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Sunday 1 January 2012
Saudi Stock Market close - January 1, 2012
Saudi Arabian Shares Retreat for a Second Day, Led by Banque Saudi Fransi - Bloomberg
Shares in Saudi Arabia, the world’s biggest oil exporter, declined for a second day before the start of the earnings season later this month.
The country’s benchmark stock index, the Tadawul All Share Index (SASEIDX), lost 0.1 percent to 6,408.89 at 1:15 p.m. in Riyadh. The measure declined 3.1 percent in 2011, it’s first drop since 2008. Banque Saudi Fransi, a lender part-owned by Credit Agricole SA, retreated 0.7 percent, while Saudi Kayan Petrochemical Co. (KAYAN) gained 0.3 percent.
“The Tadawul is expected to trade in a tight range over the next two days with no clear lead locally,” said Samer Darwiche, an equity analyst at Gulfmena Investment in Dubai. “Investors are waiting for fourth-quarter announcements” and there is a lack of global catalysts as international markets are closed for the New Year’s holiday.
The country’s benchmark stock index, the Tadawul All Share Index (SASEIDX), lost 0.1 percent to 6,408.89 at 1:15 p.m. in Riyadh. The measure declined 3.1 percent in 2011, it’s first drop since 2008. Banque Saudi Fransi, a lender part-owned by Credit Agricole SA, retreated 0.7 percent, while Saudi Kayan Petrochemical Co. (KAYAN) gained 0.3 percent.
“The Tadawul is expected to trade in a tight range over the next two days with no clear lead locally,” said Samer Darwiche, an equity analyst at Gulfmena Investment in Dubai. “Investors are waiting for fourth-quarter announcements” and there is a lack of global catalysts as international markets are closed for the New Year’s holiday.
* username: rupertbu
Gulf Times – Doha Bank to stay focused on ‘Qatar and the region’
Doha Bank stays focused on Qatar, which is stable and functional, and also in the region where growth opportunities exist, says Group CEO R Seetharaman.
“Everything is happening here…in the region. When the global market is in turmoil, we don’t need to go and experiment locations,” Seetharaman said in an interview with Gulf Times.
In Qatar, Doha Bank would continue to grow, he said.
“Everything is happening here…in the region. When the global market is in turmoil, we don’t need to go and experiment locations,” Seetharaman said in an interview with Gulf Times.
In Qatar, Doha Bank would continue to grow, he said.
* username: rupertbu
Oman Islamic banking model
Taking advantage of its late initiation into Islamic banking, Oman will offer a unique model for the sector, which will be a combination of different models available across the world, according to Central Bank of Oman (CBO). H E Hamood Sangour al Zadjali, executive president of CBO, talking on the sidelines of the Oman Islamic Economic Forum, said that Oman’s Islamic banking model will be a combination of the best available models across the world rather than a copy of any single one.
“Considering the local environment we expect to create an exemplary and unique Islamic banking model. We would include suitable elements from all the different models available. We have hired consultants and they are working on it.”
The two-day forum kicked off under the auspices of H H Sayyid Shihab bin Tariq al Said in the presence of Tun Abdullah bin Haji Ahmad Badawi, former prime minister of Malaysia.
H E Zadjali said that CBO is preparing the necessary rules and regulations for Islamic banking which are expected to be ready by the end of the first quarter of 2012.
“Considering the local environment we expect to create an exemplary and unique Islamic banking model. We would include suitable elements from all the different models available. We have hired consultants and they are working on it.”
The two-day forum kicked off under the auspices of H H Sayyid Shihab bin Tariq al Said in the presence of Tun Abdullah bin Haji Ahmad Badawi, former prime minister of Malaysia.
H E Zadjali said that CBO is preparing the necessary rules and regulations for Islamic banking which are expected to be ready by the end of the first quarter of 2012.
* username: rupertbu
As 2012 dawns, the UAE is on a path to discovery - The National
The UAE has set itself on a clear course of economic diversification, shifting away from a heavy reliance on fossil fuel production to an economy based on knowledge-intensive manufacturing and services; aspiring to achieve the oft cited goal of creating a "knowledge-based economy".
As a university professor, I spend much of my time worrying about the development of my students and not entire economies, but in the case of a knowledge-based transition, there may be a fitting analogy; especially with that particular breed of student intent on discovering new knowledge - the graduate student.
When a new student enters university, fresh with enthusiasm to solve the world's problems, they often pass through four common stages of intellectual development: absorption, reproduction, adaptation and, eventually, discovery.
As a university professor, I spend much of my time worrying about the development of my students and not entire economies, but in the case of a knowledge-based transition, there may be a fitting analogy; especially with that particular breed of student intent on discovering new knowledge - the graduate student.
When a new student enters university, fresh with enthusiasm to solve the world's problems, they often pass through four common stages of intellectual development: absorption, reproduction, adaptation and, eventually, discovery.
* username: rupertbu