|TASI (Saudi Stock Market)||6362.42||0.28%|
|DFM (Dubai Financial Market)||1552.81||1.53%|
|ADX (Abudhabi Securities Exchange)||2632.95||0.15%|
|KSE (Kuwait Stock Exchange)||6285||-0.16%|
|BSE (Bahrain Stock Exchange)||1422.57||0.28%|
|MSM (Muscat Securities Market)||6402.27||0.01%|
|QE (Qatar Exchange)||8307.85||0.15%|
|LSE (Beirut Stock Exchange)||1422.17||0.15%|
|EGX 30 (Egypt Exchange)||4950.82||-3.73%|
|ASE (Amman Stock Exchange)||2182.48||-0.81%|
|TUNINDEX (Tunisia Stock Exchange)||4446.56||-0.29%|
|CB (Casablanca Stock Exchange)||12589.7||-0.06%|
|PSE (Palestine Securities Exchange)||498.89||-0.34%|
Thursday, 24 March 2011
The day’s performance will have brought relief to investors in the country and looks likely to reduce further the threat of Egypt’s expulsion from the benchmark MSCI Emerging Market Index.
The day started badly: as happened on Wednesday, circuit breakers came into effect in early trading as stock prices plunged. But when trading resumed after a 30 minute break, prices recovered some of their losses.
Overseas investments in Turkish debt reached an all-time high of $37.9 billion on March 11, the last day data from the central bank were available. Money managers bought bonds even as they reduced stock investments to $55 billion from a peak of $74 billion in November.
“There’s a disconnect because the correction has occurred on the equity side but not in bonds,” Benoit Anne, the head of global emerging-market strategy at SocGen in London, said in an interview Tuesday. “We’re probably going to see a reduction of exposure to the bonds. It’s been a very slow response by long-term investors.”
The Egyptian Exchange's benchmark EGX30 index plunged 8.9 percent on Wednesday, its first day of trading since it was shuttered on Jan. 27 amid mounting mass protests that eventually ousted former President Hosni Mubarak. Prior to its January closure, the market lost over 16 percent in two consecutive trading days, reflecting investor fears about the descent into apparent chaos of a country once viewed as the most stable in the Arab world.
The index was down around 4 percent at around 1:10 p.m. Cairo time on Thursday, to 4,934 points. It rebounded from earlier losses of over 6.7 percent that led to a 30-minute suspension of trading just minutes after the opening bell. The broader EGX100 index moved to the black, gaining 0.15 percent after losses of over 5 percent earlier in the day, according to the exchange's Web site.
During February the number of guests staying in the emirate's hotel and hotel apartments rose 17 per cent to 175,309; guest nights increased 29 per cent to 524,594; occupancy levels lifted 16 per cent to 77 per cent ; revenue climbed 24 per cent to AED 440 million (US $120.5 million) and length of stay expanded 10 per cent to 2.99 nights.
"February puts us on an early track towards achieving our 2011 target with double-digit growth also now showing for the combined first two months of this year compared to last," said Lawrence Franklin, Strategy '&' Policy Director, Abu Dhabi Tourism Authority (ADTA).
Chief Executive Ibrahim Dabdoub also said he expects flat profits in 2011.
Political unrest in the Middle East and North Africa, including protests in Kuwait, has raised risk premiums and sent many investors to the sidelines.
The stock exchange closed on Jan 28 amid mass protests that eventually toppled the 30-year rule of President Hosni Mubarak but opened on Wednesday to narrowly avert the 40-day suspension limit that would lead to expulsion from MSCI's closely followed emerging markets index.
"MSCI will monitor the future developments on the Egyptian Exchange and continue interacting with market participants to gather feedback on the functioning and accessibility of the Egyptian stock market," the index provider said in a statement.
The two-year deal gives QIPCO exclusive naming rights for the series and full partnership rights for the new British Champions Day race at Ascot, the firms said in a joint statement Wednesday.
With a purse of £3m ($4.9m), the race marks the richest event staged in British racing history.
Dubai World Signs Restructuring Deal With Creditors on $25 Billion of Debt (Official confirmation) - Bloomberg
Nakheel PJSC, the developer of palm-shaped islands off Dubai’s coast, separately said it expects to reach an agreement with its trade and bank creditors on restructuring $10.5 billion of debt in the first half of the year. Restructuring agreements will be issued shortly to trade creditors and the final term sheet to its bank coordination committee, Nakheel said in an e- mail today.
The Dubai World agreement included about 80 creditors, the Dubai government’s media office said in an e-mailed statement today. Dubai World’s asset value has risen in the past few months because of the recovery in global markets, it said.
