Matt's Feed
Aug 21, 2014

Bank Sarasin mis-sold $200 mln investments to Kuwaitis – Dubai court

DUBAI, Aug 21 (Reuters) – Switzerland’s Bank Sarasin
mis-sold $200 million of investment products to Kuwait’s
prominent Khorafi family, a court at Dubai’s financial centre
found on Thursday in a ruling that could set a precedent for
similar disputes in the region.

The Dubai International Financial Centre’s (DIFC) Court of
First Instance ordered Sarasin to pay compensation in what may
be one of the biggest awards in the 10-year history of the DIFC,
which is growing in importance as a financial jurisdiction.

Aug 21, 2014

Qatar hits record closing high as Gulf ignores oil price slump

DUBAI, Aug 21 (Reuters) – Qatar’s bourse hit a record
closing high on Thursday ahead of MSCI raising the weights of
three Doha-listed firms in its emerging market index. Other Gulf
exchanges were also upbeat as investors shrugged off a renewed
drop in oil prices.

The main Qatari index rose 0.7 percent to 13,776
points, up 33 percent in 2014.

Industries Qatar (IQ) was the main support, rising
1.4 percent. IQ has gained 10.5 percent since it posted a 38
percent drop in second-quarter profit on Aug. 10, missing
analysts’ estimates.

Aug 20, 2014

Banks lift Saudi to 6-year high; Suez project cheers Egypt

DUBAI, Aug 20 (Reuters) – Banks led Saudi Arabia’s stock
index to a new six-year peak as trading volumes
increased on Wednesday, while Egypt also extended gains. But
other Gulf markets were subdued as a summer lull deepened.

The Saudi measure rose 0.5 percent to 10,716 points, its
highest finish since January 2008. Nearly 270 million shares
changed hands, a two-week high: Saudi Arabia has not suffered
the summer trading slump of neighbouring bourses.

Aug 19, 2014

Egypt’s property stocks lead Cairo rebound; Dubai up

DUBAI, Aug 19 (Reuters) – Egyptian property developer SODIC
helped Cairo’s bourse rebound on Tuesday as
foreign institutions bought into the country’s buoyant real
estate sector.

Gulf markets were also mostly upbeat as buying demand
increased slightly, but trading remained in a summer lull.

Aug 18, 2014

Egypt in largest drop in 8 weeks; MSCI boosts Qatar

DUBAI, Aug 18 (Reuters) – Egypt’s stock benchmark suffered
its largest decline in eight weeks on Monday as investors booked
gains after the previous day’s six-year peak, while most Gulf
markets rose in thin trade.

Cairo’s measure fell 1.4 percent in a broad
sell-off. Trading volume was up by more than a third from a day
earlier, which may indicate further selling is likely – the
benchmark rose 17 percent from June 29 to Aug. 17, so investors
may opt to take more profits this week.

Aug 17, 2014

Blue chips lift Saudi to 6-year peak; Mesaieed heads Qatar drop

DUBAI, Aug 17 (Reuters) – Blue-chip stocks lifted Saudi
Arabia’s bourse to a new six-and-a-half year peak on
Sunday, while other Middle East markets were mixed as low
volumes led to choppy trading and a lack of clear direction.

The Saudi index rose 0.5 percent to 10,639 points, its
highest finish since January 2008 and its 13th gain in the 15
sessions since authorities announced plans to allow direct
foreign ownership of shares early next year. At present,
foreigners can only own shares via instruments such as total
return swaps.

Aug 14, 2014

Banks lift Abu Dhabi and Egypt; Qatar rally falters

DUBAI, Aug 14 (Reuters) – Banks lifted Abu Dhabi’s share
index to a near 10-week high on Thursday, while financial
stocks were also the main gainers as Egypt’s benchmark rose for
a ninth trading day in ten.

National Bank of Abu Dhabi (NBAD) and First Gulf
Bank (FGB), Abu Dhabi’s two largest lenders by market
value, rose 2.1 and 2.8 percent respectively.

Aug 13, 2014

Kuwait Food hits record high after Savola starts takeover talks

DUBAI, Aug 13 (Reuters) – Shares in Kuwait Food Co
(Americana) hit a record high on Wednesday after Saudi
Arabia’s Savola Group said it was in preliminary talks
to acquire the firm. But Middle East markets were mostly
lacklustre as a summer lull deepened.

Shares in Americana, majority owned by the al-Kharafi
family, rose 2.6 percent while National Investment Co
- another Kharafi company – climbed 5.3 percent.

Aug 12, 2014

Property stocks boost Egypt; soft oil price dampens Saudi

DUBAI, Aug 12 (Reuters) – Property stocks led Egypt’s main
share index to a six-year high on Tuesday, while soft
international oil prices ended an 11-day rising streak for Saudi
Arabia’s stock market.

The main Egyptian benchmark rose 0.4 percent, its
sixth gain in seven sessions, to 9,274 points, bringing its
gains to 87 percent since the army ousted president Mohamed
Mursi in July 2013.

Aug 12, 2014

Dubai’s DAMAC Q2 profit up 18 pct as property sales rise

DUBAI, Aug 12 (Reuters) – Dubai luxury property developer
DAMAC posted an 18 percent increase in second-quarter
profit and said demand for high-end property would remain
strong, despite signs of a slowdown in the emirate’s wider real
estate sector.

DAMAC made a profit of $253 million in the three months to
June 30, while revenue rose 37 percent to $556 million,
according to a regulatory filing on Tuesday. It booked sales of
$1.68 billion in the first half of 2014, up 75 percent from a
year earlier.