Oman's bourse makes its largest one-day loss in four weeks, extending declines from last week's nine-month peak as profit-taking accelerates.
The index ends 1.3 percent lower at 5,839 points, its sixth straight decline and biggest one-day drop since march 28. Oman Investment and Finance sheds 1.8 percent, Ahli Bank slips 1.4 percent and National Bank of Oman
eases 1.3 percent.
"The market is coming down in thin volumes - it is clearly pricing in earnings, which were mixed," says Kanaga Sundar, Gulf Baader Capital Markets head of research.
Thursday, 26 April 2012
Dubai rules out sukuk proceeds for Jafza, DIFC | Transport and Logistics | AMEinfo.com
Mohammed Al Shaibani, director general of the Dubai ruler's court has said the emirate's government doesn't plan to use proceeds from the sale of an Islamic bond to refinance the debt of Jebel Ali Free Zone and DIFC Investments, Bloomberg has reported. The bond proceeds will be used for "something to do with the government and nothing to do with any of the entities," Shaibani said. "DIFC and Jafza are separate entities and they will handle that," he said.
Qatar-led group takes control of Dubai jeweler Damas | Agricultural Commodities | Reuters
Qatar's Mannai Corp and Egyptian investment bank EFG Hermes have taken control of Dubai's Damas after their consortium's $445 million offer was accepted by more than 75 percent of the jeweler's shareholders.
The bidders have received acceptances representing 78.37 percent of Damas's share capital for their $0.45 per share offer, according to a statement on the Nasdaq Dubai bourse on Thursday.
"This effectively means the consortium has now acquired control," the statement said.
The bidders have received acceptances representing 78.37 percent of Damas's share capital for their $0.45 per share offer, according to a statement on the Nasdaq Dubai bourse on Thursday.
"This effectively means the consortium has now acquired control," the statement said.
Dubai prices $1.25 bln Islamic bond at par - Yahoo! News UK
The government of Dubai priced a $1.25 billion two-tranche Islamic bond, or sukuk, on Wednesday, at par.
A $600 million 5-year tranche was priced at 4.90 percent and a 10-year portion was priced at 6.45 percent, in line with launch guidance released earlier that day.
On a spread basis, the five-year deal priced at 403.1 basis points over 5-year U.S. Treasuries (UST), and the ten-year at 445.7 basis points over 10-year UST.
A $600 million 5-year tranche was priced at 4.90 percent and a 10-year portion was priced at 6.45 percent, in line with launch guidance released earlier that day.
On a spread basis, the five-year deal priced at 403.1 basis points over 5-year U.S. Treasuries (UST), and the ten-year at 445.7 basis points over 10-year UST.
Abu Dhabi's ADCB issues $101 mln ringgit bond - IFR | Agricultural Commodities | Reuters
Abu Dhabi Commercial Bank priced a 310 million Malaysian ringgit ($101.35 million) bond on Thursday, its third such sale in two years, as the emirate's third-largest lender by market value seeks diversified funding means.
The five-year deal carries a coupon of 4.30 percent, and Standard Chartered acted as sole bookrunner, IFR Markets, a Thomson Reuters unit reported.
ADCB issued its first ringgit bond two years ago. That bond, maturing in 2015, carried a coupon of 5.2 percent.
The five-year deal carries a coupon of 4.30 percent, and Standard Chartered acted as sole bookrunner, IFR Markets, a Thomson Reuters unit reported.
ADCB issued its first ringgit bond two years ago. That bond, maturing in 2015, carried a coupon of 5.2 percent.
UPDATE 1-Kuwait's KFH Q1 profit falls 11.5 pct - Yahoo! News UK
Kuwait Finance House (KFH), the country's biggest Islamic lender, reported on Thursday an 11.5 percent decrease in first-quarter net profit, missing analysts estimates.
Net profit fell to 20 million dinars ($72 million) from 22.6 million dinars in the same period a year ago, the lender said in a bourse filing.
Analysts in a Reuters survey had predicted 23.48 milliondinars net profit on average for the quarter to end-March. The bank said in March it would shuffle its top management and work with advisors to sell, merge or restructure unprofitable subsidiaries.
Net profit fell to 20 million dinars ($72 million) from 22.6 million dinars in the same period a year ago, the lender said in a bourse filing.
Analysts in a Reuters survey had predicted 23.48 milliondinars net profit on average for the quarter to end-March. The bank said in March it would shuffle its top management and work with advisors to sell, merge or restructure unprofitable subsidiaries.
Dubai Holding committed to repaying debt when due: CEO - Emirates 24/7
Dubai Holding Commercial Operations Group (DHCOG) has announced a 60 per cent increase in its 2011 net profits, to Dh204 million, up from Dh127m in 2010, and its CEO affirmed that the unit will continue to repay its debt as and when it becomes due even as the group diversifies its revenues away from property and land sales.
“DHCOG is committed to meeting its financial obligations as and when they fall due,” said Ahmad Bin Byat, CEO of Dubai Holding, in the media statement announcing the unit’s positive annual results.
“The company has robust hotel management, telecommunications, free zone and property businesses that contribute a healthy cash flow,” he said. DHCOG comprises four business subsidiaries: Jumeirah Group (Jumeirah), Dubai Properties Group (DPG), TECOM Investments (TECOM) and Emirates International Telecommunications (EIT).
