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

Aug. 31--QATAR EXCHANGE RALLY SLOWS DOWN : The Doha-located QE Index ended 0.11 percent higher at 7,226.15 points as insurers and industrials advanced further but to a lesser amount than during previous trading sessions. The country's largest bank Qatar National Bank (QNB) gained half a percent, closing at QR141.10. According to a survey done by Credit Suisse among 30 fund managers across Europe "Saudi and Qatari banks are the place to be in Mena financials." However, "European managers were skeptical about Qatar's long term story, despite the medium term outlook remaining robust,", the Credit Suisse survey found out.

INSURERS, INDUSTRIALS LIFT KUWAIT BOURSE: The Kuwait Stock Exchange (KSE) Market Index closed 0.33 percent higher at 6,688.6 points. Gulf Insurance Company advanced 5.37 percent (at KD0.490) and closed among the top five KSE gaining shares. Logistics provider Agility (off 3.33 percent at KD0.435) failed to impress investors with news that its contract to provide services to the U. S. Army was extended by another six months. The KSE industrials index helped lifting the market sentiment as well, with Gulf Glass Manufacturing Co. surging nine percent to KD0.600.

ABU DHABI MARKET LOSES INSIGNIFICANTLY: The ADX General finished almost flat at 2,498.52 points. Shares of Aabar Investments weakened 2.56 percent at Dhs1.52. The government-related firm, which decided to transform itself into a private joint stock company, said to today that its delisting will be effective from September 8. Gains at Abu Dhabi National Hotels (up 6.31 percent to Dhs3.20) failed to lift the entire market. Under the strategic plan "Abu Dhabi 2030" the emirate's government plans to invest $30bn into the tourism sector within the next two decades.

DUBAI MARKET MELTDOWN EXTENDED: The DFM General Index ended 0.47 percent lower at 1,483.67 points after UAE's Minister of Economy, Sultan Al Mansouri told The National that he expects growth to be at the lower end of forecasts in 2010. Emaar Properties was the most liquid share, closing 0.61 percent lower at Dhs3.26. Traded value declined 38 percent to Dhs44.71m, while 31.16m shares (off 44 percent) changed hands.

UAE SET FOR NEW LAWS TO PROMOTE INVESTMENT: The UAE economy minister, Sultan Bin Saeed al-Mansouri has said that preparations are underway to launch new laws and updating existing regulations to boost investor confidence in the country, Wam has reported. "The ministry of economy is laying the final touches on Competition Law, Companies Law, Auditors Law, Foreign Investment Law, Industry and Industry Ownership Laws, Certificate of Origin Law, Anti-Fraud Law and the draft of the Arbitration Law," the minister said.

KUWAIT SEES $22.3BN BUDGET SURPLUS : According to data by Kuwait's finance ministry, the Gulf state has recorded a budget surplus of KD6.44bn ($22.3bn) in the fiscal year ended March 31, after oil revenue was more than double what was forecasted, Bloomberg has reported. Oil revenue was KD16.58bn for the fiscal year, compared with a projection of KD6.9bn, while non-oil revenue was 4 percent below budget at KD1.1bn, the data showed.

SAUDI M3 MONEY SUPPLY GROWTH SLOWS TO SEVEN YEAR LOW: Saudi Arabian Monetary Agency (SAMA) has said that M3 money supply growth, an indicator of future inflation, slowed to a more than seven-year low in July, Bloomberg has reported. M3 money supply growth, which includes demand deposits and currency outside banks, eased to 2.3 percent in July, compared with 3.4 percent the previous month. July bank claims on the private sector advanced an annual 4.9 percent compared with 4.4 percent in June, according to the central bank data.

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