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Thursday, 24 January 2013

Qatar Exchange close - January 24, 2013

General Index
Intraday  3 month  
 Daily Statistics
 Date24/01/2013
 General Index8689.76
 Change (%)0.43%
 Change36.90
 T. Volume3031515
 T. Companies 42
   Advanced18
   Declined18
   Unchanged5
   UnTraded1
Qatar Exchange

Cairo Slum-Dwellers Despair of Mursi on Uprising Anniversary - Bloomberg

Maher Moustafa calls his decrepit neighborhood in Cairo the “street of tragedy.” When he’s in a bad mood, he just calls it “Egypt.”
Largely home-bound by diabetes, the 50-year-old ex-teacher spends his days watching neighbors in the Basateen district from a fourth-floor window. Some suffer from ailments like his. Most, he says, have slumped from euphoria after Hosni Mubarak’s ouster to despair under President Mohamed Mursi. “I wish things had even stayed the same, but they’ve got worse,” Moustafa said. “Mursi sold out this country for the votes of his party.”
Egypt will mark tomorrow’s second anniversary of the uprising the same way it began, with mass protests. This time Mursi will be the target, accused of sidelining judges and pushing through an Islamist constitution to consolidate the Muslim Brotherhood’s hold on power.
Cairo Slum-Dwellers Despair of Mursi on Uprising Anniversary - Bloomberg

World Bank approves $500 million loan for Tunisia | News , Middle East | THE DAILY STAR

The World Bank has approved a $500 million loan to Tunisia to support its 2013 budget and help its economy after the first Arab Spring uprising that toppled its former ruler, a minister said on Thursday.

Two years after the revolution that ousted President Zine al-Abidine Ben Ali, increasing numbers of Tunisians are staging street protests to demand jobs and economic development.

The new loan follows another of the same amount last November to support economic recovery by providing funds to improve the business and financial sectors and reform social services.
World Bank approves $500 million loan for Tunisia | News , Middle East | THE DAILY STAR

Grant Thornton offers guide through minefield of Indian equities | beyondbrics

In September, the Indian government announced a spurt of policy initiatives greeted by commentators as a return to the reformist zeal shown in the early days of prime minister Mohamed Singh’s eight years in power. This “big bang”, designed to re-ignite economic growth, was also expected to reawaken interest in Indian equities among foreign investors. But investor interest in some Indian companies actually plateaued after the package was announced, according to new research.

How should equity investors respond?


Source: Grant Thornton. Click to enlarge
Grant Thornton offers guide through minefield of Indian equities | beyondbrics

Video - Bahrain's Sovereign Wealth Fund on Transparency - WSJ.com


Australia to rival Saudi Arabia in oil reserves? — RT

An Australian company claims it has found an untapped shale oil field with estimated reserves that could potentially put the country next to remarkably oil-rich Saudi Arabia. Still, extracting the discovered treasure poses a huge technical challenge.
Brisbane-based company Linc Energy has presented two estimates by respected independent consultants claiming that drilling and seismic exploration they do in South Australia has brought the prize they have been dreaming of for years – a potentially huge untapped shale oil deposit.
DeGolyer and MacNaughton petroleum industry consulting firm evaluated potential shale oil reserves at Arckaringa Basin around the town of Coober Pedy at 103 billion barrels of oil equivalent (BOE), while Gustavson Associates consulting firm put it as high as 233 billion BOE. That is practically comparable to the proven 263 billion barrel reserves of oil heavyweight Saudi Arabia.
Australia to rival Saudi Arabia in oil reserves? — RT

