Qatar Exchange (QE) has launched a new Mobile Market Watch that runs on Apple devices (iPad, iPhone and iPod). The new Mobile Market Watch, available on Apple store, offers innovative features designed to help users in their investment decisions, it said. These features include: market statistics in real time, securities trades in real time, historical price graphs, QE and companies news. In addition to this, users can configure a list of their preferred stocks for direct access to associated data. A planned second release of this Market watch will include notifications and alerts about stocks movements and corporate events, a statement said. More»

Dubai’s benchmark stock index fell the most in almost two weeks before companies in the emirate report third-quarter financial results and after oil dropped. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, fell to the lowest level since March 8. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, decreased 1.1 percent. Dubai’s DFM General Index (DFMGI) dropped 0.8 percent, the most since Sept. 10, to 1,592.78 at the close. The measure has soared 9.7 percent this quarter. Qatar’s QE Index (DSM) retreated 0.4 percent and the Bloomberg GCC 200 Index (BGCC200) of the region’s top 200 equities lost 0.1 percent. “We’re getting closer to third-quarter results, so traders are waiting for signals, especially because the markets have already rallied,” said Nabil Rantisi, managing director of brokerage at Abu Dhabi-based Menacorp. Gulf Cooperation Council countries are scheduled to announce quarterly results next month. Arabtec, which has the fourth-heaviest weighting on Dubai’s gauge, may post third- quarter profit of 15 million dirhams ($4.1 million), according to an estimate by Securities & Investment Co. and 7 million dirhams, according to National Bank of Kuwait. That’s down from 39.1 million dirhams in the year-earlier period. Emaar may report a 14 percent drop in net income, a National Bank of Kuwait (NBK) estimate on Bloomberg shows. More»

Oman’s benchmark stock index climbed to the highest level in more than two months amid speculation this year’s decline is overdone given prospects for corporate earnings. National Aluminium Production (NAPI), which exports to Germany, the U.K. and Singapore, advanced to the highest intraday level in almost a week. Galfar Engineering & Contracting SAOG (GECS), a construction company, headed for the highest close since June 28. The MSM30 Index (MSM30) gained for a seventh day, rising 0.1 percent to 5,596.65, the highest intraday level since July 3, at 11:43 a.m. in Muscat. The Bloomberg GCC 200 Index fell 0.1 percent. Oman’s benchmark has declined 1.7 percent this year, leaving the 30 companies trading at an average 9.8 times estimated earnings. That’s lower than Dubai, Saudi Arabia and Qatar and compares with 10.9 times for the MSCI Emerging Markets Index, according to data compiled by Bloomberg. Dubai’s measure has gained 15 percent this year, while Saudi’s index is up 11 percent. More»

Dubai Financial Market (DFM), one of Arab world's leading bourses, said foreign investors bought stocks worth Dh1.134 billion ($308.6 million) in August, which was 50.7 per cent of the total traded value. Announcing this on Sunday, DFM said the market capitalization increased at the end of this month to Dh179.5 billion, up 0.3 per cent compared to Dh179 billion the previous month. DFM said its general index increased by 0.3 per cent to hit 1547.82 points at the end of August compared to 1542.64 points in July. At the sectoral level, indexes of four out of the nine sectors represented on the bourse ended the month in the green, with the telecommunication sector increasing the most by 5.6 per cent, followed by the transportation and banks sectors by 2.3 per cent, and 1.5 per cent respectively, said the bourse in its statement. According to DFM, the value of stocks traded during August fell 21.3 per cent to reach Dh2.2 billion from Dh2.8 billion in July. More»

Gulf Arab markets are expected to see further slowdown as the region heads into the long Eid holiday, although disappointing results from one Dubai-listed property stock could see pressure on it after a strong rally on positive sentiment. Drake & Scull (DSI) reported a 49 percent drop in second-quarter net profit, citing higher funding costs for acquisitions and contract provisioning for the drop in earnings. Meanwhile, Deyaar Development will also be in focus after reporting a 2.8 percent rise in second-quarter net profit, despite a 57.1 percent fall in revenue during the three months to June 30. More»

Saudi shares soared on Saturday led by gains in the banking and hospitality sectors to close at 6,987 points. The all-share index added 0.5 per cent.The banking sector saw a 0.4 per cent rise that took the total to15,912 points. The hospitality sector gained 5 per cent to close at 7,809.8 points, lifted by gains in Saudi Hotels which closed 6 per cent higher. Earlier in the day, the shares opened higher lifted by gains in the petrochemical sector. The all-share added 0.2 per cent to hit 6,969 points and the petrochemical index added 0.5 per cent to 6,109 points. More»

Bahrain Bourse (BHB) has announced plans to install an outdoor LED ticker on its building's facade which will display live trading activity at the bourse during and after the trading session. The installation of the 128 sq m full-coloured outdoor LED ticker forms part of the Bourse's efforts to provide more channels for investors in the securities market by allowing them to watch live trading activity and stock prices of securities. It will enhance disclosure and transparency levels at the bourse in particular and in the capital market in general. The LED ticker will also increase awareness of trading activity on securities by making it visible to citizens, residents and visitors from the GCC as well as other countries. The new LED sticker will be on display from October. More»

Bahrain Bourse has announced the listing of a government leasing sukuk (Islamic bond) worth BD160 million ($424 million) which pays an annual fixed rate of return of 4.3 per cent. The sukuk, issued by the Central Bank of Bahrain on behalf of the Government, has a face value of BD10,000. It is set to mature in five years on July 17, 2017. It is payable every six months on January 17 and July 17 of the issuance period. The minimum amount of investment in the sukuk is BD10,000 or multiples thereof. Following this listing, the number of conventional bonds and sukuk listed on the bourse has reached 10, valued at about $3.21 billion. More»

Saudi Basic Industries Corp (SABIC), the world's largest chemicals producer, rose on Wednesday despite its quarterly profit trailing estimates, while earnings euphoria on Emaar Properties lifted Dubai's bourse to a new 10-week high. SABIC's shares, which were seen as oversold, climbed 0.6 percent to 86.75 riyals, taking their gains to 1.8 percent since July 15's 16-month low. SABIC's second-quarter profit fell 35 percent to 5.3 billion riyals ($1.41 billion). Analysts polled by Reuters on average forecast SABIC would make a quarterly profit of 6.58 billion riyals. It declared a 2-riyals per share dividend for the first half of 2012, which helped to lure back investors. More»

Qatar stocks have been overlooked this year during a boom in some neighbouring Gulf markets, but new financial reforms and attractive valuations could pave the way for a rebound. Concerns about the slow pace of Qatar's massive infrastructure building programme has weighed on the Doha stock market this year. Trading volumes have also dropped significantly since mid-June with the summer lull kicking in and initial earnings reports presenting a mixed picture for investors. Qatar National Bank, the Gulf Arab state's largest lender by market value, this month posted a 16.7 percent jump in second-quarter profits, matching forecasts. Qatar Islamic Bank missed estimates, reporting a drop in net profit. More»