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TMCNet:  AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs [AME Info, Abu Dhabi, United Arab Emirates]

[April 18, 2011]

AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs [AME Info, Abu Dhabi, United Arab Emirates]

(AME Info (Abu Dhabi, United Arab Emirates) Via Acquire Media NewsEdge) April 18--QATAR BOURSE RETREATS FURTHER, DOWN 0.96 percent: The stock market in Doha could not reverse the trend after a weak start on Sunday, closing at 8,645.17 points. Qatar National Bank dipped 1.27 percent, ending at QR147.50. Qatar Gas Transport Company (Nakilat) plummeted 5.16 percent at QR18.55. During the first quarter, Nakilat achieved a net profit of QR188.5m in comparison to QR 163.4m for the corresponding period in 2010.


ZAIN SHARES STABILISE AFTER SUNDAY SHOCK: The KSE Market Index ended 0.32 percent higher at 6,375.1. Shares of mobile telecom operator Zain closed unchanged at KD1.160. On Sundya, Zain stock plummeted after Nasser Al Kharafi, chairman of the Kuwaiti conglomerate Kharafi Group, the top shareholder in telecom firm Zain, has died in a hospital in Cairo due to a heart attack, Reuters has reported.

ETISALAT GAINS 0.50 percent, EARNS LESS IN FIRST QUARTER : In Abu Dhabi, the ADX General Index added 0.41 percent, closing at 2,709.33. Shares of the UAE's first telecom provider Etisalat finished 0.47 percent higher at Dhs10.50. Earlier in the day, Etisalat reported for the first quarter a net profit of Dhs1.817, down 8.8 percent compared to Q1 2010. Earnings per share decreased by Dhs0.02 to Dhs0.023. RAK Bank posted the largest gain, closing up 8.17 percent to reach Dhs4.50. Fifteen stocks advanced, seven lost and 11 closed flat.

NASDAQ DUBAI: DP WORLD STUCK AT $0.66: The FTSE NASDAQ Dubai UAE 20 Index closed at 1797.18 today, down 0.01 percent from the previous close. After DP World failed to jump over the $0.70-barrier, the shares remain stuck below that level (off 0.15 percent at $0.66). Interior designer Depa Ltd. closed 1.64 percent lower at $0.60. Trading volumes remained low as some 4.3m stock changed hands on Monday.

DUBAI MARKET ADDS A QUARTER PERCENT: The DFM General Index closed 0.26 percent higher at 1,652.76 points, despite blue chips performing weaker. Emaar Properties ended flat at Dhs3.43. Shares of Arabtec Construction weakened 0.64 percent, finishing Dhs1.55. Kuwait's Almadina Investments soared 11.15 percent to reach Dhs0.57. Sixteen stocks gained, eight declined and nine remained even. Turnover declined slightly as 322.3m shares valued at Dhs294.62m changed hands.

CHAIRMAN OF KUWAIT'S KHARAFI GROUP DIES: Nasser Al Kharafi, chairman of the Kuwaiti conglomerate Kharafi Group, the top shareholder in telecom firm Zain, has died in a hospital in Cairo due to a heart attack, Reuters has reported. The late businessman headed the Kuwaiti family-owned firm which had stakes in several listed firms in the Gulf state and was also among the founders of National Bank of Kuwait (NBK).

IRAQ INFLATION EXPECTED TO STAY IN SINGLE DIGITS: Mudher Kasim, a senior adviser at Iraq's central bank has said the country's annual inflation rate is expected to remain within single digits in 2011 helped by a national food ration programme which is absorbing some of the increases in food prices, Reuters has reported. "There is still a food ration programme which absorbs part of the increase of foodstuff prices. Also, the central bank always has measures to confront inflation," he said.

TADAWUL BOURSE RETREATS 1.11 percent: The Riyadh-based Tasi-benchmark closed 1.11 percent lower at 6,531.87 points. Market bellwether Sabic dived 2.51 percent at SR107. Wataniya Insurance Co. posted the largest gain, closing 9.86 percent higher at SR53.50. Thirty-three shares added value, 104 lost and eight remained even.

