| Exchange | Status | Index | Change | ||||||||||
 | TASI (Saudi Stock Market) | 6061.53 | -0.48% | ||||||||||
 | DFM (Dubai Financial Market) | 1485.02 | 0.42% | ||||||||||
| ADX (Abudhabi Securities Exchange) | 2604.85 | 0.07% | ||||||||||
 | KSE (Kuwait Stock Exchange) | 5860.9 | 0.14% | ||||||||||
 | BSE (Bahrain Stock Exchange) |
| 1261.04 | 0.00% | |||||||||
 | MSM (Muscat Securities Market) | 5731.63 | -1.06% | ||||||||||
 | QE (Qatar Exchange) | 8342.19 | 0.42% | ||||||||||
 | LSE (Beirut Stock Exchange) | 1273.14 | -0.03% | ||||||||||
 | EGX 30 (Egypt Exchange) | 4728.55 | 0.28% | ||||||||||
 | ASE (Amman Stock Exchange) | 2046.17 | -0.02% | ||||||||||
 | TUNINDEX (Tunisia Stock Exchange) | 4513.03 | -0.91% | ||||||||||
 | CB (Casablanca Stock Exchange) | 11718.9 | 0.19% | ||||||||||
 | PSE (Palestine Securities Exchange) | 489.17 | -0.17% | ||||||||||
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Tuesday, 6 September 2011
MENA stock markets close - September 6, 2011
Emirates NBD helped Dubai's end higher - Stocks - ArabianBusiness.com
Emirates NBD helped Dubai's index end higher for a first session in three, but gains were minor and UAE markets are seen remaining in the doldrums in the absence of local catalysts to shift investors' focus away from the turmoil on global bourses.
Dubai's top bank by value climbed 1.4 percent, while rival Dubai Islamic Bank added 0.5 percent and budget carrier Air Arabia gained 1.1 percent.
The index rose 0.4 percent to 1,485 points as volumes slumped to a week-low.
Dubai's top bank by value climbed 1.4 percent, while rival Dubai Islamic Bank added 0.5 percent and budget carrier Air Arabia gained 1.1 percent.
The index rose 0.4 percent to 1,485 points as volumes slumped to a week-low.
* username: rupertbu
Oman’s Shares Pace Mideast Declines on Europe Debt Risk, Growth - Bloomberg
Oman’s shares snapped their longest winning stretch since July, pacing declines in the Persian Gulf, as concern European leaders may fail to contain the region’s debt crisis hurt the outlook for the global economy.
Bank Muscat SAOG, the nation’s biggest bank by assets, dropped 2.1 percent. Renaissance Services SAOG (RNSS), a service provider to the oil and gas industry, fell the most since Aug. 17. The MSM30 Index (MSM30) dropped 1 percent, the most since Aug. 16, to 5,735.55 at 12:31 p.m. in Muscat. The measure snapped a six- day gain, the longest since a seven-day advance that ended July 10. The Bloomberg GCC 200 Index (BGCC200), which tracks the biggest 200 companies in the Gulf, slipped 0.2 percent.
“Markets today are trading with a negative bias due to negative international lead,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “Europe’s debt fear is still weighing on sentiment with Finland’s prime minister demanding collateral against lending Greece and Merkel Party’s loss in state elections.”
Bank Muscat SAOG, the nation’s biggest bank by assets, dropped 2.1 percent. Renaissance Services SAOG (RNSS), a service provider to the oil and gas industry, fell the most since Aug. 17. The MSM30 Index (MSM30) dropped 1 percent, the most since Aug. 16, to 5,735.55 at 12:31 p.m. in Muscat. The measure snapped a six- day gain, the longest since a seven-day advance that ended July 10. The Bloomberg GCC 200 Index (BGCC200), which tracks the biggest 200 companies in the Gulf, slipped 0.2 percent.
