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Saturday, 3 March 2012

Saudi Equity Movers: Abdullah Al-Khodari, Takween Advanced - Bloomberg

The Tadawul All Share Index (SASEIDX) rose for an 11th day, the longest winning streak since August 2005, gaining 0.9 percent to 7,336.21 at the 3:30 p.m. close in Riyadh.

Business : UAE stock market may consolidate this week

The UAE stock markets are expected to consolidate this week as investors look for fresh catalysts after making substantial gains in February.
The fund managers and financial analysts expect profit-taking or sideways consolidation at some points that may drag the market down. The Dubai Financial Market’s General Index climbed 4.72 per cent last week while the Abu Dhabi market advanced 3.33 per cent. The trading volumes also maintained the upward trend reflecting the investor interest in the local equities.

“We believe a period of consolidation in the UAE markets is almost inevitable, as investors look for fresh catalysts with earnings now out of the way,” Ibrahim Masood, Portfolio Manager, Mashreqbank, told Khaleej Times.

Ghost of 2008 rattles its chains in Dubai - The National

So far this year, the Dubai Financial Market (DFM) General Index has risen 25.6 per cent. The increase is welcome - the index finished last year about 500 points and 17.3 per cent lower than at the close of 2010.

Is the new rise of the Dubai bourse sustainable? Peter Gotke, the vice president and head of depositary receipts for the GCC at BNY Mellon, said that if risk appetite were higher today and hedge funds were part of the inflow, even gentle pressure could spur money to leave the emirate again tomorrow.

Qatar Petroleum considers corporate sukuk for 2012 /Euromoney magazine

Saudi Arabian Shares Rise in Longest Gain Since 2005 on Global Recovery - Bloomberg

Saudi Arabian shares rose for an 11th day, the longest winning streak since August 2005, after global stocks advanced as manufacturing and jobs data in China and the U.S. boosted the outlook for the world’s economy.
Al Rajhi Bank (RJHI), Saudi Arabia’s largest publicly traded lender by assets, reached its highest intraday price in more than two weeks, rising 1.3 percent to 80 riyals at 1:02 p.m. Etihad Etisalat Co. (EEC) known as Mobily, the kingdom’s second- largest phone company by market value, gained 2 percent to 64 riyals, its highest price in more than five years.
The Tadawul All Share Index (SASEIDX) rose 0.7 percent to 7,318.83 in Riyadh, its highest intraday level since Oct. 6, 2008. The 152- member index’s rally is the longest since a 14-day surge that ended on Aug. 8, 2005.

gulfnews : Iranian firms finding a way to beat tough economic sanctions

Dubai Iranian firm AHT exports millions of dollars worth of nuts and dried fruit each month but Western financial sanctions mean it gets little money in return. Instead it is paid with other goods, such as cardboard boxes and metal cans from China.
"Most of our business right now is like this. No money is involved in the process," Mohammad Ameen, managing director of the pistachio and raisin exporter, said at an international food industry show in Dubai last month.
"We import the goods, sell the goods to the local market, get the money from the local market, and then pay my staff and my farmers."

Saudi bourse bull run just started | A1SaudiArabia.com

Heavy flows of new money into Saudi Arabias stock market mean its bull run may just have begun, despite year-to-date gains by the main index of 13 percent, analysts say.
Daily trading turnover on the Saudi exchange in February ran at between two and three times levels seen late last year. It jumped to SR16.1 billion ($4.3 billion) Tuesday, the highest level since January 2008 – before the global financial crisis damaged confidence in equities around the world.
Some of the rise in stock prices is due to a return of the short-term speculation that characterized the market before the crisis, traders believe. Insurance is one sector which may have become overheated; it is up 29 percent so far this year and analysts estimate its average price/earnings ratio at about 20 times this years earnings, high compared to other sectors and by historical standards.

Oil falls below 125 as supply fears ease | A1SaudiArabia.com

Crude oil futures slipped below $125 a barrel Friday, after surging 5 percent to an 11-month high a day earlier, as fears of a supply disruption from Saudi Arabia eased, calming investors who now expect oil demand to fall in coming weeks.
Oil prices soared Thursday after an Iranian media report of a pipeline fire in top exporter Saudi Arabia, although prices later dipped back after CNBC cited a Saudi oil official saying the report was untrue.
Oil prices fell below $107 a barrel Friday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion. A stronger dollar and some profit-taking after the previous days rally were contributing factors.

Developer sets sights again on Dubai | A1SaudiArabia.com

Saudi Arabia-based developer Al Hokair Group is planning to resume construction on its stalled Al Sahara Kingdom hotel and entertainment project in Dubailand in 2013, its deputy CEO has said.
The Al Sahara Kingdom has been master-planned over a 50 million sq ft area in Dubailand, the delayed real estate development backed by Dubai Properties Group (DPG).
The project is set to include two four-star hotels – to be run by Al Hokair-owned MENA Hotels & Resorts, an indoor theme park, restaurants, residential areas and a retail souk.

