|TASI (Saudi Stock Market)||6660.17||0.10%|
|DFM (Dubai Financial Market)||1553.31||2.40%|
|ADX (Abudhabi Securities Exchange)||2708.4||0.16%|
|KSE (Kuwait Stock Exchange)||6172.9||-0.62%|
|BSE (Bahrain Stock Exchange)||1317.44||-0.17%|
|MSM (Muscat Securities Market)||5856.23||-1.02%|
|QE (Qatar Exchange)||8478.79||1.41%|
|LSE (Beirut Stock Exchange)||1330.74||-0.29%|
|EGX 30 (Egypt Exchange)||5418.69||0.85%|
|ASE (Amman Stock Exchange)||2108.52||0.72%|
|TUNINDEX (Tunisia Stock Exchange)||4272.57||-0.56%|
|CB (Casablanca Stock Exchange)||11518.3||0.06%|
|PSE (Palestine Securities Exchange)||492.17||-0.11%|
Sunday, 3 July 2011
HSBC expects Egypt's GDP to rise a mere 0.2% in 2011, a far cry from the robust 5.1% growth in 2010. To be fair, a lot has changed in the country since the end of 2010.
Hosni Mubarak's efforts to hold on to the country's rein and his subsequent departure sucked the life out of the Egyptian economy, and things are only now slowly turning back to normal, with many question marks hovering on the horizon.
Officials in the kingdom are seeking to clamp down on Saudi nationals illegally hiring expatriate workers to manage their stores and service outlets in return for a shake of the profits, a practice commonly known as "tasattur".
The move would impact up to 120,000 outlets in Jeddah alone, a source told the Saudi Gazette newspaper on Sunday.
The Dubai Financial Market General Index climbed 2.5 per cent to 1,555.13 points, its highest point in a week, in the first day of trading after the Greek Parliament approved a set of austerity measures that staves off fears of a eurozone debt crisis.
International equities climbed higher on Friday as some clarity emerged on Greece's debt crisis. The country is suffering from one of its deepest recession in 40 years and a default would probably lead banks to freeze lending to other indebted European countries, causing a eurozone contagion.
Dubai's du DU.DU has fully repaid a 3 billion dirhams ($816.8 million) syndicated loan facility, the telecoms carrier said in a statement on Sunday.
Du, which ended rival Etisalat's (ETEL.AD) domestic monopoly in 2007, used a "combination of existing financing facilities and cash" to repay the syndicate of 16 banks, it said in a bourse statement. The three-year facility was set up in 2008 and matured on June 30.
On June 7, du said it had closed a $220 million three-year refinancing facility and this would in part be used to pay off the maturing facility.
The value of Middle Eastern private equity deals slumped by 84 per cent to just $25 million in the first half of 2011 in comparison with the same period of 2010, according to the newly published Zephyr report on major capital deals. There were only seven private equity deals in the first half, the weakest result since 2007.
However, taken as a whole major regional capital deals held up well with a 54 per cent fall in volume to 222 transactions more than compensated by a 43 per cent increase in value to $10.2 billion.
So far, 2011 has been an eventful year in the Middle East. Popular unrest removed the presidents of Tunisia and Egypt, while the fates of Libya, Syria, and Yemen remain uncertain. The unrest in the region transferred to the regional markets, as all GCC markets were in the red for the first half of the year. What is interesting is that Kuwait, although lagged by many as one of the safest countries in the region, was one of the worst performers in the GCC, leading us to believe that other factors come to play, such as the constant brawling between parliament members and the government and the lack of development.
Below is a recap of the performances of GCC stock markets for the first half of 2011: