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It's 'up and away' at Saudi Stock Exchange
The Riyadh-based equity gauge Tasi added 0.40% to reach 6,758.87 points as oil prices continue to fluctuate around $100 per barrel. The Tasi has been advancing since January 22. Petrochemicals and metals producer Sabic edged 0.80% higher to reach SR95.50. Saudi Printing & Packaging Company slipped 1.79% to SR24.75 after the firm reported a 2.3% year-on-year increase in net profits for 2011, amounting to SR36m. Since the start of 2012, the Tasi measure advanced 5.32%, also due an improved global sentiment triggered by better than expected economic data in the U. S. and China.
Kuwait-based Global Investment House said in its recently oil market analysis it "expects average WTI crude oil price to be in the range of $95-100 in 2012 which is also consistent with the Bloomberg Consensus crude oil price of around $98.7 per barrel and close to 2011 average price of $94.9 per barrel." Global added: "Our 2011 estimate (given in Oil Market Outlook 2011) for WTI was close to the actual price. However, our estimate for OPEC crude oil deviated by 26-34% as impact of Arab spring was felt heavily in the regional crude oil prices."
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Interior design firm Depa Limited hits three-week high at NASDAQ Dubai
The FTSE NASDAQ Dubai UAE 20 Index closed at 1517.260 today, up 24.210, or 1.62%, from the previous close. The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. DP World added slightly closing at $11.00. Depa Ltd., the interior design specialist which was responsible for the decoration of the Burj Al Arab and the Burj Khalifa, jumped 5.5%, closing at $0.38.
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Doha market bellwether Industries Qatar hits a two-month high
The QE 20 Index advanced one per cent Sunday, closing at 8,724 points amid a general positive mood at GCC markets, following the U. S. bellwethers bull-run to multi-year highs. Industries Qatar added 0.82% to close at QR135.70, while the Gulf state's largest lender Qatar National Bank (QNB) closed 1.90% higher at QR135.50.
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Kuwait Stock Exchange closes flat after parliamentary elections
The KSE Market Index finished at 5,858 points. End of last week, it was announced that the Islamist opposition won the majority in the northern Gulf state's parliament, the majlis. Year-to-date, the Kuwait market gauge added 0.75%. The country's largest lender National Bank of Kuwait or NBK closed like the market measure flat at KD1.180.
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Abu Dhabi National Energy shares jumps as firm gets AA1-rating from RAM
The ADX General Index closed even at 2.477.69 points as gains in the banking sector were neutralized by losses in the banking segment. Abu Dhabi National Energy Co. or Taq aded 2.40% to reach Dhs1.28. Earlier in the day, Taqa announced it received a AA1 preliminary rating from the Malaysian credit rating agency RAM with respect to its 3.5 billion ringit Islamic debt program.
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