuesday the higher sales taxes would be applied on 21 types of goods and services.
JORDAN PRICE HIKE 'IMPORTANT STEP': IMF: The International Monetary Fund (IMF) has said the decision by the Jordanian government to raise fuel prices by up to 53 percent last month was "an important step," despite violent protests in which three were killed and more than 70 injured, AFP has reported. "Despite this challenging environment, the authorities have been implementing sound macroeconomic policies aimed at reducing fiscal and external imbalances in a socially acceptable way. The removal of general subsidies on all fuel products ... was an important step," said the IMF. "It reduced costs and risks to the budget from fluctuations in oil prices. Introducing targeted transfers at the same time mitigated the impact of fuel price increases for a large part of the population," it said.
UNITED ARAB BANK OBTAINS USD 125M CLUB LOAN FACILITY: United Arab Bank, whose shares are listed on the Abu Dhabi market ADX, said Wednesday it obtained a club loan facility of 125m. Germany's second largest lender Commerzbank acted as the co-ordination and facility agent as well as a mandated lead arranger. Other lead arrangers included Standard Chartered Bank, Commercial Bank of Qatar (CBQ), National Bank of Abu Dhabi (NBAD) and the UAE's first lender Emirates NBD. UAB said in an e-mailed statement it has obtained this facility for two years, extendable to three, at a margin of 150 Basis Points over LIBOR. "The Funds will be used for general corporate purposes", said UAB. The bank operates with a network of 20 branches and offices across the UAE with its headquarters in Sharjah.
SABIC, DALLAH HEALTHCARE PUSH TADAWUL MARKET UP: The Riyadh-based market measure Tasi ended a three-day losing streak Wednesday, closing unchanged at 6,866.71 points. SABIC, which touched a three-week low yesterday, stabilised at SR90.75 (up 0.30 percent). Dallah Healthcare Holding Co. which did last out of 7 Saudi IPOs this year on Dec. 17, edged up by 1.50 percent to reach SR68. Riyad Bank fell 0.43 percent to SR23. Earlier in the day, the lender said it decided to recommend to the general assembly to distribute cash dividends for the second half of 2012 of SR975m at SR0.65 per share, after deduction of Zakat. "This brings the total distribution of dividends for the year 2012 to SR1.95b at SR 1.3 per share, represent 13 percent of the share nominal value," said Riyad Bank. Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, closed flat at SR7.95. Earlier in the Zain said the payment and the refund of the amounts in relation to the capital restructuring process approved by the EGM on 4/7/2012 will be conducted based on the following scheme: Refund of proceeds from the sale of the fractional proceeds resulting from the Company's capital reduction. The fractions of shares resulting from the Zain's capital reduction, which amounted to 221,519 shares in total, were accumulated in one portfolio and then sold at market price. The proceeds from such sale amounted to SR2.6m in total (which amounted to approximately SR12.02 per share, and payment was made to the shareholders who had a fractional entitlement to shares (to the extent that such shareholders had provided correct and up-to-date banking details for the receipt of such funds).
QATAR BOURSE LOSES THE FOURTH SESSION STRAIGHT: The QE 20 Index declined 0.64 percent to 8,327.38 Wednesday. Shares lost across all sectors, with Al Ahli Bank ending among the top losers (off 3.60 percent at QR51). On Tuesday, the lender said it has signed along with Qatar Industrial Manufacturing Company and KLJ Organic Limited of India an agreement on for financing KLJ Organic Qatar W.L.L, a new 100m chemical manufacturing complex in Qatar. KLJ Organic Qatar is a joint venture between QIMC (60 percent shareholding) and KLJ Organic Limited of India (40 percent shareholding).
AL SALAM BANK BAHRAIN LIFTS MANAMA MARKET: The Bahrain All-Share Index gained 1.20 percent Wednesday, finishing at 1,051.71. Islamic financial institution Al Salam Bank Bahrain surged 10 percent to close at BD0.055. Earlier in Oct. Salam Bank said it generated a net profit of BD6.8m for the third quarter, up from BD1.35m in the same period in 2011. Basic and diluted earnings per share reached BD4.6, up from BD0.9. Earlier in Feb. this year, Bahrain Islamic Bank called off merger talks with Al Salam Bank Bahrain which both sides entered in Aug. 2011.
ALDAR, TAQA DRAG ABU DHABI MARKET DOWN: The ADX General Index closed 0.40 percent lower at 2,618.68 Wednesday. Aldar Properties lost 0.80 percent. Abu Dhabi National Enegry Co. dived 2.90 percent. Sorouh Real Estate was the only gaining share (up 0.80 percent) among the five most liquid securities.
SHUAA CAPITAL JUMPS TO LIMIT-UP ON TURNAROUND HOPES: The Dubai financial market general index rose 0.60 percent to hit 1,603.71 amid strong turnover. Some 208.6m shares were traded, valued at Dhs195m. Investment bank Shuaa Capital gained 15 percent (limit up) to reach Dhs0.583. The UAE's oldest investment bank, founded in 1979, aims to return to profits in 2013. Shuaa unveiled a new strategy on Oct. 3 and has increased its exposure in credit advisory for SMEs, family-owned businesses and large conglomerates. In order to cut costs, the bank said on Dec. 13 it was on its last leg to shut down the retail brokerage division. Urbanos Group, the majority shareholder of Groundforce Portugal, announced on Dec. 20 that it has appointed Shuaa Capital as Middle East financial advisor.
