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Sunday, 26 December 2010

Qatar Index Rises Most in Two Weeks on Oil, Growth Prospects; Israel Gains - Bloomberg

Qatar’s benchmark stock index rose the most in more than two weeks as oil prices boosted Industries Qatar QSC and on speculation spending for the 2022 World Cup will spur economic growth.

Industries Qatar, the second-biggest petrochemicals maker in the Middle East, climbed the most in almost four months. Masraf Al Rayan, the country’s second-largest lender complying with Islamic law, advanced 2.1 percent. The QE Index rose 1.3 percent, the most since Dec. 8, to 8,737.39 at the 12:30 p.m. close in Doha. The gauge has rallied 26 percent in 2010, headed for the biggest yearly gain since 2007. Teva Pharmaceutical Industries Ltd. led Israeli shares higher.

Crude oil increased to the highest level in more than two years as confidence among U.S. consumers advanced to a six-month high, signaling that fuel demand will increase in the biggest oil-consuming country. Oil rose $1.03 to $91.51 a barrel on the New York Mercantile Exchange on Dec. 23, the highest settlement since October 2008. Prices are up 15 percent this year.

New claims may add to Nakheel's legal woes - sources, UAE Industries - Maktoob News

Property developer Nakheel's restructuring plan is being complicated by new claims from trade creditors that could lead to more legal headaches, two sources familiar with the matter said.

Unlike parent firm Dubai World, which secured unanimous support from lenders within a year for its $25 billion debt restructuring plan, Nakheel is struggling to negotiate terms with a mass of contractors that hold the keys to its many delayed projects.

"Nakheel is a much more complicated restructuring than even Dubai World," said one source with direct knowledge of Nakheel's restructuring plans.

DFM Sets Up Unified Fluctuation Band; Cuts Maximum Share Weight in Index - Bloomberg

Dubai Financial Market PJSC, the only Gulf Arab stock market to sell shares to the public, introduced unified fluctuation limits and cut the maximum weighting of a company in the benchmark index to 20 percent.

Listed securities can rise as much as 15 percent daily and fall as much as 10 percent from Jan. 2, the Dubai government- controlled bourse said in an e-mailed statement today. Currently this band applies only to the most active stocks, while non- active stocks can gain or decline as much as 5 percent.

“The new rules will enhance trading activity on the current non-active stocks” which includes some “major” companies, the bourse’s Chief Executive Officer Essa Kazim said in the statement. He refered, among others, to Emirates NBD PJSC, the country’s biggest bank, and Shuaa Capital PSC, the largest investment bank, as non-active stocks.

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Iraq gives go-ahead to Kurdish oil contracts - The National

Iraq's new central government plans to recognise contracts for oil and gas production in Iraqi Kurdistan, a step towards healing an extended rift that has delayed development of some of the world's largest oilfields.

Several UAE companies stand to benefit if the dispute is resolved.

Abdul Luaiby, two days into his new job as the Iraqi oil minister, said yesterday that there was an agreement between Baghdad and the regional government of Kurdistan.

Abu Dhabi stands tall enough for three bourses - The National

The new headquarters of the Abu Dhabi Securities Exchange (ADX) is nearing completion on Sowwah Island, and a recent visit to the site showed the structure would almost certainly make it on to any list of the capital's most visually arresting structures.

Although it is still encased in scaffolding, the four-storey glass structure is suspended more than 25 metres above ground, supported by four granite columns, and will eventually be surrounded by water features that architects say will give the building the appearance of floating.

All told, it boasts more than 21,367 square metres office space, including a trading floor of almost 1,000 sq metres.

Safco Climbs to 26-Month High, Samba Falls as Saudi Shares Little Changed - Bloomberg

Saudi Arabian shares were little changed on the first day of the week as international markets started extended holidays and investors prepare for the release of fourth-quarter results in the kingdom.

The Tadawul All Share Index swung between gains and losses during the day’s trading, ending down less than 0.1 percent at the 3:30 p.m. close in Riyadh to 6609.14, the lowest since Dec. 21. Banks, led by Samba Financial Group, Saudi Arabia’s second- largest lender by market value, drove declining stocks, while petrochemicals led by Saudi Arabian Fertilizer Co., a unit of Saudi Basic Industries Corp., the world’s largest petrochemicals maker, paced gaining shares. The 146-company gauge has climbed 8 percent this year.

“The market is flat on extended holidays and light trading in international markets until the new year,” Asim Bukhtiar, an equity analyst at Riyad Capital, said in Riyadh. “Holiday shopping has encouraged an optimistic outlook for 2011.”

Traders in UAE take cover as West goes quiet - The National

End-of-year tactics will dictate the movement of the markets this week as traders either play safe and close positions or buy into heavyweight stocks, analysts say.

As investors around the world take a break for Christmas and New Year, liquidity in the UAE is likely to be minimal as limited quantities of international money will flow into the already underperforming equity market.

"No one will be concentrating on the markets," said Alfred Fayek, the head of MENA equity sales at EFG-Hermes.

Weekly Market Analysis (Week 52) — Weekly Index Review — GCC Market Analytics

The weekly market analysis pages have been updated for trading week 52 (December 25th - December 30th). Use the links below to view the individual market analysis pages:

The table below shows the market outlook based on each study.
Visit the links above to view the full analysis reports for all GCC markets.

World economy can withstand $100 oil price: Kuwait | Reuters

The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied.

Analysts have said oil producing countries are likely to raise output after crude rallied more than 30 percent from a low in May because they fear prices could damage economic growth in fuel importing countries.

European benchmark ICE Brent crude for February closed at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008.