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Saturday, 4 February 2012

Saudi Stock Market close - Febrary 4, 2012


General Index
Intraday 3 month
Daily Statistics
Date04/02/2012
General Index6733.68
Change (%)1.05%
Change70.20
T. Volume473107691
T. Companies 151
Advanced91
Declined38
Unchanged17
UnTraded5

Saudi Shares Gain for Ninth Day on Home Loans Agreement, U.S. Employment - Bloomberg

Saudi Arabian shares extended gains for a ninth day after a local bank signed a deal to accelerate home loans and the U.S. jobless rate slid to the lowest level in three years, boosting the outlook for the global economy.
Bank Albilad (ALBI), the kingdom’s second-smallest bank by market value, jumped the most in more than eight months. Al Rajhi Bank (RJHI), the largest publicly traded lender by assets, gained for a third day. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, reached its highest close in more than three weeks.
The Tadawul All Share Index (SASEIDX) rallied 1.1 percent to 6,733.68 at the 3:30 p.m. close in Riyadh, trimming earlier gains of as much as 1.7 percent. The gauge rose for a ninth day, the longest winning stretch since the nine days that ended Feb. 22, 2010. The 150-member measure has extended this year’s climb to 4.9 percent.

» Austria Bounces Back IPIC Request To Up OMV Stake – Kippreport.com

The Austrian government has dismissed Abu Dhabi sovereign wealth fund IPIC’s request for permission to raise its stake in energy group OMV to at least 25 percent, the economy ministry in Vienna said.

“The request was based on things that are not covered by our law,” a ministry spokeswoman said, referring to legislation that requires non-European investors to get advance approval to increase stakes in strategic groups like OMV above 25 percent.

She said that meant the substance of IPIC’s request had thus not been resolved either way and IPIC would have to file again for approval if it wanted to buy more shares to boost its stake above the current 24.9 percent.

Saudi Shares Gain for Ninth Day on Home Loans Agreement, U.S. Employment - Bloomberg

Saudi Arabian shares extended gains for a ninth day after a local bank signed a deal to accelerate home loans and the U.S. jobless rate slid to the lowest level in three years, boosting the outlook for the global economy.
Bank Albilad, the kingdom’s second-smallest bank by market value, jumped the most in more than three years. Al Rajhi Bank (RJHI), the largest publicly traded lender by assets, gained for a third day. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, is heading toward its highest close in more than three weeks.
The Tadawul All Share Index (SASEIDX) rallied 1.3 percent to 6,749.62 at 1:05 p.m. in Riyadh. The gauge rose for a ninth day, the longest winning stretch since the nine days that ended Feb. 22 last year. The 150-member measure has extended this year’s gains to 5.1 percent. More than nine shares climbed for every one that dropped.

Lower roaming rates may hit Gulf telcos: Moody’s - Yahoo!

The reduction in roaming rates for voice calls across GCC countries will have a negative impact on all telecoms operators in the region, says Moody’s Investors Service.
Given that competition for market share is likely to remain intense, the policy will likely result in further margin compression in the operators’ respective domestic markets, which have historically been highly cash-generative.
This is especially relevant for incumbent telco operators such as Etisalat, Qtel and STC, said Moody’s.

Times of Oman - Oman to buy $270m stake in Portuguese energy utility firm

Oman’s state-owned investment arm Oman Oil Company and China’s State Grid Corp have agreed to buy a 40 per cent stake in Portugal’s power and gas grid operator Redes Energeticas Nacionais (REN) for a combined $779 million investment.

This is part of Portuguese government’s recent efforts to privatise some state-owned companies to comply with the terms of a $102 billion bailout programme, in a bid to pay off its whopping debts, news agencies reported, quoting the country’s secretary of state for treasury Maria Luis Albuquerque.

