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

Aug. 23--SAUDI TADAWUL BOURSE ADDS A QUARTER PERCENT: The energy and utiliies sector index (up 2.39 percent) was the main driving force behind the Tadawul market's advance of 0.26 percent on Monday. Saudi Electricity surged 2.59 percent at SR13.85. The Kingdom aims to invest $80bn in order to double ist power capacity until 2020. Saudi Arabia's Knowledge Economic City (KEC) and closed 1.69 percent higher at SR9.05. KEC shares were listed on August 9 at SR10.00 in a $272 IPO. Insurers and cement producers mostly last value.

QATAR MARKET GAINS SLIGHTLY: The QE Index closed 0.27 percent higher at 7,198.65 points on Monday. Trading volumes edged up by 47 percent as 6.4m stock changed hands in Doha. Industries Qatar ended flat at QR102. Banks mostly gained value, as Qatar Islamic Bank closed 1.58 percent higher at QR77.20. Doha Bank finished up 0.86 percent at QR46.90. Al-Ahli bank failed to jump on the bandwagon as ist shares weakened 1.43 percent at QR55.00.

KUWAIT STOCK EXCHANGE DIPS SLIGHTLY: The KSE Market or Price Index finished 0.16 percent lower at 6,674.7 points. The performance of National Bank of Kuwait (NBK, up 1.47 percent at KD1.380) proofs that this is a good time for stock pickers, despite market trading sideways for weeks. NBK rose to the highest level since November 2008 when the global financial crisis hit the GCC. Bahrain's Islamic Bank Ithmaar'recovery was halted Monday as its shares lost 3.8 percent, closing at KD0.037.

WEEKLY FX ROUNDUP: EMERGING MARKETS PERFORMING WELL: Expectations for the global economy to slow down even further have dominated market performances, and have affected the equity markets as a result. Investors fear a further slowdown with major economies lowering their growth forecasts, unemployment levels rising around the globe and consumer spending decreasing at an alarming rate. Emerging markets such as China and India have been performing well as they are seen as economies to lead the world out of the slump. Chinese equities are on an uptrend with the release of positive quarterly earnings reports. Equity markets from the US, Japan, UK and the Euro Zone saw negative trend as risk appetite faded away and investors moved to find safer ways of parking their capital.

ABU DHABI REAL ESTATE SHARES REBOUND: The ADX General Index added 0.15 percent higher and clsoed at 2,509.28 points, mainly due to gains at real estate heavyweight Aldar Properties (up 1.36 percent at Dhs2.23) and Ras al-Khaima (RAK) Properties. Gulf News reported today that Aladar plans to deliver residential units of the Dhs55bn mixed-use Al Raha development "in the coming weeks". Abu Dhabi National Energy Corp., dubbed Taqa, dipped 1.65 percent lower at Dhs1.19 due to uncertainties in the oil market. Oil prices gained slightly and traded 0.35 percent higher at around $74 on mid Monday.

DUBAI MARKET RISES TO 1,500.15 POINTS: Thanks to a last-hour surge the DFM General Index closed 0.57 percent higher at 1,500.15 points. News that state-owned real estate developer Nakheel paid off Dhs2.5bn of debt (Gulf News reported) spread some form of optimism. Bellwether Emaar added 1.23 percent at Dhs3.29. Nasdaq Dubai-listed DP World closed flat at $0.50. Financial ended on a mixed note. Bank Emirates NBD finished 1.64 percent higher at Dhs2.48, while Shuaa Capital weakened four percent at Dhs0.912. Traded volumes declined by 17 percent to 37.34m shares changing hands.

AL-BAKRA SIGNS ICD ISLAMIC FINANCE DEAL: Bahrain-based Al-Baraka Banking Group has signed a memorandum of understanding with the Islamic Corporation for the Development of the Private Sector (ICD) to jointly provide Islamic financing services, Arab News has reported. As part of the agreement, the two parties will organise the invest surplus liquidity and exchange information relating to increasing awareness of the Islamic products.

BAHRAIN'S GFH PLANS TO INCREASE CAPITAL BASE BY $300M: Bahrain's Gulf Finance House (GFH) has announced plans to increase its capital base by $300m, and asked the Bahrain bourse to suspend trading in the stock until August 23, Reuters has reported. The capital raise will be the Islamic investment firm's second in less than a year as it looks to boost its liquidity position.