“Markets today are trading with a negative bias due to negative international lead,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “Europe’s debt fear is still weighing on sentiment with Finland’s prime minister demanding collateral against lending Greece and Merkel Party’s loss in state elections.”
* username: rupertbu
Brent rises towards $111 on US stimulus hopes | Reuters
Brent crude rose towards $111 a barrel on Tuesday, rebounding from sharp falls a day earlier, as expectations for further economic stimulus in the U.S. boosted sentiment.
Front-month Brent rose 58 cents to $110.66 a barrel by 0342 GMT, after rising over a dollar earlier. Brent plunged over $2 a barrel on Monday on weak economic data from the U.S. and China.
U.S. crude was trading at $83.95 a barrel, down $2.50 from Friday's close, as there was no settlement on Monday due to a holiday in the U.S. However, it was up 34 cents from late Monday.
Front-month Brent rose 58 cents to $110.66 a barrel by 0342 GMT, after rising over a dollar earlier. Brent plunged over $2 a barrel on Monday on weak economic data from the U.S. and China.
U.S. crude was trading at $83.95 a barrel, down $2.50 from Friday's close, as there was no settlement on Monday due to a holiday in the U.S. However, it was up 34 cents from late Monday.
* username: rupertbu
gulfnews : Regional mall rent drop reported
Did retail rentals in the Middle East buck the global trend and actually go through another round of decline in the first six months of the year? The answer varies depending on who the question is put to.
According to a new Cushman & Wakefield report which tracks the global trends in the retail space over the first-half of the year, mall and shopping centre lease rates in the Middle East "failed to match the positive trend seen elsewhere". In fact, the overall growth stagnated at the levels seen in 2009 and 2010.
"In contrast to the rebound observed in other regions, prime rents either fell or remained stable in most cases," the report added.
According to a new Cushman & Wakefield report which tracks the global trends in the retail space over the first-half of the year, mall and shopping centre lease rates in the Middle East "failed to match the positive trend seen elsewhere". In fact, the overall growth stagnated at the levels seen in 2009 and 2010.
"In contrast to the rebound observed in other regions, prime rents either fell or remained stable in most cases," the report added.
* username: rupertbu
Familiar failings as Algeria's old guard trails rival nations - The National
The two great gas powers of the Arab world are Qatar and Algeria. Yet at the Gas Exporting Countries Forum last year, and in this year's Libyan revolution, Qatar has dealt its rival two resounding defeats. These embarrassing outcomes have shown the ruling military junta in Algeria to be incompetent, not just in its management of the oil sector and the economy, but also in foreign policy.
Colonel Muammar Qaddafi's wife, Safiya, daughter Aisha and sons Hannibal and Mohammed, gained refuge in Algeria, although reportedly Col Qaddafi himself was refused entry.
This continues Algeria's incoherent stance on Libya, in which professed neutrality and hopes for a multilateral solution have alternated with moral and, it seems, material aid to the Qaddafi regime.
Colonel Muammar Qaddafi's wife, Safiya, daughter Aisha and sons Hannibal and Mohammed, gained refuge in Algeria, although reportedly Col Qaddafi himself was refused entry.
This continues Algeria's incoherent stance on Libya, in which professed neutrality and hopes for a multilateral solution have alternated with moral and, it seems, material aid to the Qaddafi regime.
* username: rupertbu
Risky oil supply deal pays off for Vitol - FT.com
It started with a phone call from Qatar. “Are you interested in selling a cargo of crude from the Libyan rebels and, in exchange, supplying them with fuel?” a Doha-based official asked.
Vitol, the world’s largest oil trader, said yes.
Over the following five months what started as a one-off deal to swap crude for gasoline and diesel rapidly evolved into a $1bn business that fuelled the ragtag Benghazi-based rebel army’s progress towards Tripoli, the capital.
Vitol, the world’s largest oil trader, said yes.
Over the following five months what started as a one-off deal to swap crude for gasoline and diesel rapidly evolved into a $1bn business that fuelled the ragtag Benghazi-based rebel army’s progress towards Tripoli, the capital.
