Gulf currency dollar peg plan may change later, says official

The Gulf Cooperation Council secretary-general, Abdul-Rahman al-Attiyah, has said that the Gulf joint currency would be pegged to the dollar, but that this could be reviewed in the future, Reuters reported. 'I don't know if that will continue in the future but for now the fix is the dollar,' he said.

Tadawul index falls below 6'000 points

The young June euphoria took a hit today at Riyadh's stock exchange, whoch closed 2.19% lower at 5,877.99 points. Sabic posted the largest loss by value (down 3.45%). Kingdom Holding bucked the bearish trend and gained 5.77%. The investment company said that the value of its foreign investments has climbed to SR5.28 billion ($1.4bn) in May compared to SR4.29 billion in April, due to an improv...

Financials drag Doha index down

Prices and volumes were down today at Qatar's stock exchange. The Doha Securities Market (DSM) lost 1.71%, closing at 7,250.66 points amid weak banks and insurance operators. Al Khaleej Insurance (off 4.58%), Doha Bank (down 3.17%) and Qatar National Bank (2.86% l ower) were all among the top losing shares. A number of industrials resisted against the general bearish mood, such as Qatar Meat ...

Kuwait Stock Exchange unchanged

The Kuwait Stock Exchange's Price Index closed 9.9 points lower at 8,188.4 points. Al-Mal Investment company posted the largest gain (8.2% higher). The KSE cracked the 8,000 points-barrier last week and is currently consolidating at this level which marks a seven-month high.

Bahrain market gains insignificantly

The Bahrain All Share Index closed 0.02% higher at 1,616.95 points. Islamic Bank Gulf Finance House posted the largest gain (up 5.56%). Al Baraka Banking Group remained unchanged. The Islamic bank, which runs operations from Marocco to the GCC, plans acquisitions worth $120mn in 2009. It plans to expand to India, Indonesia and China this year, as EFG Hermes reports.

Abu Dhabi closes one per cent lower

The Abu Dhabi Securities Exchange ADX followed the weak trend in Abu Dhabi but posted smaller losses. The ADX General Index retreated by 0.99%, closing at 2,826.18 points. As in Abu Dhabi, yesterday's highflyers posted large losses on profit takings, e.g Aldar Properties (down 4.26%) or Sorou Real Estate (3.65% lower). RAK Properties, however, remained steady. Compared to to Abu Dhabi's local stock ...

Abu Dhabi market plummets 4.51%

Profit booking pulled the Abu Dhabi Financial Market (DFM) down by 4.51% to 1,979.88 points on record high volumes. Under the topic 'easy come, easy go', the biggest losses were posted by real estate shares, particularly among those which were the top gainers in previous days. Market bellwether Emaar Properties (losing 5.53%) and Deyaar Development (7.06% lower) were most actively traded by ...

Mubadala may launch project bond

Abu Dhabi-based investment company Mubadala is considering a project bond to help finance its six largest projects, estimated at $5.5bn, reported AFP. Greg Fewer, Assistant Director and Advisor, Project & Corporate Finance Unit at the government-backed company, said launching a project bond will provide a new liquidity pool in a market burdened by shrinking capital.

Kingdom Holding investments up 23% in May

Saudi Arabia's Kingdom Holding has said that the value of its foreign investments has climbed to SR5.28 billion ($1.4bn) in May compared to SR4.29 billion in April, due to an improvement in the Saudi and global equity markets as well as the company backing away from new investments during the month. Unrealized losses dropped to SR16.33 billion ($4.33bn) from SR17.38 billion over the same period, the company said.

Saudi stocks are best Gulf investment, says Merrill

A new report by Merrill Lynch says Saudi equities are the best investment among Gulf Arab stocks because of the country's oil reserves and large economy, and that the Abu Dhabi market is the cheapest. "As access improves we would expect further gains in the Saudi market, so long as oil prices remain reasonably strong," Merrill said in the report.

Nasdaq Abu Dhabi posts losses

Abu Dhabi's international market Nasdaq Abu Dhabi knew only losers today, with Australia's Boulder Steel plummeting 34.43%. Abu Dhabi-based deweller trader Damas was down by 15%. Abu Dhabi Ports (DP) World and DEPA Ltd. also retreated by 5.13% and 7.58%, respectively.

Sabic shares lift Tadawul index

In a firce battle between bullish and bearish investors, Riyadh's Tadawul All Share Index (Tasi) eventually gained 0.41%, closing at 6,009.31 points. Shares of market bellwether Saudi Basic Industries Coroporation (SABIC) posted the biggest advance by value and climbed 2.11% higher. The hotel sector index emerged as today's winning segment by gaining 3.47%. KSA aims to open its tourism s...

