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Thursday, 10 November 2011

MENA stock markets close - November 10, 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)

Persian Gulf Stocks: Abu Dhabi Islamic and Dubai Investments - Bloomberg

Dubai’s DFM General Index (DFMGI) dropped 0.5 percent, the most since Nov. 1, to 1,382.72 at the 2 p.m. close in the emirate. The measure slipped 0.1 percent this week. Abu Dhabi’s ADX General Index (ADSMI) declined 0.2 percent. Markets in Saudi Arabia, Kuwait and Oman were closed today for a Muslim holiday.

Analysis: UAE deposit growth slows as Arab Spring effect fades | Reuters

A sharp slowdown of bank deposit growth in the United Arab Emirates suggests inflows of money into the country are slowing or even reversing, as low interest rates deter depositors and the impact of the Arab Spring fades.

Annual growth of deposits at UAE banks, which remained below 7.5 percent throughout last year, hit double-digit rates in February this year and a peak of 16.0 percent in April. Growth stayed extremely strong through July, when it was 11.5 percent.

Bankers and analysts said two main factors seemed to be behind the growth. One was capital flight into the UAE, which has remained politically stable this year, from countries in the Gulf and North Africa which experienced political turmoil; growth in non-residents' deposits, which account for roughly a tenth of total deposits, hit 40 percent in February.

Abu Dhabi Islamic Bank eyes sukuk - Emirates 24/7

Abu Dhabi Islamic Bank will hold investor meetings for a potential dollar-denominated Islamic bond, or sukuk, starting next week, it said in a statement to the bourse on Wednesday.

Meetings kick off in Kuala Lumpur on November 17, and will cover Singapore and the United Arab Emirates, before ending in London on November 21.

A sukuk issue under the bank's existing $5 billion programme "may follow, subject to market conditions," the statement said. The company is eyeing a benchmark-sized deal, widely accepted to mean at least $500 million.

Dubai’s Shares Decline to Week Low, Led by Emaar, on Italy Debt Concern - Bloomberg

Dubai’s shares dropped to the lowest level in a week, led by Emaar Properties PJSC (EMAAR), after a surge in Italian bond yields stoked concern that Europe’s debt crisis is worsening and may thwart a global economic recovery.

Emaar, developer of the world’s tallest building, tumbled 1.9 percent. Dubai Financial Market PJSC declined to the lowest intraday level in two weeks. The DFM General Index (DFMGI) dropped 0.9 percent to 1,377.33 at 11:14 a.m. in Dubai, bringing its drop in the past two trading days to 0.5 percent. The market was closed earlier this week for a Muslim holiday. Abu Dhabi’s ADX General Index (ADSMI) slipped 0.2 percent.

“Investors are worried about the recent development in the eurozone and the large fluctuations in the global stock markets,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.

Dubai Shares Advance as Markets ‘Catch Up’ After Holiday; Tabreed Climbs - Bloomberg

Dubai’s shares advanced to the highest level this month as trading resumed following a Muslim holiday and after National Central Cooling Co. said quarterly profit jumped 55 percent.

Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower, rallied 2.3 percent. National Central Cooling Co., the United Arab Emirates utility known as Tabreed, surged to the highest in more than a month. The DFM General Index (DFMGI) gained 0.4 percent to 1,390.07 at the 2 p.m. close in Dubai. The market was shut for Eid al-Adha the previous three trading days. The MSCI Emerging Markets Index fell 0.4 percent as of 4:17 p.m. in the emirate, after rising as much as 1.1 percent.

There is “some catch up for the Middle East markets re- opening today post the Eid holiday, but on low volumes as many locals will stay away for the whole week,” said Shehzad Janab, the head of asset management at Dubai-based Daman Investments. “An absence of regional news means we will continue to look at developments in Europe.”

Saudi Arabia's Algosaibi Wins Cayman Judgment Against Al-Sanea - BusinessWeek

Maan al-Sanea, founder of Saudi Arabia's Saad Group, must pay damages to competitor Ahmad Hamad Algosaibi & Brothers Co. for conspiracy and breach of fiduciary duty, a judge ruled in the Cayman Islands.

Al-Sanea failed to file a defense in the case in which he's accused of taking out billions of dollars in fraudulent loans in Algosaibi's name when he was working for the company, according to a Nov. 7 default judgment from the Grand Court of the Cayman Islands. Damages will be determined later, it said.

“Al-Sanea has repeatedly said he is waiting for his day in court to defend the charges against him,” Eric Lewis, a legal coordinator for Algosaibi, said in the statement after the judgment was issued. “Clearly, he cannot defend the fraud charges on the merits and the court has acted accordingly.”

Gulf Times – Qatari banks ‘well-cushioned from high-risk costs’

Qatar banks’ strong margins and efficiency give them an effective cushion to face any potential increase in the cost of risk, Standard & Poor’s has said in a report.

Banks in Qatar have relatively stable market shares and barriers to entry remain high, it said in a report yesterday.

