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Saturday, 19 January 2013

SASEIDX Quote - Tadawul All Share TASI Index - Bloomberg


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Snapshot for Tadawul All Share TASI Index (SASEIDX)

Open:7,036.33Day Range:7,016.14 - 7,054.96Year To Date:+3.66%
Previous Close:7,036.3352-Week Range:6,315.27 - 7,944.361-Year:+10.68%

Index Chart for SASEIDX

  • SASEIDX:IND 7,050.58
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1/194am5am6am7am ET7,000.007,020.007,040.00
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UPDATE 1-Egypt's foreign reserves rise after Qatar deposit | Reuters

Egypt's foreign reserves have risen to $15.5 billion, helped by a deposit by Qatar to support the economy, its finance minister said, although they are still close to critical levels after being run down to defend Egypt's currency.

The central bank put reserves at $15.015 billion at the end of December. It has implemented a new regime for buying and selling foreign currency and currency controls to try to stem a fall in reserves, which have tumbled from $36 billion before the uprising that toppled Hosni Mubarak in early 2011.

Finance Minister Al-Mursi Al-Sayed Hegazy told reporters about the new reserve figure on Saturday without giving further details about the deposit by Qatar, a generous donor to Egypt.
UPDATE 1-Egypt's foreign reserves rise after Qatar deposit | Reuters

Qatar to Invest in Suez Canal - Al-Monitor: the Pulse of the Middle East

Qatar's Finance Minister Yousef Kamal attends the opening session of the Gulf Cooperation Council
(GCC) meeting in Abu Dhabi May 7, 2011. (photo by REUTERS/Rabih El Moghrabi)

Qatar disappeared from the political scene in Egypt for a few hours only to reappear, this time with its best face on: the economic one.
Qatari Finance Minister Yousef Hussain Kamal was received as a guest in Cairo in a previously announced visit. He met with his Egyptian counterpart, Mursi Hijazi, who took office a few days ago. He also met with Prime Minister Hisham Kandil, and held a short press conference in which he announced Qatar’s intention to purchase Egyptian bonds and bills worth $2.5 billion.
Egypt has not yet officially offered these bonds,  nor has it revealed their value.
Qatar to Invest in Suez Canal - Al-Monitor: the Pulse of the Middle East

Sabic Fourth-Quarter Net Increases 11%, Missing Estimates - Bloomberg

Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker by market value, said fourth-quarter profit rose 11 percent as sales grew and it raised prices on some products.
Net income advanced to 5.83 billion riyals ($1.55 billion) from 5.24 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement to the Saudi stock market today. That was less than the 6.4 billion-riyal average estimate of nine analysts compiled by Bloomberg News.
The gain in profit “was mainly because of higher prices in the fourth quarter,” Ahmed Shams El Din, Cairo-based director of equity research at EFG-Hermes Holding SAE, said in an e-mail. EFG-Hermes had forecast profit of 6.4 billion riyals.
Sabic Fourth-Quarter Net Increases 11%, Missing Estimates - Bloomberg

Saudi Shares Rise as Mobily Posts Profit That Beats Estimates - Bloomberg

Saudi Arabian shares rose for a second trading day, led by Etihad Etisalat Co. (EEC) after the telecommunications company reported fourth-quarter profit that beat analysts’ estimates.
The company, known as Mobily, gained 1.4 percent to 72 riyals. Alinma Bank increased 2.2 percent to 13.8 riyals and Almarai Co. (ALMARAI), the biggest food producer in the Persian Gulf, climbed 1.9 percent to 66.25 riyals. The Tadawul All Share Index was up 0.2 percent to 7050.38 at the 3:30 p.m. close in Riyadh. The Arab world’s biggest stock exchange has gained 3.7 percent this year.
“The outstanding results of Mobily’s fourth-quarter earnings played a major role in driving the index to reverse the trend from red to green,” said Mohammed Al-Omran, a financial analyst and president of the Gulf Center for Financial Consultancy in Riyadh.
Etihad Etisalat today reported an 11 percent increase in profit because of higher revenue from subscriber roaming charges and data services.
Saudi Arabia’s stock exchange is the only Persian gulf bourse operating Saturdays.End

KUNA : Kuwait''s 8-month budget surplus jumps to KD14.7bln - report - Economics - 19/01/2013

KUNA : Kuwait''s 8-month budget surplus jumps to KD14.7bln - report - Economics - 19/01/2013

IMF sees Qatar economic growth at 5.2% in 2013 - Politics & Economics - ArabianBusiness.com