INSURERS WEIGH ON QATAR EXCHANGE : The Doha-based QE Index closed 0.59 percent lower at 8,728.99. General Insurance dipped 1.10 percent, finishing at QR40.60. Shares of Barwa Real Estate ended down 1.30 percent, finishinag at QR34.20. Earlier in the day, Barwa announced that it will disclose its first quarter results on April 28.

LACKLUSTRE TRADING DRAGS KUWAIT BOURSE DOWN: in Kuwait City, the KSE Market Index closed 0.72 percent lower at 6,342.9. National Bank of Kuwait, known as NBK, ended flat at KD1.200. Earlier in the day, NBK reported a net profit for the first quartrer of KD80.9($292m), up 6.2 percent compared to the same period last in 2010. The majority of KSE listed shares did not post prices changes on Sunday.

ABU DHABI RETAIL PLAND BOOST ALDAR SHARES : The ADX General Index closed 0.72 percent higher at 2,698.15 points. Shares of Abu Dhabi's first real estate firm Aldar Properties gained 2.45 percent to close at Dhs1.68. Earlier in the day, Aldar announced that it development The Souk at Central Market will open its doors in November 2010, and it will harbour Abu Dhabi's first Shakespeare & Co restaurant, a Grand Stores Digital, a variety of cafes as well as over 20 watch and jewellery stores. The statement added" The Emporium at Central Market, primarily a fashion retail destination, will also be home to brands such as E4U, Spinneys, Magrudy's, Ted Baker, Bebe, Evita Peroni Pandora Jewellery, Network, Fabrika, Beymen Business, Alison Nelson Chocolate Bar, Fat burger and Studio Misr." Dana Gas was the most traded share by volume (up 2.99 percent at Dhs0.69) while National Bank of Um, al-Qaiwain posted the largest loss (down 9.21 percent at Dhs2.16).

DUBAI MARKET SURGES 1.59 percent: The DFM consolidated its above 1,600 points, closing 1.59 percent higher at 1,648.44 points. Emaar Properties soared 2.08 percent to reach Dhs3.43. Shares of the DFM, the only publicly listed Arab market, jumped 5.15 percent, ending at Dhs1.43. Bank Emirates NBD dipped 1.35 percent, closing at Dhs3.65. Twenty-one stocks gained, six declined and three ended flat. Some 341.36m shares worth Dhs369.15m changed hands.

IMF SAYS IT IS 'HERE TO HELP' ARAB STATES: Dominique Strauss-Kahn, head of the International Monetary Fund, has said that the lender is ready to offer financial support to Arab countries like Egypt and Tunisia if they ask for it, AFP has reported. "We can together build a better future for these countries. And that's not only important for Egypt and Tunisia, it's important for the whole world because this example is an example that is going to have a lot of consequences," he said. "We will be on the side of the people who tried to have things go forward." TADAWUL MARKETS OPENS THE WEEK FLAT: The Saudi Stock Exchange ended flat on Saturday, closing at 6,604.97 points. Market bellwether Sabic added 0.92 percent, finishing at SR109.75. Shares of Zamil Industries dipped 0.96 percent at SR30.90. Earlier in the day, Zamil announced that net profits for the first quarter of 2011 were SR36.8m ($9.8m), compared to SR55.1m ($14.7m) during the same period in 2010, representing a decrease of 33.2 percent, and compared to SR61.3m ($16.4m) posted in the previous quarter (Q4 2010), a decline of 40 percent. Eighty-six shares gained, declined 40 and 19 remained even.

BAHRAIN FREEZES FEES ON EXPAT WORKERS: The Bahrain cabinet has decided to freeze monthly fees on expatriate workers for six months, saving employers up to BD24m ($63.6m), Gulf Daily News has reported. "The moratorium aims to ease financial burdens facing businessmen in this critical period," Bahraini labour minister Jameel Humaidan said. The measure would benefit firms which employ more than 100 foreigners who represent a minimum 40 percent of the overall workforce, he said.

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