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Finance and Economy latest news and features
Saudi Arabia's Dar Al Arkan Real Estate gains as developer strikes deal with ...
23 May 2012 at 8:09am
The Riyadh-measure Tadawul All-Share Index (TASI) declined 0.60% to 7,061.43 points amid regional and global uncertainty over Greece's dispositon in the Euro zone. Dar Alarkan Real Estate Development Company was as the most liquid share, advancing 1.36% to hit SR11.20. Earlier in the day, Dar Al Arkan announced the sale of a portion of the residential land at its project Shams ArRiyadh, in the capital Riyadh, on May 22, to petrochemical giant Saudi Basic Industries Corporation (Sabic (off 0.26% at SR95)). Sabic will build a residential compound for its employees. The total land area sold is worth SR741.6m. The transaction will be reflected in developers second quarter of 2012 financial results. Nineteen stock gained, while 119 declined. Trading volumes remained in the lower range, as 294m stocks worth SR5.8bn changed hands. [AMEInfo.com]
Kuwait market falls the sixth day straight
23 May 2012 at 7:37am
The KSE Market Index fell 0.22% to hit a three-week low, closing at 6,366.95 Wednesday. Kuwait correlates with the price of oil, which lost 11.37% in value in the last four weeks as GCC and Iraq production volumes hit multi-year highs in order to compensate for Iranian export losses. National Bank of Kuwait or NBK closed unchanged, but losses in the industrial and the telco segment weighed on the gauge. Islamic financial institution Kuwait Finance House pr KFH advanced 2.81%, finishing the session at KD0.730. [AMEInfo.com]
Qatar Exchange struggles with resistance level at 8,500 points
23 May 2012 at 6:24am
The QE 20 Index slipped 0.40% Wednesday, ending at 8,467.42 points. Investors booked profits at bank shares in particular, after former Greek Prime Minister Lucas Papademos said his highly indebted country's exit from the Euro zone was still one of many options. After a series of gain in recent days, Doha Bank fell half a percentage point, albeit Qatar's exposure to the Euro zone is minimal. Vodafone Qatar jumped 2.21% to hit a multi-year high at QR9.70. [AMEInfo.com]
Abu Dhabi bourse adds slightly despite negative market breadth
23 May 2012 at 6:11am
The ADX General Index closed 0.20% higher at 2,475.52 points Wednesday. Gulf Medical Projects Company jumped 9.33% to reach Dhs2.11. Islamic insurer Watania plummeted nine percent to Dhs1.09. Real estate giants Aldar and Sorouh fell by 2.70% and 2.80% to Dhs1.07 and Dhs1.03, respectively. Fund managers became increasingly impatient due to pending updates on a merger between Aldar and Sorouh, The National reported today. Both developers announced in mid-March theyr entered talks to unify with the blessing of the Abu Dhabi government. [AMEInfo.com]
It's Greece-time again at the Dubai market
23 May 2012 at 5:50am
A lacklustre DFM General Index ended down 1.10% at 1,480.10 points Wednesday, following a weak trend in Asia on fresh worries that Greece might dump the Euro (Grexit). Emaar Properties fell back to Dhs2.90 (off 2.36%), while Dartakaful gained the most (gaining 2.75% at Dhs0.635). Some 74.3m shares were traded, valued at Dhs91m. [AMEInfo.com]
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Currency Prices News
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