Saudi fiscal surplus to soar 30 times in 2013 | A1SaudiArabia.com

Saudi Arabia’s budgeted fiscal surplus for 2013 could end the year nearly 30 times higher because of an expected surge in oil export earnings as a result of high prices, the National Commercial Bank (NCB) said in a study on the Saudi budget.
The Kingdom projected revenue at SR829 billion in 2013 and expenditure at a record high of SR820 billion, with a surplus of SR9 billion.
NCB said strong oil prices would allow Saudi Arabia to record another large current account surplus albeit slightly lower than in 2012 and 2011. It forecast the surplus at around $144 billion this year against $179 billion in 2012 and $158 billion in 2011.
Saudi fiscal surplus to soar 30 times in 2013 | A1SaudiArabia.com

Big investor support to Dubai growth model - Khaleej Times

The Dubai government said on Wednesday that its dual-tranche landmark transaction, which has raised $1.25 billion across a 10-year sukuk and a first-ever 30-year conventional issue, generated an aggregate order book that was 12 times oversubscribed “demonstrating tremendous investor appetite.”
Abdulrahman Al Saleh, Director General, Department of Finance, said the overwhelming response to the transaction shows that the investor community has strongly supported the growth model adopted by Dubai Government.
“We have come a long way since 2009 as a credit and investors who have been with us during the tough times are getting the benefit of the support given to us by them. The sukuk offering complements with the vision of His Highness Shaikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the Global Capital of Islamic finance while the 30-year bond completes the yield curve for Dubai and matches the long-term project requirements of the government,” Al Saleh said in a statement.
Big investor support to Dubai growth model - Khaleej Times

Davos 2013: Abraaj looks forward to an Arab Summer | beyondbrics

“Don’t be afraid of the Middle East.” That, in short, is the message of private equity investor Mustafa Abdel-Wadood at the World Economic Forum in Davos this week.

“Despite the headlines, there are a lot opportunities in the region,” Abdel-Wadood, whose Abraaj Group has $7.5bn EM assets under management, told beyondbrics. “It comes with challenges, and the perception may not always be positive, but our investments have done well.”

The Abraaj group itself doesn’t just talk the talk. In 2013, Abdel-Wadood said the Abraaj Group would continue to invest in emerging markets all over the world, with possible acquisitions in sub-Saharan Africa, the Andean region and Asia. But a region in which the former Young Global Leader is specifically eyeing investments is the troubled Middle Eastern and northern Africa.
Davos 2013: Abraaj looks forward to an Arab Summer | beyondbrics

Qatar's Rasgas plans 2-3 shutdowns this year-official | Reuters

Qatari liquefied natural gas (LNG) producer Rasgas plans two to three maintenance shutdowns in 2013, a company official from one of the world's biggest gas exporters said on Thursday.

"This is a planned, normal shutdown," Khaled al-Hemaidi, manufacturing manager for Rasgas told reporters on the sidelines of a conference in the Qatari capital, declining to specify dates for the shutdowns or which production facilities would be affected.

Rasgas, a joint venture between Qatar Petroleum and ExxonMobil, is one of two producers in Qatar which together can produce 77 million tonnes a year of gas chilled to liquid form for export by ship.

Gas producers typically carry out maintenance on their facilities during the summer for the northern hemisphere, where most of the world's gas is still consumed and where leading importers Japan, Korea and Britain use it for heating in winter.End

IMF trims Mena growth forecast - The National

The IMF dimmed its growth outlook for the Middle East and North Africa this year, one of several regions where it lowered its forecast in the face of tail risks to the global economy.

Output in the Mena region would reach 3.4 per cent, down 0.2 per cent from its previous forecast in October, the fund said in an update yesterday to its World Economic Outlook report. This follows growth of 5.2 per cent last year.

"In the Middle East and North Africa region, many countries will need to maintain macroeconomic stability under difficult internal and external conditions," said the IMF.
IMF trims Mena growth forecast - The National

Dubai's Nakheel dismisses debt concerns as profits top Dh2bn - The National

The Dubai property developer Nakheel yesterday dismissed concerns over its debt burden as it unveiled a Dh2.02 billion (US$549 million) profit for last year.

The company, which restructured debt and received financial assistance from the Dubai Government following the property crash four years ago, said profits were 57 per cent higher than the previous year.

