Saturday, 5 February 2011
The banks would close at 1:30 p.m., it said, without naming its source, as previously planned.
The stock exchange said earlier that it was reversing a decision taken last week that it would reopen on Monday and that it would announce the new reopening date 48 hours beforehand.
The exchange will announce the new reopening date 48 hours beforehand, said the official, who asked not to be named.
The Tadawul All Share Index increased 0.3 percent to 6,536.22 at 1:36 p.m. in Riyadh, bringing the three-day gain to 2.8 percent. Al Rajhi Bank, the kingdom’s largest publicly- traded lender by market value, gained for a second day and Etihad Etisalat Co., the second-largest phone company, advanced 1 percent. The 146-member gauge lost 2.8 percent last week.
“Global sentiment is improving as international investors continue to embrace risk on attractive valuations and positive economic data,” said Amro Halwani, a trader at Shuaa Capital PSC in Riyadh. “The correlation between international and regional markets is returning as investors buy back into depressed shares.”
The Adelphi Building is owned by Istithmar, Dubai World's overseas vehicle, which disposed of the Grand Buildings by Trafalgar Square for around £170m last year. State-backed investment group Dubai World rocked global financial markets in late 2009 by seeking to delay debt repayments.
According to the statement by Indus, the vehicle that issued the notes for the Adelphi debt, £212m of debt is still outstanding against the office building.
A more democratic government in Egypt may encourage investment in Egypt, as the country has until now been seen as the barometer for stability in the Middle East and North Africa.
But Egypt's political situation is fluid, the outcome of the popular protests of the past 10 days is unknown, and investors worry that a new regime will oppose Western capitalism.
"The company is not party to the matter referred to, before the court," said a spokeswoman for Etisalat DB Telecom, a joint venture between Etisalat and Swan Telecom.
She said the company had "followed all [government] rules" and denied that it had received any preferential treatment in the allotment of the 2G licence. The licence was awarded before Etisalat entered into a partnership with Swan in India.
Seven out of ten fund managers interviewed by Reuters for this article said they will not buy Egyptian securities just yet despite steep falls that have brought stock valuations to among the most attractive levels in the emerging market asset class.
The assets are cheap for a reason, most investors argue.
Just as that uprising swept across the region, so too this year has one nation after another felt a new force. Since a vegetable vendor in a restive Tunisian town doused himself with petrol and burnt to death in a December protest against unemployment and corruption, the flame of popular defiance has travelled across the Arab world.
Hunkered down in his presidential palace in Cairo, 10km away from the centre of vast protests on Tahrir Square, Hosni Mubarak on Tuesday conceded that he would quit. Last night it remained uncertain whether his 29-year rule would endure even until elections due in September.
Naguib Sawiris, the billionaire chairman of Orascom Telecom and a member of the group, told the Financial Times that the proposals, published in newspapers and on Facebook, included more powers being devolved to Omar Suleiman, the new vice-president, the dissolution of parliament and the creation of a government of national unity composed of opposition figures and technocrats.
But the group believed Hosni Mubarak, the president, should remain as head of state until elections scheduled for August or September to preserve “his pride and the pride of Egyptians” and reduce the risk of the country suffering further chaos, Mr Sawiris said.