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AMEinfo.com News - Finance and Economy
Finance and Economy latest news and features
Saudi Arabian Tadawul market re-captures 7,000-level
21 May 2012 at 7:58am
The Tadawul All-Share Index climbed 0.71% higher at 7,029.35 points. Stabilising oil prices, trading above $91.50 per barrel Monday, helped the Riyadh-based exchange to rebound. Market bellwether Sabic advanced by half a percentage point to reach SR94.25. On Sunday, SABIC Vice-Chairman and CEO Mohamed Al-Mady has called for more productive engagement between US companies and the Saudi private sector to further strengthen business relations in hopes of helping accelerate their respective global growth agendas. Allied Cooperative Insurance Group lost the most (off 3.35% at SR34.60). 118 shares advanced, and 20 declined. Trading turnover remained low, as 375m shares were traded, valued at SR6.8bn. [AMEInfo.com]
Kuwait market slips slightly
21 May 2012 at 6:50am
The Kuwait Stock Exchange (KSE) Market index failed to join the global and regional receovery mood and slipped 0.10% to 6,415.24 points. Global Investment House said earlier in the day that Court of Appeal of the Emirate of Dubai passed its verdict (judgment) in the case reverted to the Court of Appeal by the Dubai Court of Cassation, in connection with the appeal submitted by the National Bank of Umm Al Qaiwain in relation to the Court of Appeal's ruling in favor of Global for the recovery of $250m plus accrued interest and fees. The Honorable court ordered NBQ to repay to Global Investment House $250m towards the refund of a deposit placed by the Company with the Dubai branch of this Bank in August 2008 plus interest at the rate of 9% with effect from 3 December 2008 till the date of repayment plus expenses.the date of this verdict, the due and The unpaid interest amounts to approximately $79m. [AMEInfo.com]
Qatar Exchange ends three-day long losing streak
21 May 2012 at 6:14am
The QE 20 Index advanced a quarter percentage point. Banks were strong in particular. Doha Bank surged 0.90% to reach QR57. Qatar Telecom or Qtel dipped 0.34% to hit QR116.30. Earlier in the day Qtel announced the dates for its recently announced rights issue. The offer to eligible shareholders close on May 24 and the terms and conditions can be seen on the firm's website. [AMEInfo.com]
Abu Dhabi blue chips lead market rebound
21 May 2012 at 4:36am
The ADX General Index ended Monday at 2,468.49, 0.21% higher compared to yesterday's close. Sorouh Real Estate (up 5.10%) and Aldar Properties (gaining 4.90%) were among the most liquid shares. Abu Dhabi National Energy Co. or Taqa extended its decline, falling by 0.85%. National Bank of Umm al-Qaiwain gained the most (up 9.94%). After the closing at 2.14pm Dubai-time, Kuwait's Global Investment House announced that the Court of Appeal of the Emirate of Dubai passed its verdict (judgment) in the case reverted to the Court of Appeal by the Dubai Court of Cassation, in connection with the appeal submitted by the National Bank of Umm Al Qaiwain in relation to the Court of Appeal's ruling in favor of Global for the recovery of $250m plus accrued interest and fees. The statement said: "The Honorable court ordered NBQ to repay to Global Investment House $250m towards the refund of a deposit placed by the Company with the Dubai branch of this Bank in August 2008 plus interest at the rate of 9% with effect from 3 December 2008 till the date of repayment plus expenses. Till the date of this verdict, the due and unpaid interest amounts to approximately $79m." [AMEInfo.com]
Dubai market boosted by G8, China declarations
21 May 2012 at 4:06am
The Dubai Financial Market General Index (DFMGI) gained 1.50% Monday to reach 1,488.09 amid higher trading volumes. The G8's (verbal)commitment to Greece's remaining in the Eurozone along with China' premier Wen Jiabao's statement to ease monetary policy in the Middle Kingdom helped the Dubai bourse to recover territory. Emaar soared 2.43% to hit Dhs2.95. The DFM, as the only listed Arab exchange, added 1.78% to reach Dhs0.972. Bank Emirates NBD was the sole losing share (off 0.73% at Dhs2.72). Some 135n shares were traded, valued at Dhs153m. [AMEInfo.com]
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