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Tuesday, 26 July 2011

MENA stock markets close - July 26, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
DFM (Dubai Financial Market)
ADX (Abudhabi Securities Exchange)
KSE (Kuwait Stock Exchange)
BSE (Bahrain Stock Exchange)
MSM (Muscat Securities Market)
QE (Qatar Exchange)
LSE (Beirut Stock Exchange)
EGX 30 (Egypt Exchange)
ASE (Amman Stock Exchange)
TUNINDEX (Tunisia Stock Exchange)
CB (Casablanca Stock Exchange)
PSE (Palestine Securities Exchange)

First Gulf Bank of Abu Dhabi Said to Raise $650 Million From Bond Sale - Bloomberg

First Gulf Bank PJSC (FGB), the United Arab Emirates’ lender controlled by Abu Dhabi’s ruling family, sold $650 million of Islamic bonds, according to two bankers familiar with the transaction.

The five-year sukuk was priced to yield 200 basis points above the benchmark mid-swap rate, said bankers, who declined to be identified because the details are private.

First Gulf Bank is selling the bonds under a $3.5 billion sukuk program. Citigroup Inc., HSBC Holdings Plc and Standard Chartered Plc managed the sale.

Dubai’s rumour mill whirs into action | beyondbrics –

Dubai is again aflutter with gossip over a new power shift in the debt-laden emirate, which saw multiple management changes in 2009 as it tried to come to terms with a debt pile of $110bn.

As the FT reported on Monday night the ruler of Dubai replaced Ahmed Humaid al-Tayer (pictured) as governor of the Dubai International Financial Centre, the emirate’s offshore financial centre and a significant strategic asset. That came shortly after he was dropped as chairman of Emirates NBD, the United Arab Emirates’ largest bank.

Observers are saying al-Tayer was reeling after he found out about being ejected from the bank though a statement to the media. They say he then promptly resigned from all his posts – if true, an act of lèse majesté that couldn’t be verified.

Abu Dhabi banks lift index; Dubai flat - Stocks -

Abu Dhabi banks lifted the index, a slight rebound from Monday's drop in regional markets, but Dubai's market ended flat.

National Bank of Abu Dhabi gained 0.9 percent, First Gulf Bank rose 0.3 percent and Abu Dhabi Commercial Bank advanced 2 percent.

'Markets were taking a breather, while international markets are still concerned about the U.S debt issue,' said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments.

Gulf markets lose USD33.4-billion in market cap in the first half of 2011 - Zawya

Gulf markets have lagged other global emerging and developed markets for years. Even as the S&P 500 and other emerging market indices rescaled their pre-Lehman levels, Gulf markets have stayed listless, drifting lower and lower until they have plumbed new depths. But have the markets finally bottomed out? With the Gulf economies seeing major improvement in their fortunes, thanks to government stimulus, will it rub off on the markets as well in the second half of the year?

Gulf markets lost USD33.4-billion in market capitalization in the first half of the year due to a number of factors that conspired to negatively impact investor sentiment.

According to Global Investment House, Kuwait Stock Exchange saw the biggest slide, losing 13.4% in the first half of the year, or USD17.7-billion in market cap.

Apart from the general negative sentiment surrounding regional turmoil, Kuwait also suffered due to internal economic lethargy and weakness in the domestic financial services and real estate sector.

Dubai's Emaar Q2 net profit plunges 69 pct, misses view, UAE Industries - Maktoob News

Emaar Properties , UAE's largest developer by market value, reported a 69-percent plunge in second-quarter net profit on Tuesday, missing estimates, as it handed over fewer homes and wrote off its investments in Dubai Bank.

The builder of the world's tallest tower, Burj Khalifa, made a net profit of 250 million dirhams ($68.1 million) for the quarter ended June 30, compared with a profit of 801.9 million dirhams in the same period a year ago.

Analysts polled by Reuters on average expected the firm to post a quarterly net profit of 358.18 million dirhams.

Dubai's Shuaa Capital swings to small Q2 profit | Reuters

Investment bank Shuaa Capital eked out a small second-quarter net profit on Tuesday, helped by aggressive cost cuts and strength in its asset management business.

Shuaa, which took companies like port operator DP World to the market, posted a profit of 0.6 million dirhams for the second quarter, compared with a loss of 56.6 million dirhams in the same period last year. The results included a 27.7 million dirhams of gains on other investments and cost cuts amounting to 62.8 million dirhams, it said in a statement to the bourse.

