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Wednesday, 12 October 2011

MENA stock markets close - October 12, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
6105.04-0.22%
DFM (Dubai Financial Market)
1383.72-0.30%
ADX (Abudhabi Securities Exchange)
2486.86-0.29%
KSE (Kuwait Stock Exchange)
5847.5-0.20%
BSE (Bahrain Stock Exchange)
1147.5-0.70%
MSM (Muscat Securities Market)
5519.32-0.75%
QE (Qatar Exchange)
8418.160.78%
LSE (Beirut Stock Exchange)
1217.970.06%
EGX 30 (Egypt Exchange)
4050.230.81%
ASE (Amman Stock Exchange)
1928.720.21%
TUNINDEX (Tunisia Stock Exchange)
4613.92-1.19%
CB (Casablanca Stock Exchange)
11421.3-0.08%
PSE (Palestine Securities Exchange)
478.290.09%

Qatar Shares Rise to Highest in Two Weeks on Earnings Optimism - Businessweek

Qatar’s benchmark stock index advanced to the highest in two weeks, led by banks, on optimism quarterly earnings at Doha Bank QSC may increase.

Doha Bank, which after the end of the trading day reported a 10 percent increase in third-quarter profit, rose to the highest level in almost a month. Qatar National Bank SAQ, the Persian Gulf country’s biggest bank by assets, climbed for a fifth day. Qatar’s QE Index advanced 0.8 percent to 8,418.16, the highest since Sept. 28, at the 1 p.m. close in Doha. The Qatar Exchange Banking Sector Index rose for a sixth day, jumping 1 percent. The Bloomberg GCC 200 Index fell 0.2 percent at 2:45 p.m. in Riyadh.

“Doha Bank was expected to report after the close, and sentiment was bullish on that name, hence lifting the market,” said Ahmed Talhaoui, head of asset management at Abu Dhabi-based Royal Capital PJSC.

Gulf banks stronger than Western counterparts: report - Express India

Banks in Gulf oil producers are now in a better position than banks in the West given their large liquidity levels, government support and lower loan loss provisions, a Saudi bank has said in its monthly bulletin.

After two years of slackening lending activity because of the 2008 global fiscal distress and regional debt default problems, banks in the six-nation Gulf Cooperation Council (GCC) are now gradually easing curbs on domestic credit and the trend could pick up through 2012, the Saudi American Bank Group (Samba) said.

"The GCC banking sector is generally sound and well managed and compares favourably when viewed against US and European banks," it said.

Dubai Bank takeover does not signal trend of consolidation

News that Bank Emirates NBD takes over Dubai Bank is unlikely to trigger a wave of consolidation in the Gulf Arab region. This is not a typical merger, but rather a handover arranged by the state.

Dubai Bank, which was hit hard by the financial crisis and has stopped publishing financial figures in 2009, was taken over by the Dubai Government on May 16 this year. The government, under its ruler Sheikh Mohammed Bin Rashid Al Maktoum, bailed out the Islamic financial institution and now handed it over to Emirates NBD, the United Arab Emirates's largest lender in relation to assets.

Dubai Bank, on the other hand, is behind rank 40 among the 51 banks in the UAE. A total of 23 local lenders and 28 foreign banks share the UAE market.

gulfnews : 4m Saudi women ready to join nation's workforce

There are four million Saudi women ready to take up jobs in the Saudi employment market, it was revealed during a forum that concluded in Riyadh yesterday. "About 99.9 per cent of the wealth of Saudi women deposited in banks remain in a virtually frozen state.

"Only 42.3 million riyals [Dh41.40 million] out of the total banking assets worth 100 billion riyals have been utilised for investment purposes," delegates at the Sixth Forum for Businesswomen were told.

The wife of King Abdullah Bin Abdul Aziz, Princess Hissah Bint Trad Al Shaalan, inaugurated the three-day event.

London hotels sold for £192m - The National

A Middle East investor is to buy two of London's luxury hotels for £192 million (Dh1.1 billion).

The trendy, modern properties are the Sanderson,near Oxford Street, and the St Martins Lane hotel in London's West End.

The deal follows the purchase last month of the W Hotel in Leicester Square in London by Qatar's Al Faisal Holding in a deal worth close to £200m.

HSBC forecasts huge growth in trade volumes - The National

Trade volumes in the Middle East and North Africa (Mena) will grow by nearly 85 per cent by 2025, as the region outstrips the performance of global markets, according to HSBC.

UAE trade will more than double, rising 126 per cent to US$414 billion (Dh1.52 trillion) during the period, the bank predicts.

The forecast reinforces "our view that the long-term case for superior returns in the Mena region remains," said Tim Reid, HSBC's head of commercial banking for the Mena region.

Dubai numbers can be deceptive - Crane Country

Property data in Dubai is always a dicey barometer of the market. In the absence of public records of sale transactions, agencies use their own methods and research to arrive at their own conclusions.

The property companies often acknowledge that the data doesn't always represent a completely accurate picture of the market.

Today's report from Asteco is a good example.

Dubai apartment prices under pressure - The National

Sale prices in Dubai's Discovery Gardens dropped 10 per cent in the third quarter compared with the previous quarter as thousands of new apartments entered the market.

Apartment prices fell 4 per cent overall in the quarter and villa prices remained steady, according to data compiled by the property company Asteco. And rents continued to stabilise, with rates unchanged in most neighbourhoods.

But the drop in apartment prices in Discovery Gardens, as well as a 7 per cent decline in sale prices in Jumeirah Lakes Towers 7 from the second quarter, re-enforced the perception that a two-tier market is developing in Dubai.

Dubai Debt Yields Fall Amid Bank System Clean Up: Arab Credit - Businessweek

Dubai bonds rose to the highest in a week after the government ordered the United Arab Emirates’ biggest lender to take over an unprofitable rival as the emirate consolidates its banking system.

The increase pushed the yield on Dubai government’s 5.591 percent dollar bond down five basis points yesterday to 6.30 percent, the lowest since Oct. 3. Emirates NBD PJSC, the country’s biggest lender by assets, said it will take over government-controlled Islamic lender Dubai Bank PJSC. The cost to insure Dubai’s debt against default dropped to the lowest in almost three weeks.

“The news is a small positive as further consolidation in the banking sector is required,” said Emad Mostaque, a London- based Middle East and North Africa strategist at Religare Capital Markets Plc. “Comments by Emirates NBD indicate that the structure of the acquisition and government support will ensure minimal impact on Emirates NBD’s results.”

Aabar's Daimler stake drops on legal technicality | Reuters

Abu Dhabi sovereign wealth fund Aabar Investments appeared to cut its stake in Daimler (DAIGn.DE) nearly in half in July, dropping just below the 5 percent threshold only to now say that the cause was a legal technicality.

According to a regulatory disclosure by the German carmaker, Aabar informed Daimler earlier on Tuesday that it owned barely less than 5 percent of the company's stock on July 8.

A spokeswoman for Aabar declined to say why Daimler was not informed earlier of the move.