PROFIT BOOKING CONTINUES AT SAUDI STOCK EXCHANGE: After a whopping "home-run" which lifted the Tadawul market measure by 7 percent in December, investors continued to cash in profits Tuesday, sending the Tasi index down 0.24 percent to 6,864.65 points. Market heavyweight SABIC fell 0.55 percent, closing at a three-week low at SR90.50. Shares of Saudi Enaya Cooperative Insurance Company fell 1.50 percent to SR49.50. Earlier in the day, the Islamic insurance firm said the Saudi Arabian Monetary Agency approved the appointment of Sulaiman Mahmoud Hilal as acting CEO the appointment of a new CEO for the company. On Dec. 19, former CEO Gianin Zogg resigned for "personal reasons".
DP WORLD REGAIN GROUND ON LONDON GATEWAY REPORT: The FTSE NASDAQ Dubai UAE 20 Index closed 0.66 percent lower at 1791.53 Tuesday. The gauge measures the performance of 20 liquid stocks listed on Dubai's local bourse DFM, the Abu Dhabi market ADX and the NASDAQ Dubai. The sharp fall of Dubai Ports (DP) World shares was halted today as the world's third largest maritime port company edged up by 0.61 percent to close at 11.50. The Abu Dhabi-daily The National reported today that DP World's construction of the London Gateway Port was progressing and that operations at the port shall kick off by "late next year". Shares of interior design firm Depa Ltd. surged 6 percent, finishing at 0.35.
MUSCAT BOURSE INDEX QUARRELS WITH 2012 BREAK-EVEN LEVEL: The Omani market measure MSM-30 failed to break through the 5,700-level whch it briefly touched two days ago, closing off 0.13 percent at 5,676.13 points Tuesday, mostly due to losses among financials. As the end of 2012 looms, the gauge's chances to end with a positive annual performance diminish. Since Jan. 1 the MSM30-Index declined by 0.33 percent. United Finance (down 1.31 percent) and Bank Muscat (0.36 percent lower) weighed on the gauge. Oman Oil bucked the trend, finishing 2.75 percent higher.
"FISCAL CLIFF" DEADLINE, OIL SEND ABU DHABI SHARES LOWER: The ADX General Index fell 0.36 percent to 2,628.67 points Tuesday. Only 32m shares were traded, valued at Dhs49m. As the deadline to avoid the U. S. "fall over the fiscal cliff" nears, a package of austerity measures which would come into effect if government and opposition will not reach an agreement over a new U. S. federal budget, investors preferred to stay on the sidelines. Consequently, oil prices (DME Oman crude) slipped by 0.77 to 105.63. Market heavyweight Etisalat fell slightly, closing at Dhs9.01. Islamic insurance firm Methaq Takaful gained one percent to reach Dhs1.02.
CBQ STARTS TALKS TO BUY TURKEY'S ALTERNATIFBANK : The Doha-based QE 20 Index fell the third day straight Tuesday, closing at 8,381.15. The country's second lender Commercial Bank of Qatar (CBQ) ended flat at QR71. Earlier in the day, CBQ said it entered into negotiations with Anadolu Endustri Holding A.S. for the acquisition of a majority stake in Alternatif Bank A.S., a publicly listed entity on the Istanbul Stock Exchange with its registered head office in Istanbul, Turkey. Qatari banks are on an expansion spree as the gas-rich Gulf state aims to become a regional financial hub in the Middle East. On Dec. 14, Qatar's first lender QNB bought from French lender Societe Generale the entire 77.17 percent stake in National Societe Generale Bank - Egypt for 2.558bn. Qatar's Islamic bank Masraf Al-Rayan has expressed interest in buying Islamic Bank of Britain (IBB) and to expand within the GCC. The deadline for the takeover of IBB, whose majority is owned by Qatar International Islamic Bank, was recently extended to Jan. Qatar First Investment Bank plans to list its shares to the public in early 2013.
AL SALAM BANK BAHRAIN HITS LIMIT-UP AT SLUGGISH DUBAI MARKET: While most Western exchanges remained closed Tuesday on the occasion of Christmas holidays, the Dubai market index DFMGI fell 0.90 percent to 1,594.12 points. Investors booked profits at Ajman Bank, which lost 0.74 percent as the most liquid shareto close at Dhs1.34, and at Emaar (down 1.33 percent at Dhs3.70). Some 115m shares worth Dhs131.5m changed hands. Shuaa Capital ended 1.40 percent higher at Dhs0.507. Islamic financial institution Al Salam Bank Bahrain jumped 15 percent to hit Dhs0.517, representing a 9-month high. Investors on the Dubai market floor said the share price's rise came "out of nothing" as no new information was available on the Bahraini bank today. In Q3 this year, Salam Bank Bahrain generated a net profit of BD6.8m, up from BD1.35m in 2011. Basic and diluted earnings per share reached BD4.6, up from BD0.9. Earlier in Feb. this year, Bahrain Islamic Bank called off merger talks with Al Salam Bank Bahrain which both sides entered in Aug. 2011.
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