* username: rupertbu
Kuwait faces a tax dilemma » Kuwait Times Website
"Oftentimes expatriates are hired because they add to the competitiveness of an organization. Scaring them off with tax would only reap negative consequences, especially for the private sector," according to Mohammad, a human resources manager at a major company in Kuwait.
The possible introduction of income tax in Kuwait has sparked controversy amongst expatriates and Kuwaitis alike. Many expatriates flock to the Gulf for work because the combination of a tax-free, higher range salary offers greater financial stability than they would otherwise have in their home countries.
However, a recent Kuwait Times poll showed that 43 percent of expatriates would leave Kuwait should income tax be introduced. There is an extremely large expatriate community in Kuwait, made up of individuals working in various fields. The first, and largest, sector is made up by domestic staff, construction personnel and other unskilled workers. Given the extremely low wage bracket that they're in, it's safe to assume that they won't be reaching the reported KD 30,000 minimum income required to qualify for tax payment.
The possible introduction of income tax in Kuwait has sparked controversy amongst expatriates and Kuwaitis alike. Many expatriates flock to the Gulf for work because the combination of a tax-free, higher range salary offers greater financial stability than they would otherwise have in their home countries.
However, a recent Kuwait Times poll showed that 43 percent of expatriates would leave Kuwait should income tax be introduced. There is an extremely large expatriate community in Kuwait, made up of individuals working in various fields. The first, and largest, sector is made up by domestic staff, construction personnel and other unskilled workers. Given the extremely low wage bracket that they're in, it's safe to assume that they won't be reaching the reported KD 30,000 minimum income required to qualify for tax payment.
* username: rupertbu
Business : UAE may see 3.3% real GDP growth
The UAE is expected to achieve a 3.3 per cent real GDP growth in 2011 as the country continues to improve its economy during the year on increased trade, tourism, consumer confidence and rising oil prices, according to a new study and recent forecasts.
“We have left our 2011 real GDP growth forecast of 3.3 per cent unchanged for now, and reiterate our belief that the UAE is among one of the only countries that has seen its growth outlook improve since the start of 2011,” Business Monitor International (BMI) said in its latest forecast.
This is also confirmed by reports out of the UAE showing hotel occupancy rates improving and consumer confidence hitting all-time highs at the start of the second quarter, underpinning BMI view that it is not simply the domestic hydrocarbon sector that is benefitting from the regional crisis, it added.
“We have left our 2011 real GDP growth forecast of 3.3 per cent unchanged for now, and reiterate our belief that the UAE is among one of the only countries that has seen its growth outlook improve since the start of 2011,” Business Monitor International (BMI) said in its latest forecast.
This is also confirmed by reports out of the UAE showing hotel occupancy rates improving and consumer confidence hitting all-time highs at the start of the second quarter, underpinning BMI view that it is not simply the domestic hydrocarbon sector that is benefitting from the regional crisis, it added.
* username: rupertbu
Leeway on debt for Kuwaiti firm - The National
Global Investment House has won creditors' approval to begin debt rescheduling negotiations in the next six months if needed.
Lenders "approved an amendment to the facilities agreement to waive until 31 March 2012 a condition that might have restricted any negotiations for the rescheduling or restructuring of the group's indebtedness", the Kuwaiti company said.
The bank's US$1.71bn (Dh6.29bn) loan facility, due for repayment next year, had already been restructured in December 2009 after the global financial downturn, though analysts said many in the market had expected another change to the terms of the deal for some time.
Lenders "approved an amendment to the facilities agreement to waive until 31 March 2012 a condition that might have restricted any negotiations for the rescheduling or restructuring of the group's indebtedness", the Kuwaiti company said.
The bank's US$1.71bn (Dh6.29bn) loan facility, due for repayment next year, had already been restructured in December 2009 after the global financial downturn, though analysts said many in the market had expected another change to the terms of the deal for some time.
* username: rupertbu