TADAWUL BOURSE ENDS FLAT AT 6,090.87 POINTS: The Saudi Arabian stock market only stabilised in a volatile trading on Sunday despite 73 gaining shares outnumbered 47 losers. Shares of August 9 listed Knowledge Economic City (KEC) rebounded by 1.14 percent at SR8.90. KEC stocks were issued at SR10 in a May IPO this year worth $272m. Sabic was the most liquid stock, as the market bellwether added 0.59 percent and finished at SR85. Twenty-four stocks ended flat in Riyadh. The Tadawul market touched a one-month low after oil prices weakened to $73. Credit Suisse research writes in its latest commodity market analysis that "amid still lacklustre US demand, we see little chance of a break out of the USD 70-80 range for the time being."

GULF INSURANCE COMPANY SURGES TO NEW-YEAR HIGH: Kuwait's KSE market or price index stabilised on Sunday at 6,685.2 points. Shares of the local Gulf Insurance Company closed 5.61 percent higher at KD0.470. Real estate and industrial shares posted mostly losses. Grand Real Estate Projects shhares posted the second largest decline, ending 8.5$ lower atKD0.0215.

STOCK PRICES, VOLUMES SURGE AT QATAR EXCHANGE: The QE Index outperformed all GCC markets on Sunday, closing 0.90 percent higher at 1,179 points straight. Volumes surged 63 percent to 7.18m stocks changing hands in Doha. The country'a largest bank Qatar National Bank (QNB) added 1.44 percent at QR140.60.

ABU DHABI BOURSE LOSES 0.03 percent: Abu Dhabi's ADX market closed nearly unchanged at 2,505.58 points in a lackluster trading session. Shares of Sharja Islamic Bank (SIB, up fiver per cent at Dhs0.85) topped the list of gaining shares, while heavyweights Aldar Properties and Dana Gas ended flat at Dhs2.20 and Dhs0.77, respectively. Energy bellwether Taqa dipped 0.82 percent at Dhs1.21 after oil prices declined to around $73 last week on mixed economic data in the United States. Reaseach firm CPM Group said on Sunday that "if investors perceive recent price weakness as a buying opportunity, prices could rise to $75 in the near term." The analysis was part of the weekly Dubai Gold and Commodities Exchange (DGCX) newsletter.

DUBAI MARKET DIPS 0.03 percent: The start of the third week in August was marked by a very volatile trading at the DFM, as its General Index closed nearly flat at 1,491.67 points. Telecom provide Du bucked the trend and closed 3.43 percent higher at Dhs2.11. Nasdaq Dubai-listed Dubai Ports (DP) World was hit by profit bookings, plummeting 4.40 percent to $0.50. DP World shares surged last week after the firm reported a 10 percent higher net profit for the first half year 2010, triggering hopes for a sustainable global economic recovery. Some 39.16m shares changed hands at the DFM.

DUBAI HOLDING SELLS BOMBAY STOCK EXCHANGE STAKE: Dubai Holding has sold its 4 percent stake in India's Bombay Stock Exchange to the American billionaire hedge fund investor, George Soros, The National has reported. The sale provides Dubai Holding with cash as it restructures its businesses and sells assets to repay debts. The sale is set to provide Dubai Holding with cash as it looks to pay its various debts.

DUBAI TO HOLD ASIA INVESTOR MEETINGS: The government of Dubai has announced that the department of finance will hold a series of non-deal fixed-income investor meetings in Asia starting on August 26, Bloomberg has reported. "This follows European investor meetings in June this year and is in line with the strategy of providing regular updates to both existing and prospective fixed-income investors around the world on the Emirate of Dubai's economy," the government said in a statement.

TADAWUL BOURSE LOSES HALF A PERCENT: Weak insurers and petrochemical firms were once again weighing on the Tadawul benchmark index (down 0.5 percent at 6,090.22 points). Saudi Basic Industries Corporation (Sabic), the largest GCC stock in relation to market capitalisation, ended 1.17 percent lower at SR84.50. Ongoing global worries about the economy pulled oil prices lower by 3.89 percent over the last month. Only 24 out of 144 traded shares agined value,

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