“DHCOG is committed to meeting its financial obligations as and when they fall due,” said Ahmad Bin Byat, CEO of Dubai Holding, in the media statement announcing the unit’s positive annual results.
“The company has robust hotel management, telecommunications, free zone and property businesses that contribute a healthy cash flow,” he said. DHCOG comprises four business subsidiaries: Jumeirah Group (Jumeirah), Dubai Properties Group (DPG), TECOM Investments (TECOM) and Emirates International Telecommunications (EIT).
Shuaa Capital hit by Moody's downgrade - The National
Moody's Investors Service downgraded its rating on Shuaa Capital citing the likelihood that the Dubai investment bank's results will remain negative or at best weak given the "uncertainties" around executing a new business strategy in a difficult environment.
The Moody's analysts Nitish Bhojnagarwala and Yves Lemay lowered their rating to "B1", down from "Ba3" and assigned a "negative" outlook on the company.
"Shuaa faces many challenges in building a sizable franchise given strong competition in the sector and the tough regional and global investment environment," they said. Shares of Shuaa tumbled 4.5 per cent at the bell on Wednesday to trade at 75 fils a share on the Dubai Financial Market General Index. Shuaa, established in 1979, is among the oldest investment banks in the region.
The Moody's analysts Nitish Bhojnagarwala and Yves Lemay lowered their rating to "B1", down from "Ba3" and assigned a "negative" outlook on the company.
"Shuaa faces many challenges in building a sizable franchise given strong competition in the sector and the tough regional and global investment environment," they said. Shares of Shuaa tumbled 4.5 per cent at the bell on Wednesday to trade at 75 fils a share on the Dubai Financial Market General Index. Shuaa, established in 1979, is among the oldest investment banks in the region.
GCC stocks markets: Spring in the air - Arab News
The GCC financial markets saw increasingly broad-based positive progress during the opening quarter of 2012, further building on the recovery that began to take shape in the second half of last year, according to the NCB Financial Market Quarterly Report.
The forward momentum was particularly evident in bank lending and the sukuk markets. By contrast, a secondary market recovery in the equity has to date not translated into a meaningful rebound for IPOs.
The encouraging trends are to a significant extent underpinned by the strong progress of the regional economies which have benefited from a transition to a more inclusive growth paradigm involving increased government spending as well as positive progress in the oil price and production levels, which have helped allay fiscal sustainability concerns, said the report.
The forward momentum was particularly evident in bank lending and the sukuk markets. By contrast, a secondary market recovery in the equity has to date not translated into a meaningful rebound for IPOs.
The encouraging trends are to a significant extent underpinned by the strong progress of the regional economies which have benefited from a transition to a more inclusive growth paradigm involving increased government spending as well as positive progress in the oil price and production levels, which have helped allay fiscal sustainability concerns, said the report.
gulfnews : UAE needs more institutional investors
The UAE's capital markets scene needs to attract more institutional investors to ensure long-term growth prospects, analysts said yesterday.
The Dubai Financial Market (DFM) earlier this week reported an increase in the number of new investors registering to trade on the bourse in the first quarter, rising by 93.5 per cent to 2,613, up from 1,350 in the same period last year.
However, retail investors continue to dominate the bulk of trading activity and some analysts believe more investment is required from overseas to ensure healthy returns and long-term prosperity.
The Dubai Financial Market (DFM) earlier this week reported an increase in the number of new investors registering to trade on the bourse in the first quarter, rising by 93.5 per cent to 2,613, up from 1,350 in the same period last year.
However, retail investors continue to dominate the bulk of trading activity and some analysts believe more investment is required from overseas to ensure healthy returns and long-term prosperity.
UAE credit growth the main cause for concern - The National
Reasons to be cheerful about the economic outlook appeared numerous at the start of this year.
Prospects for global growth were stronger and at the same time fears about a full meltdown in the euro zone were receding.
Rising oil prices and a rebound in stocks - both locally and globally - added to upbeat sentiment in the region. Subsequent choppiness in equity markers and fresh twists in the euro-zone crisis have replaced some of the optimism with caution in recent days.
Prospects for global growth were stronger and at the same time fears about a full meltdown in the euro zone were receding.
Rising oil prices and a rebound in stocks - both locally and globally - added to upbeat sentiment in the region. Subsequent choppiness in equity markers and fresh twists in the euro-zone crisis have replaced some of the optimism with caution in recent days.
Qatar offers $1bn loan to tide over battered Tunisian economy, says govt spokesman - The Washington Post
Qatar has offered Tunisia a $1 billion low interest loan to bolster the North African country’s battered economy, Tunisia’s presidential spokesman announced Wednesday.
The tiny gas-rich Gulf monarchy has also offered 20,000 job openings to Tunisia’s myriad unemployed university graduates, added spokesman Adnan Mancer in remarks to journalists.
Tunisia’s January 2011 overthrow of its long-serving dictator kicked off a wave of pro-democracy uprising across the region, but also dealt a devastating blow to an economy heavily reliant on tourism and foreign investment.
The tiny gas-rich Gulf monarchy has also offered 20,000 job openings to Tunisia’s myriad unemployed university graduates, added spokesman Adnan Mancer in remarks to journalists.
Tunisia’s January 2011 overthrow of its long-serving dictator kicked off a wave of pro-democracy uprising across the region, but also dealt a devastating blow to an economy heavily reliant on tourism and foreign investment.
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