However, S&P Ratings Services believe Qatari banks’ “risk appetite” is high, given their “significant growth” in assets and “high exposure” to real estate lending.

Qatar stock charts bullish after breaking resistance | Business Recorder

Qatar's stock market could break above its recent trading range as soon as next week if global markets, still vulnerable to the euro zone debt crisis, do not fall sharply, analysts say.

The Qatar market, reopening on Wednesday after long Eid holidays, climbed 0.9 percent to 8,705 points.

In the week before the holidays, it had risen above its September peak of 8,520 points, viewed as an important barrier by many investors.

Analysis - Gulf c.banks may store trouble with loose policies | Reuters

In April this year, with the economy growing at an annual clip of at least 15 percent, Qatar's central bank cut key interest rates by at least half a percentage point. In August, as domestic credit expanded at a nearly 20 percent rate, it cut them again.

Across the six oil-rich economies of the Gulf, central banks are running loose monetary policies that contrast sharply with their strong economic growth.

Saudi Arabia is holding its key interest rate at 2 percent, after cutting it to that level during a near-recession in 2009, even though gross domestic product growth has rebounded to a projected 6.2 percent this year, according to a Reuters poll of analysts.

Ten Opec forecasts - Zawya

Read the ten major forecasts from Opec's latest World Oil Outlook, ranging from the challenges and prospects for oil developers to the intense competition they will face over the next 25 years.

Opec's in a brave new world and it knows it. Political and environmental pressures, shifting markets and new energy sources and supplies have made it a dangerous new world for the oil bloc that produces a third of the world's oil supplies, and sits on more than half of the proven reserves.

But the cartel is determined to maintain its ground and even improve it share of the global oil market.

A need for a clear direction at Zain - The National

Zain faces an urgent challenge after the most tumultuous year in the company's history.

The Kuwaiti telecommunications operator has been left in disarray after its failure to raise cash by selling off assets and a stake in the group.

Analysts have warned that the company must now take decisive action if it is to stem further share-price declines.

UAE aims 'to tick boxes' on upgrade - The National

Investors are hoping that impending changes in stock market regulations may improve the UAE's chances for a potential upgrading to emerging-market status by the index compiler MSCI.

The UAE's Securities and Commodities Authority on Monday said it would consult with banks and brokerages until next Thursday on the new regulations, which will cover market making, securities lending the provision of liquidity and short selling.

"What the UAE is trying to do is tick all the boxes for MSCI," said Abdel Hadi Al Sadi, the chief operating officer of AlRamz Securities in Abu Dhabi. "It'll give them a better chance for the markets to be upgraded."

Loss of Libyan oil flow impairs OMV profit - The National

The Austrian oil and gas producer OMV recorded a 20 per cent drop in third-quarter profit, as production interruptions at its Libyan assets continue to weigh on its bottom line.

Net income excluding costs of revaluing inventories declined to €233 million (Dh1.16 billion) from €290m in the third quarter of last year, the company said in its quarterly report yesterday.

"The first nine months of this year have been dominated by the consequences of the political turmoil in North Africa and the Middle East, which have led to major production shortages from Libya and Yemen," said OMV's chief executive officer, Gerhard Roiss.

Alarm raised over fourth straight quarterly loss for GGICO - The National

Gulf General Investment Company (GGICO) has recorded its fourth consecutive quarterly loss, prompting its auditors to warn about the urgency of adopting a debt-rescheduling plan.

Auditors pointed to significant difficulties for GGICO, a conglomerate listed in Dubai with interests in property and manufacturing.

The company swung to a loss of Dh146 million (US$39.7m) for the third quarter, down from a profit of Dh48.8m during the same period last year.

gulfnews : Oil may top $150 if regional tensions escalate

International oil prices may top $150 (Dh550) a barrel on rising tensions in the Middle East over Iran's nuclear programme, which potentially, could send the global economy back into recession, according to experts.

"If Israel attacks Iran, oil prices may well spike to $200 a barrel. The movement of oil in the Strait of Hormuz, through which major shipments from the region pass, will get disturbed, which may lead to higher costs of insurance and shipping," Khalid Al Awadi, a local energy analyst told Gulf News.

Israel's leadership remained silent on a report released late on Tuesday by the International Atomic Energy Agency (IAEA) claiming that Iran might be seeking a nuclear weapon.

gulfnews : Showcase projects yield to more urgent needs

When Abu Dhabi announced it would delay establishing local branches of the Louvre and Guggenheim museums, it was an important signal of the emirate's economic strategy as well as its cultural priorities.

"Due to the immense magnitude of the work associated with the development of such consequential projects, the company has decided to extend the delivery dates," government-owned Tourism Development and Investment Co said last month.

The company gave no new dates for opening the museums, which were originally scheduled to start operating between 2013 and 2014 as part of a $27 billion (Dh99 billion) art and culture development on Abu Dhabi's Saadiyat Island.

MENA stock markets close - November 9, 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)