Economic growth in Qatar remains strong but will slow to 5.2 percent this year from 6.6 percent last year, the International Monetary Fund has said in a new report.
The IMF's executive board said the Gulf state would see  "robust nonhydrocarbon growth" with inflation rising only gradually over the medium term.
It added that the main downside risks are lower hydrocarbon prices, tightening of external financing conditions, and potential disruption in transportation of LNG due to increased geopolitical tensions.
IMF sees Qatar economic growth at 5.2% in 2013 - Politics & Economics - ArabianBusiness.com

Times of Oman | Meethaq to start Islamic banking operations tomorrow

Meethaq, the pioneer of Islamic banking in Oman, from Bank Muscat, is all set to redefine Islamic banking with the launch of full-fledged operations at its dedicated branch in Al Ghubra.

Sheikh AbdulMalik bin Abdullah Al Khalili, Minister of Justice, will be the guest of honour at the grand ceremony tomorrow, coinciding with the auspicious occasion of the Prophet's birth anniversary.

Bank Muscat is the first commercial bank in Oman to receive Central Bank of Oman (CBO) approval and begin operations through independent Islamic banking window as per the requirements of Islamic banking regulatory framework of CBO. Ever since the announcement of the final CBO approval to begin soft operations, customers have been pouring into Meethaq branch to open accounts and avail various services.
Times of Oman | Meethaq to start Islamic banking operations tomorrow

Oman Tribune - Commercial banks’ assets rise 15.3% to 20.68b rials in Nov.

Total assets of commercial banks in the Sultanate rose 15.3 per cent to 20.68 billion rials during the period ended November 2012, compared to 17.93 billion rials in the same period in the previous year on the back of strong GDP growth and supportive monetary and fiscal policies.

Total credit expanded 16 per cent to 14.33 billion rials at the end of November 2012 from 12.35 billion rials a year ago.

While credit to the government declined 8.2 per cent at the end of November 2012, credit to public enterprises and private sector increased 15.6 per cent and 17.1 per cent, respectively.
Oman Tribune - Commercial banks’ assets rise 15.3% to 20.68b rials in Nov

Middle Eastern sovereign funds seek new assets - The National

Middle Eastern sovereign wealth funds are likely to set their sights beyond their traditional investments of trophy assets in London over the next two years as spending climbs back towards boom levels.

Economists at CBRE said yesterday that investment flows from the Middle East into European property totalled about Dh20.2bn (US$5.5bn) last year - about 90 per cent of all Middle Eastern investment into property outside of the region.

The researchers said this figure was more than 50 per cent up on the previous year but still well down on the Dh25.7bn invested during the property boom of 2007.
Middle Eastern sovereign funds seek new assets - The National

Creditors mull Amlak debt proposal | GulfNews.com

Amlak, an Islamic mortgage provider, will be subject for debt restructuring very soon, Minister of Economy, Sultan Saeed Al Mansouri, told media on Thursday.
“A full-scale restructuring of Amlak debt could be imminent following the settlement with creditors,” he said.
“A committee is trying to reach an agreement with creditor and restructuring process will start immediately after getting the final consensus,” Al Mansouri added.
Creditors mull Amlak debt proposal | GulfNews.com

Oil prices slip below $111 a barrel but retain bulk of previous session’s gains | GulfNews.com

Oil prices slipped below $111 (Dh407) a barrel on Friday but retained the bulk of the previous session’s gains, supported by stronger economic growth in China and ongoing supply concerns after UN talks with Iran failed and Algeria’s hostage crisis continued.
Brent crude briefly edged higher after the UN said that nuclear inspectors had failed to reach a deal with Iran to unblock an investigation into suspected bomb research on Friday after two days of intensive discussions.
The absence of a breakthrough was a new setback for diplomatic efforts to allay international concerns over Tehran’s atomic ambitions and avert the threat of a new Middle East war.
Oil prices slip below $111 a barrel but retain bulk of previous session’s gains | GulfNews.com

Gates joins US investors’ $1bn Egypt push - FT.com

Bill Gates and other US investors have pledged $1bn for a stake in Egypt’s largest listed company in one of the biggest currency inflows into the country since the 2011 uprising.
Orascom Construction Industries said on Friday it had launched an exchange offer on all its outstanding global depositary receipts under a share exchange backed by US investors including Cascade Investment, which is owned by the Microsoft co-founder.
Holders of the GDRs will be offered shares in a subsidiary, OCI NV, which will start trading next Friday on the NYSE Euronext in Amsterdam. Southeastern Asset Management and Davis Selected Advisers were also named by the company as backers of the exchange offer.
Gates joins US investors’ $1bn Egypt push - FT.com