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Saturday, 10 March 2012
Saudi Stock Market close - March 10, 2012
Saudi Arabian Equities Jump Most in Five Weeks; Sabic, Rajhi Shares Gain - Bloomberg
Saudi Arabian shares jumped the most in five weeks amid high volumes as climbing oil prices boosted confidence in the Arab world’s largest economy.
The Tadawul All Share Index (SASEIDX) rose 1.5 percent, its biggest intraday jump in five weeks, to 7,481.56 at 2:01 p.m. in Riyadh with 413 million shares traded. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, advanced to its strongest level in more than seven months. All 15 industry groups in the Tadawul gained. The 152-member index rallied 1.4 percent last week, capping a 7-week winning streak, the longest since January last year.
U.S. stocks rose yesterday, capping the fourth straight weekly rally for the Standard & Poor’s 500 Index, and oil climbed for a third day, after a government report showing stronger-than-forecast payroll growth bolstered optimism in the world’s largest economy. Crude also advanced as Greece pushed through the biggest sovereign restructuring in history. Saudi Arabia relied on oil exports for 93 percent of revenue in 2011.
The Tadawul All Share Index (SASEIDX) rose 1.5 percent, its biggest intraday jump in five weeks, to 7,481.56 at 2:01 p.m. in Riyadh with 413 million shares traded. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, advanced to its strongest level in more than seven months. All 15 industry groups in the Tadawul gained. The 152-member index rallied 1.4 percent last week, capping a 7-week winning streak, the longest since January last year.
U.S. stocks rose yesterday, capping the fourth straight weekly rally for the Standard & Poor’s 500 Index, and oil climbed for a third day, after a government report showing stronger-than-forecast payroll growth bolstered optimism in the world’s largest economy. Crude also advanced as Greece pushed through the biggest sovereign restructuring in history. Saudi Arabia relied on oil exports for 93 percent of revenue in 2011.
Al Ramz Securities tops Dubai trading in February 2012 - Zawya
Al Ramz Securities, one of the UAE's leading brokerage houses, has announced that it topped trading in the Dubai Financial Market (DFM) at AED 1.36 billion in February of 2012. This marks the second consecutive month this year that Al Ramz has ranked first in DFM trading. The firm finished a strong third in the Abu Dhabi Securities Exchange (ADX), logging AED 637.7 million in total trade for the month.
All in all, Al Ramz traded a combined AED 1.99 billion at the ADX and DFM to account for 8.58 per cent of the AED 23.3 billion traded in both markets and finish with the second highest activity for the period.
For the past two years, Al Ramz has been able to successfully enhance its manpower, qualifications, processes and customer base despite the global market downturn. The solid performance reflects the firm's preparedness to capitalize on market improvements and its ability to sustain its strategic position in the UAE's resilient securities sector.
All in all, Al Ramz traded a combined AED 1.99 billion at the ADX and DFM to account for 8.58 per cent of the AED 23.3 billion traded in both markets and finish with the second highest activity for the period.
For the past two years, Al Ramz has been able to successfully enhance its manpower, qualifications, processes and customer base despite the global market downturn. The solid performance reflects the firm's preparedness to capitalize on market improvements and its ability to sustain its strategic position in the UAE's resilient securities sector.
OPEC February output jumped | A1SaudiArabia.com
OPECs crude production rose last month to the highest level in more than three years as Libya, Iraq and Angola increased supplies.
Output from the 12 members of the Organization of Petroleum Exporting Countries increased to 30.97 million barrels a day in February, the producer groups Vienna-based secretariat said Friday in its monthly oil market report. That compares to 30.82 million in January.
OPEC, provider of about 40 percent of the worlds crude, raised its output ceiling to 30 million barrels a day in December, setting its target closer to production levels. That limit includes Iraq, which was previously exempt from quotas.
Output from the 12 members of the Organization of Petroleum Exporting Countries increased to 30.97 million barrels a day in February, the producer groups Vienna-based secretariat said Friday in its monthly oil market report. That compares to 30.82 million in January.
OPEC, provider of about 40 percent of the worlds crude, raised its output ceiling to 30 million barrels a day in December, setting its target closer to production levels. That limit includes Iraq, which was previously exempt from quotas.
UniCredit May Look at Denizbank Should Qatar Drop Out - Businessweek
UniCredit SpA (UCG), co-owner of Turkey’s fourth-biggest traded lender, may look at buying Turkey’s Denizbank AS (DENIZ) if talks fail to sell it to Qatar National Bank SAQ (QNBK), Chief Executive Officer Federico Ghizzoni said.
Denizbank was put up for sale last year by Dexia SA (DEXB), the Franco-Belgian bank being broken up amid losses. UniCredit, which already owns Turkey’s Yapi ve Kredi Bankasi SA together with Koc Holding AS (KCHOL), wasn’t in a position to enter the Denizbank auction so far, Ghizzoni told reporters in Vienna late yesterday.
“When they started to look for a buyer, we were in the middle of our rights issue,” Ghizzoni said. “At this moment we can’t do anything because there is a negotiation ongoing with Qatar,” he said. Should QNB pull out, “the bank will be again in the market and we’ll see what we do.”
Denizbank was put up for sale last year by Dexia SA (DEXB), the Franco-Belgian bank being broken up amid losses. UniCredit, which already owns Turkey’s Yapi ve Kredi Bankasi SA together with Koc Holding AS (KCHOL), wasn’t in a position to enter the Denizbank auction so far, Ghizzoni told reporters in Vienna late yesterday.
“When they started to look for a buyer, we were in the middle of our rights issue,” Ghizzoni said. “At this moment we can’t do anything because there is a negotiation ongoing with Qatar,” he said. Should QNB pull out, “the bank will be again in the market and we’ll see what we do.”
Office rents in Dubai expected to remain flat in 2012, according to analysts - International Business Times
Dubai's office market is forecast to see demand of around 4.5 million square feet over the next year, with rents expected to remain flat, according to the latest analysis from CBRE.
After four straight quarters of flat growth in the emirate's office market, the rental outlook for 2012 is ‘one of continued stability, albeit with attractive landlord incentives on offer’, the real estate consultants said.
It added that an estimated 25 million square feet of office space could enter the market by 2014. However, based on past market experience, construction, infrastructure and handover delays, this figure could be reduced by 20 to 30%, said Nicholas Maclean, managing director, CBRE Middle East.
After four straight quarters of flat growth in the emirate's office market, the rental outlook for 2012 is ‘one of continued stability, albeit with attractive landlord incentives on offer’, the real estate consultants said.
It added that an estimated 25 million square feet of office space could enter the market by 2014. However, based on past market experience, construction, infrastructure and handover delays, this figure could be reduced by 20 to 30%, said Nicholas Maclean, managing director, CBRE Middle East.
Arab Spring benefits the GCC but bad for the rest of the region says Dr Henry Azzam « ArabianMoney
The countries of the Gulf Cooperation Council will have a better than expected 2012 thanks to high oil prices and additional public spending as a direct consequence of the Arab Spring uprisings, civil wars and revolutions, Deutsche Bank regional chairman Dr Henry Azzam told the Middle East Investment Summit in Dubai this week.
However, the enormous disruption to the economies of those countries affected by the Arab Spring phenomenon will leave them struggling to meet the high aspirations of this social and political event.
However, the enormous disruption to the economies of those countries affected by the Arab Spring phenomenon will leave them struggling to meet the high aspirations of this social and political event.
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