An HSBC analyst estimated that the company would post a loss of 29 million dirhams in the quarter, according to a poll by Reuters.

Analysis: Bulging cash balances set up funds for deals | Reuters

Global sovereign wealth funds are set to hasten investing the billions of dollars of cash holdings they have built up in a rebound from the 2008 financial crisis that has lifted their combined assets to a record.

But unlike three years ago, when they rode to the rescue of Wall Street titans such as Merrill Lynch and Citigroup, the investments this time around are seen mostly of a smaller nature and into the faster-growing sectors such as resources and infrastructure.

'They may not be the headline-grabbing investments that we are used to seeing from the funds,' said Rachel Zeimba, London-based senior research analyst at Roubini Global Economics.

UAE oil income up 30% in 2010 - Emirates 24/7

Higher oil prices allied with an increase in supplies to boost the UAE’s crude export earnings by nearly 30 per cent to around $74 billion in 2010 while those of OPEC leaped by about $160 billion, according to official data.

From around $57.5 billion in 2009, the UAE’s oil export revenue surged to nearly $74.02 billion in 2010, their second highest level after the peak earnings of $102 billion in 2008, the 12-nation Organization of Petroleum Exporting Countries said in its 2010-2011 annual report released recently.

The increase was a result of higher oil prices, which swelled by nearly $15 above their $60 a barrel level in 2009. The UAE’s crude production also rose to around 2.32 million barrels per day from 2.17 million bpd in the same period, allowing the UAE to maintain its position as the second largest earner in OPEC.

gulfnews : Natural gas from Iran exported to Europe

Iran reached a $10 billion (Dh36.7 billion) agreement with Iraq and Syria to allow the transit of natural gas from Iran's South Pars field to Europe via Lebanon and the Mediterranean Sea, official state media reported.

Iranian, Iraqi and Syrian oil ministers signed the agreement yesterday, state-run IRIB News reported, citing remarks by Javad Owji, managing director of National Iranian Gas Co.

The gas is to pass through a 5,000-kilometre pipeline to Greece and elsewhere in Europe, state-controlled Press TV reported yesterday on its website.

Surging profit marks a rebound for UAE banks - The National

The UAE's biggest banks are growing profits at full tilt and putting the worst of the financial crisis behind them despite tough new lending rules imposed by the Central Bank.

Emirates NBD, the UAE's biggest bank by assets, was the latest lender to report higher earnings, recording a jump in second-quarter net profit of 84.8 per cent to Dh744.4 million (US$202.6m), compared with last year's second quarter.

The improved performance was helped by falling provisions for bad debts. Impairments on financial assets fell 17.7 per cent to Dh980.9m.

gulfnews : DGCX to launch Indian rupee options contract in September

The Dubai Gold and Commodities Exchange (DGCX) announced on Monday that it will launch Indian rupees options contract in September this year extending its rupee derivative offerings.

The new contract is scheduled for launch on September 26. The contract will be the only exchange-traded rupee options product offered to markets outside India.

Currently DGCX has rupee futures trading. The exchange had attracted huge volumes on its futures contracts. Analysts expect the availability of options trading will improve the volumes on futures contract further as it gives a hedging option to futures exposure.

Top banker takes DIFC reins amid restructure - The National

Abdullah Mohammed Saleh has been made the new governor of the Dubai International Financial Centre, the emirate's banking and financial services hub.

The appointment was announced in a resolution by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, to take effect immediately.

Mr Saleh is the chairman of the Dubai Financial Services Authority, the DIFC regulator.

Dubai replaces head of offshore financial centre -

The ruler of Dubai has replaced Ahmed Humaid al-Tayer as the governor of the Dubai International Financial Centre, the emirate’s offshore financial centre and a significant strategic asset, shortly after he was dropped as chairman of the country’s largest bank.

In a statement on the website of the United Arab Emirates on Monday, Sheikh Mohammed bin Rashid al-Maktoum said he had appointed Abdullah Mohammed Saleh, currently chairman of the Dubai Financial Services Authority, as the new head of the centre.

“As per the decision, Saleh will replace Ahmed Humaid Al Tayer as the governor of the DIFC with immediate effect,” the statement said.