|TASI (Saudi Stock Market)||6581.38||-0.71%|
|DFM (Dubai Financial Market)||1567.12||0.60%|
|ADX (Abudhabi Securities Exchange)||2721.77||0.26%|
|KSE (Kuwait Stock Exchange)||6211.2||-0.03%|
|BSE (Bahrain Stock Exchange)||1319.43||-0.01%|
|MSM (Muscat Securities Market)||5992.98||0.29%|
|QE (Qatar Exchange)||8488.12||-0.17%|
|LSE (Beirut Stock Exchange)||1324.78||-0.10%|
|EGX 30 (Egypt Exchange)||5270.66||-1.67%|
|ASE (Amman Stock Exchange)||2101.12||-0.06%|
|TUNINDEX (Tunisia Stock Exchange)||4326.54||0.36%|
|CB (Casablanca Stock Exchange)||11578||-0.20%|
|PSE (Palestine Securities Exchange)||498.14||-0.37%|
Sunday, 10 July 2011
Saudi Arabian Fertilizer, also known as Safco (SAFCO), lost 2.1 percent. Saudi Basic, the world’s biggest petrochemicals maker, dropped the most in more than two weeks. The Tadawul All Share Index (SASEIDX) declined 0.5 percent to 6,592.21 at 12:50 p.m. in Riyadh, headed for the lowest close since June 29. The Persian Gulf region’s Bloomberg GCC 200 Index (BGCC200) retreated 0.3 percent.
“Safco results are weighing down on market sentiment,” said Asim Bukhtiar, an equity analyst at Riyad Capital.
The impact is most clear in the largest regional economy, Saudi Arabia, which also experienced the least of the real estate bust. The National Bank of Kuwait forecasts record oil revenues of $267 billion for the kingdom this year and 6.9 per cent GDP growth.
Both oil output and oil prices are up. The Arab uprisings have helped, with the kingdom boosting production to offset the loss of Libyan oil. And Brent crude prices have remained stubbornly north of $100.
The next wave of merger and acquisitions is likely to manifest through consolidation. The telecom industry remains fragmented relative to other industries – the largest operators earn a smaller percentage of total industry revenue than peers in other industries do, suggesting that the sector is primed for further consolidation.
As it enters a new phase of inorganic growth, three types of consolidation activity are likely to reshape the telecom industry. Large, cross-border megadeals are expected to dominate.
In-market transactions and consolidation of ownership stakes also will resume, though at a slower pace. The operators that capitalise on this wave of consolidation could emerge as the global winners in the telecom industry.
"We are preparing to issue $1 billion of bonds to develop electricity and water projects," Majid Namjou told ISNA, adding the bonds would be offered inside Iran and abroad.
Namjou's announcement comes as plans to merge his ministry with the Oil Ministry are on hold due to opposition from parliament.
According to EIU, as the economy recovers, and oil and international commodity prices increase, it expects inflationary pressures to re-emerge gradually, especially in light of the projected expansion in infrastructure development.
“We expect inflation in 2011 to average 2.5 per cent owing to an increase in prices of grains, sugar and other basic items. However, low housing costs will keep inflation at a manageable level, at an average of 2.2 per cent in 2011-15.
The latest protests that coincided with the opening of talks between pro-government and opposition groups last weekend, was a reminder that rebuilding Bahrain's tarnished image as a place to do business could prove as challenging as the political process taking place over the coming weeks.
'The impact has been very bad,' said Jamal Fakhro, the first deputy chairman of the Shura Council, the foreign affairs, defence and national security committee. Mr Fakhro is also the managing partner at the consultancy KPMG in Bahrain.
The penalty had been ordered for 'suspected contravention' of foreign exchange rules inside and outside India by the company.
'Neither Etisalat nor Etisalat DB have received any official communication and is therefore unable to comment at this time. Etisalat … wishes to reiterate it always abides by the laws and regulations of the markets in which it invests,' the company said. Etisalat owns 45 per cent of Etisalat DB.
With about $14bn in capital and the ability to boost its resources further if necessary, the fund was capable of meeting requests from economies in the Arab world requiring financial aid, said Dr Jassim Al Mannai.
'Based on what's happening in Egypt and Tunisia, we would expect [they] will need further financial assistance, and we would be ready to help,' he said.
Companies in Saudi Arabia and Qatar are among the first to report earnings so the markets in both countries will be of particular interest.
Both markets are also home to some of the largest companies in the Gulf, such as the petrochemicals giant Saudi Basic Industries Corporation and Qatar National Bank (QNB), the region's largest lender.
The UAE's banking sector is set to underperform its regional peers over the next 18 months as concerns about a weak real estate market and Dubai's debt overhang will continue to weigh, Business Monitor International has said.
The sector will remain on its slow road to recovery heading into 2012 but concerns will constrain a more pronounced improvement in banks' balance sheets, analysts said in a new report.
They also noted that lending activity levels in the UAE were also well behind that in Saudi Arabia and Qatar.