Revenues stood at Dh7.8bn, up 91 per cent on the previous year. The developer disclosed its financial results the day after Exotix, a boutique investment bank with offices in Dubai, cut its rating on Nakheel’s sukuk bonds to “sell”. It warned in an advisory note that the bond was no longer pricing in the risk of a default.
Dubai's Nakheel dismisses debt concerns as profits top Dh2bn - The National

UAE financial association board resigns - FT.com

A boardroom dispute has left the Financial Services Association of the United Arab Emirates, a recently formed industry group, in disarray.
Arwa Hamdieh, co-founder of a body that lobbies on behalf of the UAE’s financial industries, said she disbanded the board two weeks ago, and made this “tough decision” because the board had failed to provide adequate service to members.
Some members of the board, however, said any attempt to disband them was not carried out properly. The entire board has resigned, having “lost trust and confidence” in Ms Hamdieh.
UAE financial association board resigns - FT.com

Could low-yield, long-term bonds and higher inflation be the final solution to Dubai’s debt mountain? « ArabianMoney

Having been almost bankrupted by a crippling short-term debt mountain just over four years ago Dubai is not only back in the bond market but borrowing at incredibly low interest rates despite still being unrated by the credit agencies.

This week the emirate successfully tapped bond markets at lower interest rates than those currently available to Italy. A $750 million sale of 10-year Islamic bonds sold at a yield of just 3.875 per cent while a $500 million issue of conventional 30-year bonds was also placed at low rates after institutional investors asked for longer dated paper.
Could low-yield, long-term bonds and higher inflation be the final solution to Dubai’s debt mountain? « ArabianMoney

PRAGMATIC CAPITALISMVIX: The Race to the Bottom - PRAGMATIC CAPITALISM

There is one truth in the market that every decent trader has to embrace: “You cannot fight the market.”  No matter how strong you feelings are, you must always be able admit you are wrong and to walk away in order pull the trigger at a later date.  It seemed that ~13 was a good barrier for the vix, but the market said otherwise as we crash towards all time lows (see figure1).

I do have a bias that volatility will be elevated in the longer horizon due to all of the debt on developed nations’ balance sheets.  Take the Japanese market as a possible indication with a 30 day realized volatility of about 22% between 1991 and 2001 (see figure 2).
PRAGMATIC CAPITALISMVIX: The Race to the Bottom - PRAGMATIC CAPITALISM

Dubai bourse may launch Sensex futures in march - The Economic Times

Indians living in the Gulf will soon be able to trade the BSE Sensex on the UAE's Dubai Gold & Commodities Exchange, which became the first exchange in 2007 to launch a successful dollar-rupee futures contract. DGCX is likely to launch Sensex futures by March this year after completing a technology upgrade, a top exchange official told ET. An agreement licensing the Sensex was signed between BSE and DGCX in the middle of last year.

"The DGCX proposes to launch Sensex futures on its platform within the first quarter of the current year," said Gaurang Desai, chief operating officer, DGCX. "The exchange is upgrading its technology infrastructure, by moving over to a trading, clearing and surveillance system provided by Swedish group Cinnober. The technology upgrade is expected to be completed by February-end after which DGCX will launch a range of new products, including the Sensex."
Dubai bourse may launch Sensex futures in march - The Economic Times

Qatar's QNB buys further 49.96 pct in Tunisian Qatari Bank | Reuters

Qatar National Bank QNBK.QA has acquired an additional 49.96 percent stake of Tunisian Qatari Bank, bringing its ownership stake to 99.96 percent pending regulatory approval, the lender said on Wednesday.

QNB is acquiring the stake from the Tunisian government, adding to the 50 percent it bought in 2008, a company statement said.

The Gulf state's largest lender, which has snapped up several banking stakes as part of a regional expansion strategy, said in December it was looking at a majority stake in a top 10 Turkish bank as a means to add value.End