Kuwait's sovereign wealth fund said on Wednesday it will invest $3.6bn in the local commercial property market, in a liquidity boost to the sector that will help lift plunging prices.
"The five year portfolio will focus on business real estate, as it has been most effected by current economic conditions and therefore is a candidate for achieving better returns," KFH assistant director general Imad Abdullah Al Thaqib said in a statement.
Mubadala, which holds stakes in Advanced Micro Devices Inc and Ferrari, as well as General Electric and private equity firm Carlyle, said total assets increased by 14 percent to 101.5 billion dirhams in 2010.
Revenue rose 22 percent year-on-year to 16 billion dirhams.
"The country is again in recovery mode, with econ-omic growth reaching 2.5 per cent in 2010," said Nariman Abdullah Kamber Al Awadi, chief manager at the Central Bank's training and development unit. Al Awadi was speaking at a seminar organised by the Emirates Centre for Strategic Studies and Research (ECSSR).
Al Awadi said inflation in the UAE was at a low 1.7 per cent last year, but is estimated by the International Monetary Fund (IMF) to increase to 3.9 per cent this year.
"Despite these write-downs and impairment provisions, Deyaar's book value per share stood at Dh0.763 as of December 31, 2010," the company said in a statement.
In 2010, Deyaar focused on strengthening its core operations, while also maintaining a conservative approach towards enhanced impairment provisions. This prudence in financial reporting positions the company to enter 2011 with a healthier balance sheet and a greater ability to respond to evolving market conditions, the company said.
Authorities around the world are taking action to freeze accounts and investments connected to the Libyan leader Muammar Qaddafi as pressure on his regime mounts. Banks are sending responses to the Central Bank about whether any names on the UN Security Council sanctions list hold assets with them, said Mohamed el Shirief, the suspicious transactions and reports analyst at the Central Bank.
His comment follows a circular from the regulator to lenders last week about the issue. The international community voted last month to freeze the foreign assets of Col Qaddafi and four aides in an attempt to stop attacks on Libyan protesters.
The Transitional National Council, representing anti-government rebels based in the eastern Libyan city of Benghazi, decided at a meeting on Friday to establish the "Libyan Oil Company as supervisory authority on oil production and policies in the country, based temporarily in Benghazi".
The council has also "designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya".
The country's biggest publicly traded steel producer, Ezz Steel, was among the companies banned from trading for failing to meet disclosure requirements on whether they have assets or shareholders under investigation, an Egyptian Exchange official said.
A total of 45 companies from the top 100 listed were suspended from trading as foreign investors sold about 342 million Egyptian pounds (Dh210.3m) of shares in the first day of trading in almost two months. Institutional investors accounted for 97 per cent of trading.
The world's top liquefied natural gas exporter, which has so far escaped unrest sweeping through the Arab world, had raised spending by 25 percent in the current fiscal year, helped by robust oil prices and gas output expansion.
"Next week, we will announce the budget. It is bigger than last year's," Youssef Kamal told reporters on the sidelines of a meeting of Gulf policymakers in Doha.
“The UAE is particularly interested in developing African countries in tourism, infrastructure, oil, gas, mining, energy, transport, logistics, ports, IT and mobile communications sectors,” Mansoori said in his opening remarks on the first day of Common Market for Eastern and Southern Africa, or COMESA, Investment Forum.
COMESA is one of Africa’s most important and influential investment forum, which opened on Wednesday in Dubai. The forum is being organised by Dubai Chamber of Commerce in cooperation with COMESA RIA.
The news came as Dubai World announced it had completed a major part of its US$24.9 billion (Dh91.45bn) restructuring after the formal signing of agreements with its financial creditors for $14.7bn of debt. The debt will be repaid in two tranches - $4.4bn over five years and $10.3bn over eight years.
Yuvraj Narayan, DPW's chief financial officer, confirmed the company's commitment to a London listing and said: "I would imagine if the valuation becomes more attractive and there is more liquidity, they [Dubai World] may well consider selling down some of their shares sometime in the future."
As widely predicted, circuit breakers were triggered within moments of the resumption of trading on the Cairo stock exchange on Wednesday. As beyondbrics reported on Tuesday, any sustained interruption could result in Egyptian stocks being expelled from the benchmark MSCIEmerging Market Index.
But things didn’t go as badly as they might have. By the close, the 100 share index was down 8.95 per cent – bad, but not a bloodbath. Crucially, circuit breakers were only triggered the once. If trading continues like this over coming days, Cairo could win a reprieve. And it might owe its salvation to a surge of popular patriotism.
There is little empirical evidence for this so far, but the anecdotal evidence is strong. There was a massive public relations campaign in Egypt to support the stock market’s re-opening including this appeal from Essam Sharaf, interim prime minister.