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

July 22--KUWAIT MARKET KSE ADDS A QUARTER PERCENT: The KSE Market or Price Index extended its advance from Wednesday, finishing 0.25 percent higher at6,582.6 points. All sector indices went up with the exeception of the KSE bank segment which ended flat. Global Investment House added another 6.55 percent after it rallied during the week, closing at KD0.065. Over the week, the KSE market gained 1.36 percent, also thanks to the IMF's positive outlook for the northern Gulf state, saying its economy would grow by 1.9 percent this year.

QATAR BOURSE ENDS FLAT AT 6,951.89 POINTS: The Qatari stock market ended flat after a lackluster trading day. Investors booked profits at banks in particular, with Doha Bank (the number three in Qatar) eased 1.13 percent to QR44.40. But Credit Suisse maintained its outperform rating on Doha Bank and target price of QR64 per share after the bank reported on Tuesday a second quarter net income of QR300m, down 5.4 percent on a year on year basis and 4.9 percent quarter on quarter. EFG Hermes Chief Economist Dr. Monica Malik told Bloomberg that "Qatar continues to see the strongest credit environment of the GCC countries, driven by loan growth to the public sector. Total credit grew by 26.7 percent year on year in June, with public sector growing by just over 100.0 percent." Dr. Malik concluded that "The latest credit data supports our view of a strengthening domestic demand outlook in 2010."

ABU DHABI MARKET ADDS ONE PERCENT OVER THE WEEK: The ADX gained 0.59 percent on Thursday (closing at 2,550.98 points) and 0.97 percent over the third week of July. Gulf Livestock Company topped the charts, ending 9.93 percent higher at Dhs4.98. National Bank of Fujeirah (NBF, flat at Dhs5.00) reprted a net profit for the first half year of Djs83.0m compared to AED 60.7m in 2009. NBF's Cost to income ratio improved from 50.9 percent in 2009 to 36.7 percent. Al Dhafra Insurance weakened in value by 5.08 percent to Dhs4.30.

INVESTORS UNIMPRESSED BY EMAAR RESULTS: The Dubai Financial Market (DFM) ended 0.16 percent lower at 1,528.97 points. Market bellwether Emaar reported a net profit of Dhs802bn ($218m) for the second quarter, a 6 percent increase over the first quarter of the year. But Emaar shares closed unchanged at Dhs3.37. Nevertheless, investors can look at an encouraging week, with the DFM stabilizing above 1,500 points, a lesser volatile market and overall positive second quarter company results. Traded value decreased in Thursday by 12 percent to Dhs132.91m, while some 103.474m stocks changed hands, 20 percent more than on Wednesday. Interior designer Depa posted the largest loss, ending 4.29 percent lower at $0.67.

DUBAI WORLD SAYS NO RESOLUTION SOUGHT IN MEETING WITH CREDITORS: Dubai World said it did not seek a resolution on restructuring the loans in a meeting with creditors in the emirate today. "Creditor banks will now have the opportunity to review the information provided before responding to the proposal," Dubai World said in a statement. "The company expects to complete the restructuring over the coming months." Dubai World added that 'as is customary at this stage of the process, this was an informational session and no resolution was sought in the meeting'.

BAHRAIN NATIONAL HOLDING MID-YEAR PROFIT TOUCHES $4.353M : Bahrain National Holding Co (BNH), the parent company of Bahrain National Insurance and Bahrain National Life Assurance, has said its net profit for the first six months of this year was similar to the previous year at BD1.641m. The group recorded BD12.637m ($33.520m) in total gross premiums for the period, while net earned premiums stood at BD6.741m ($17.881m), which was also similar to the same period last year.

CITIGROUP CUTS GLOBAL GROWTH FORECASTS: Citigroup has lowered its full-year global growth forecasts for 2010 and 2011, according to a strategy report. Global GDP will increase by 3.7 percent this year and 3.3 percent in 2011, Citigroup said, trimming its previous forecasts by 0.1 percentage points each.

JORDAN TRIMS BUDGET DEFICIT : Jordan's budget deficit dropped by more than 50 percent in the first five months of the year as the government maintained a freeze on non-essential capital spending, Reuters has reported, citing sources at the finance ministry. The shortfall shrank to JD137m ($193m) from JD348.3m in the same period of 2009 after scaling down tens of millions of dollars worth of non-essential capital projects as part of austerity measures to slash its deficit to 6.3 percent of GDP this year.

TADAWUL BOURSE DEFENDS 6,000-LEVEL: A last-hour spike avoided a fall below 6,000 pointsin Riyadh, as the bourse's main index Tasi closed 0.35 percent higher at 6,089.95 points. Petrochemical industry leader edged up by two percent and closed at SR86. As in Qatar, insurance firms led the rebound, with Gulf General Cooperative Insurance Company posting the second largest advance, finishing 7.77 percent higher at SR44.40.

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