State Grid Corp will buy a 25 per cent stake for $509.09 million and Oman Oil Company will buy another 15 per cent for $269.67 million, Albuquerque told reporters in Lisbon on Thursday. The acquisition price of REN is at about $197.3 million above its market value, the minister noted.

gulfnews : Mideast injects $180b into new projects

New power, water and energy projects valued at $180 billion (Dh662.04 billion) are underway or in the planning stages in the Middle East, as the UAE forges ahead with 20 projects worth $34.2 billion.
Spearheaded by the $20 billion nuclear power plant in Abu Dhabi, which began construction late in 2011, the UAE will be one of the most active markets in the power, water and energy sectors over the next two years, at a time when power demand across all Gulf Cooperation Council (GCC) countries is expected to grow eight to ten per cent annually.
Saudi Arabia holds the lion's share of investment value in the region, due to the $100 billion King Abdullah City of Atomic and Renewable Energy, which begins construction in 2013. The kingdom also has a further 15 projects worth nearly $9 billion underway or due to begin in 2012.

Bank assets increase by 14.4 per cent | Oman Observer

The Omani banking system in 2011 continued to exhibit an upward trend exhibiting sustained economic growth. Till November 2011, total assets of commercial banks in the Sultanate increased by 14.4 per cent to RO 17,934 million compared to RO 15,679 million during the corresponding period in 2010.
Cash on hand and deposits of commercial banks at the Central Bank of Oman (Central Bank of Oman) stood higher at RO 1,722 million at the end of November 2011 due to maturity of outstanding CBO certificates of deposit compared to RO 1,025.5 million in November 2010.
Total credit expanded by 17 per cent to RO 12,354.4 million in November 2011 and accounted for 68.9 per cent of total assets. Credit to government declined by 45.4 per cent in November 2011 reflecting revenue surplus arising out of higher realisation of crude oil prices. Credit to public enterprises and the private sector also increased by 60.7 per cent and 13.1 per cent, respectively.

UAE bank keen on strategic expansion - Arab News

The National Bank of Abu Dhabi (NBAD) opened a new branch in one of Dubai's premier residential and shopping neighborhoods.

NBAD Dubai Marina — JBR Branch brings the bank’s services and products to tens of thousands of residents of the prestigious district.

Dubai Marina is also an attraction point for thousands of dinners, shoppers and fun seekers.

Business : Dubai Group committed to reaching deal with creditors

Dubai Group is still in discussions with lenders and is committed to reaching an agreement on a debt restructuring, a company spokesperson told Bloomberg on Friday.
Reuters reported on Thursday that Dubai’s Supreme Fiscal Committee walked away from talks with creditors over Dubai Group’s $10 billion debt restructuring, citing two people it did not identify. The Dubai Group spokesperson declined to be identified by name, citing company regulations.

Dubai Group, controlled by Dubai Holding, is one of several companies in the emirate seeking to alter terms on borrowings after property prices slumped amid the global financial crisis, limiting access to credit markets. The company appointed eight banks to represent creditors in two committees in January 2011 to help speed up an agreement.

Chaos in Egypt - FT.com

Egypt’s military regime has justified its hold on power since last year’s popular uprising by arguing that it needs to be in the driving seat to ensure a secure transition to democracy. The appalling violence of recent days that has left at least 77 people dead and hundreds more wounded undermines their claim. Not for the first time in recent months, Egypt’s generals have shown that security for anything but their own privileges is not a priority.
They have repeatedly refused calls to reform the country’s corrupt and tyrannical police force, despite the evidence that Egypt has become increasingly lawless since the uprising a year ago. Conspiracy theories abound that the chaos is deliberate, the best possible weapon for those who behind the scenes are hoping to spark a counter-revolution. If the country’s 85m people feel sufficiently under threat they may eventually come to long for the relative stability of the Mubarak era.

Nabucco Pipeline: Finita la Comedia? | EurasiaNet.org

Though the Nabucco pipeline project did have a promising libretto, some energy analysts believe it may never see its name in lights. On the lookout for lower-priced production values, some pipeline stakeholders increasingly seem inclined to replace the energy opera with an operetta.

In a January 31 column for Turkey's Hürriyet Daily News, Barcin Yinanç argued that the Trans-Anatolian Gas Pipeline Project (TANAP), to stretch from Azerbaijan to Bulgaria, is the new and "abridged" Nabucco.

“Abridged...indeed is the right term since while Nabucco was supposed to carry 31 billion cubic meters [of natural gas], the amount that will be carried to Europe [via TANAP] is limited to six billion cubic meters,” wrote Yinanç.