Kuwait market down two per cent

Profot taking pulled the Kuwait Stock Exchange (KSE) price index down by 2.05% to 8,198.3 points on high trading volumes. Islamic investment bank Gulf Finance House GFH plummeted 7.14% and posted therefore the fifth biggest loss. Mobile Telecommunications Company or Zain bucked the cooling market by advancing 1.75%. Zain operates in Iraq and the lucrative African mobile telecommunications market and plans to list its shares in London by 2010.

Doha exchange recovers

The Doha Securities Market (DSM) almost regained what it lost on Thursday, closing 0.91% higher at 7,376.81 points. Reports that Qatar Navigation and Qatar Shipping (Q-Ship) will conclude their merger talks in six months, pushed both shares higher by 3.28% and 4.85%, respectively. Volumes edged higher to some 32m shares and only three stocks declined at the DSM.

Consumer stocks push Abu Dhabi index higher

The Abu Dhabi Securities Exchange (ADX) gained 1.83%, closing at 2,854.38 points. The ADX consumer index (up 5.94%) posted the highest gain among the segments, with Foodco Holding advancing by 9.95%. Abu Dhabi National Energy Company (Taqa) closed unchanged. The Abu Dhabi market bellwether has been trading sideways around Dh1.80 since May 24.

Abu Dhabi market rally continues

Despite a weak start of the Saudi bourse yesterday, the Abu Dhabi Financial Market continiued to post gains, defending its breakthrough above 2,00 points last week. The DFM General Index closed 2.36% higher at 2,073 points mainly carried by real estate bellwether Emaar (up 1.27%), Sharia-compliant developper Deyaar (7.59% higher) and Union Properties (gaining 7.45%). Real estate contractor Drake &...

IMF: Talks on reserve currency 'legitimate'

Dominique Strauss-Kahn, the managing director of the IMF has said that he believes that talks on a new world reserve currency to replace the US dollar are legitimate and would take place ‘in the coming months.’ However, he said that he does not believe the dollar's standing is seriously threatened, but that the global crisis had ‘renewed interest’ in the issue.

Saudi bond market ready

Saudi Arabia's stock market regulator, the Capital Market Authority (CMA) has approved the setting up of a market for debt securities to diversify sources of financing amid tight credit conditions. CMA said that Tadawul has already developed the market, which will trade bonds and sukuk through licensed intermediaries and that it will announce the date of the market's launch later.

Gulf single currency 'not before 2013'

Saudi newspaper al-Hayat has quoted an unidentified senior Gulf source as saying that it will be impossible to launch single currency within six months, Reuters reported. ‘I expect the new deadline to be 2013,’ the official said. Saudi Arabia, Bahrain, Kuwait and Qatar are to sign a monetary union plan on Monday.

Tadawul market loses one per cent

The Saudi Stock Exchange started the week with minor losses. The Tadawul index closed 1.06% lower at 5,984.56 points amid weak performances by banks, financial services companies and insurers. Saudi Arabian Cooperative Insurance Company (SAICO) bucked the downtrend by posting the largest gain of 10%.

Four GCC states to ink monetary pact

Four members of the six-nation Gulf Cooperation Council has set to sign an accord regarding the monetary union on Monday. The signing had originally been planned for Sunday but will now take place during a meeting in Riyadh of GCC foreign ministers. The remaining four members of the GCC are Bahrain, Kuwait, Qatar and Saudi Arabia, as the UAE has recently expressed reservations over the hosting of the banking authority, while Oman has opted out in 2007.

Doha exchange slightly lower

The Doha Securities Market (DSM) showed some form of exhaustion. The DSM20-Index closed 0.90% lower at 7,310.16. However, individual losses did not exceed 4.4% (Industries Qatar). Qatar Telecom also retreated on profit booking, closing 3.79% lower. Qatar Insurance and Al-Khaleej Insurance, on the other hand, where back on the buying stage after several days of postig losses, gaining 2.48% and 2.25%, respectively.

Kuwait bourse unchanged

The Kuwait Stock Exchange (KSE) Price Index lost an insignifcant 0.6 points and defended its advances it achieved since the start of June. Mobile Telecommunications again posted the largest gain (up 9.62%), followed by Gulfinvest International (9.3% higher).

Abu Dhabi loses a quarter per cent

Investors in Abu Dhabi were eager to lock profits after yeasterday's market rally and sent the ADX General Index 0.25% lower to 2,803.16 points. Market bellwether Abu Dhabi National Energy Company (Taqa) lost 2.16% amid the recent oil price spike came to a standstill at around $67. Real estate development company RAK Properties showed no let-up in advancding, finishing as a top gaining share by adding 4.23%.

Abu Dhabi market ends week friendly

After several attempts in the last days, the Abu Dhabi Financial Market (DFM) eventually cracked the 2'000-points barrier, closing 1.82 higher at 2,025.5 points. Meanwhile, Credit Suisse research upgraded shares of the DFM (1.55% higher today) from 'neutral' to 'outperform'. Deyaar Development finished among the top gainers, adding 11.27%. Bank Emirates NBD (up 0.28%) underper...