Oman Tribune - ‘Invest in Oman’ seminar to be held

The Public Establishment for Industrial Estates (PEIE), in collaboration with the Sultanate’s Embassy in the Kingdom of Bahrain, will on Tuesday organise a symposium titled ‘Invest in the Sultanate of Oman’, at Ritz Carleton Hotel in Manama.

The symposium will focus on investment opportunities in economic, developmental and free zones. Sheikh Mohammed Bin Aisa Al Khalifa, Chairman of Economic Development Board in the Bahrain, will preside over the opening ceremony in the presence of the Sultanate’s Ambassador in Bahrain and Hilal Bin Hamad Al Hasani, CEO of PEIE and officials from the establishment and The Public Authority for Investment Promotion and Export Development (Paiped), A’Duqm Special Economic Zone and free zones in Salalah, Sohar, Al Mazyounah, Sohar industrial port and Hala Golden company (developing Al Mazyounah free zones).

The event will review investment opportunities in the Sultanate in economic, tourist and service sectors in the economic, developmental and free zones through working papers by PEIE, A’Duqm Special Economic Zone, Paiped and free zones in Salalah, Sohar, Al Mazyounah, Sohar industrial port and Hala Golden company.

gulfnews : UAE's first gold coin to go on sale by end of this month

The UAE's first gold coin, which was unveiled last year, will finally be available for distribution by the end of this month, the Dubai Multi-Commodities Authority (DMCC) told Gulf News.
Like the Canadian Maple Leaf, Australian Nugget or South African Kruggerand, the gold coin will be the symbol of pride and recognition of the UAE's achievements. It will bear the portrait of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on one side, and on the other the Burj Khalifa, the world's tallest tower.
The first of its kind in the Arab world, the coin was conceived to meet the demand by investors seeking access to gold, to protect their wealth against the ongoing global economic uncertainty.

gulfnews : Reading the rally in UAE markets

As the UAE markets maintain their upward momentum, many investors might be wondering whether the rally has legs and, more importantly, whether it's a good idea to invest right now considering that some stocks have already gained close to 30 per cent, not to mention a couple which have crossed 100 per cent.
Certain indicators indeed suggest a turnaround, which some observers are even terming a ‘bull run'. In a matter of six weeks the value traded on the Dubai Financial Market (DFM) has seen an incredible jump from Dh25 million a day to the current Dh700 million. The DFM index is up 24.3 per cent this year, the highest in the region, with Abu Dhabi gaining a modest 9.2 per cent.
The shift in global sentiment — which comes against a backdrop of positive data in the US and the avoidance of a Greek default in Europe — has undoubtedly improved sentiment regionally.

gulfnews : Medium-term opportunities in Dubai and Abu Dhabi

While it depends on an individual's return objective, risk tolerance and investment horizon, most analysts agree that for the medium term — looking at two to three years — the UAE offers good opportunities.
"The time is ripe for equity allocations, especially before inflation heats up again in the medium term," says Talal Touqan, head of equity research at Al Ramz Securities.
"Looking forward, the market is trading at a leading price earnings (P/E) ratio of below eight times, with more than 20 companies generating cash dividend yields of above five per cent. The UAE is still rich in valuable stocks that trade at below 100 per cent of their book value."

Gulf Daily News » Business News » Abu Dhabi firm in $850 million loan accord

Abu Dhabi's International Petroleum Investment Company (IPIC) has signed an $850 million, three-year syndicated loan with mandated lead arrangers Barcap, BNP Paribas, Bank of America Merrill Lynch, DBS and Standard Chartered, bankers said.

The refinancing carries all-in pricing of approximately 100 basis points (bps), which deterred some lenders from supporting the deal. However, the sovereign fund's high profile and strong relationships with international lenders meant it was able to attract the support it needed.

The dual-currency option also helped lenders facing rising dollar costs, with the final split at $170m and 505m euros ($667m), the bankers said.

Bahrain's Alba fights to continue US bribery case - Sport - ArabianBusiness.com

Bahrain’s state-owned aluminum producer has asked a court to let it proceed with racketeering claims that it overpaid for raw materials because of bribes directed by Alcoa Inc, the largest US aluminum producer.
Aluminium Bahrain, known as Alba, claims that New York-based Alcoa bribed senior officials in Bahrain and caused Alba to pay almost $500m more than it should have for alumina, the principal raw material in aluminum.
Alcoa has asked a judge to dismiss the case, arguing that the alleged conduct took place outside the US and shouldn’t be litigated in federal court.