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Thursday, 17 May 2012

MENA stock markets close - May 17, 2012

 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)

Libya approves Islamic banking law: official | Reuters

Libya has approved an Islamic banking law that will introduce sharia-compliant banking in the North African country, a member of the ruling National Transitional Council (NTC) said on Thursday.

Libya has been working to amend its banking laws to attract foreign investment and stimulate its private sector following last year's war that ousted Muammar Gaddafi, the central bank governor has said.

NTC Chairman Mustafa Abdul Jalil said in October Libya's new rulers were working on an Islamic banking system. The central bank submitted a proposal on this to the council for approval in the last few months.

Analysis: Saudi Gulf union plan stumbles as wary leaders seek detail | Reuters

Saudi Arabia's thrust for a Gulf Union, driven by fear of Arab Spring contagion and spreading Iranian influence, has stumbled on misgivings among smaller neighbors about a loss of sovereignty and increasing domination by Riyadh.

Gulf diplomats, officials and analysts expressed surprise that Saudi Arabia had opened itself up to such a public setback.

The union proposal, initially designed to contain Shi'ite Muslim dissent in Bahrain and counter the growing sway of Shi'ite Iran, surprised Gulf Arab leaders when King Abdullah first unveiled it at a summit in December. Rather than fade away, it acquired momentum when a Saudi minister outlined plans for shared foreign and defense policy last month.

Farewell to ‘greater’ Nabucco as TANAP emerges to replace it

Everything began with much enthusiasm when Nabucco –- a natural gas transfer project designed to carry Caspian gas to European markets, bypassing the Russian route –- was introduced in 2002. But the curtain is now likely to fall over the big dreams as the past 10 years have wiped out much of Nabucco's vigor.

MIDEAST DEBT-Dana, creditors gear up to thrash out sukuk deal - Yahoo! News UK

Dana Gas could become the first company in the United Arab Emirates to restructure a bond as concerns rise that it will not have enough cash to repay a $1 billion convertible sukuk, or Islamic bond, at maturity in October.
The Abu Dhabi-listed firm said this week it had hired advisers to help it weigh options for repayment of $920 million still outstanding on the out-of-the-money convertible and was committed to finding a consensual solution.
Dana's shares have been battered by concerns over how it will find funds to repay the bond, and limited communication from the company on the matter. The stock has dropped 40 percent in the past year, to 0.39 dirhams at Wednesday's close - just one-fifth of the bond's conversion price of 1.926 dirhams.

MIDEAST STOCKS-Dubai up from low; Egypt extends drop ahead of vote - Yahoo! News UK

Dubai's index made its largest gain in three weeks on Thursday, rebounding from Wednesday's 15-week low as early-morning gains in Asia drew in local bargain hunters, while Egypt extended losses ahead of next week's presidential election.
Other Middle East markets ended mixed, with Abu Dhabi and Oman eking out minor gains while Kuwait and
Qatar again fell.
Dubai's index climbed 0.7 percent, its biggest rise since April 24, as volumes slumped to a four-month low. The benchmark has fallen 15.9 percent since a 16-month high on March 5, to be up 9 percent this year.

FACTBOX-Oil storage outside the Strait of Hormuz - Yahoo! News UK

Oil storage capacity outside the Strait of Hormuz has become crucial for oil majors which regularly ship barrels to Asia, especially after Iranian threats to block the world's largest oil and gas shipping route.
Asia's strong crude and oil products demand has prompted oil producers and trading houses such as Litasco, Noble Group and Azeri SOCAR to secure oil storage rights in the Gulf region.
Among the ports outside the Strait of Hormuz, Fujairah, on the east coast of OPEC member United Arab Emirates has become a major bunkering hub for ship refuelling.
A new pipeline which can bring Abu Dhabi's crude to Fujairah bypassing the Strait, and a new refinery planned in Fujairah, will give the hub further importance.

STOCKS NEWS MIDEAST-Emaar leads Dubai up; sustained rebound unlikely - Yahoo! News UK

Dubai's Emaar Properties rises to help the emirate's index rally from the previous day's 15-week low, but a sustained market rebound is unlikely as trading volumes slump ahead of the summer.
Bellwether Emaar climbs 1 percent, while Tabreed and Dubai Financial Market add 3.4 and 2.5 percent
respectively. The latter pair account for more than half of all shares traded.
Dubai's index climbs 0.4 percent to 1,472 points, extending its year-to-date gains to 8.8 percent.