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Source: AME Info, Abu Dhabi, United Arab EmiratesJuly 29--KUWAIT BOURSE DROPS ON POST-ELECTION DAY: The KSE Market Index fell 0.儲存38 percent to 8,080.18 points on Monday, the day after a new parliament was elected in the Northern Gulf state. Yesterday's pols saw Shia deputies losing more than half of their seats, while liberals made slight gains. Shares of National Bank of Kuwait lost KD0.10, closing at KD0.910. Alnawadi Holding gained the most (up 8.47 percent at KD0.128).AL KHALEEJ TAKAFUL GROUP DIVES ON EARNINGS DEBACLE: The Qatar Exchange 20 Index sliped 0.15 percent, finishing Monday trading at 9,640.54 points. Al Khaleej Takaful Group plummeted 6.92 percent to QR41. In the first six months, the Islamic insurance firm recorded a net profit of QR28.3m in comparisons to QR59m for the same period last year. "Takaful Insurance contributions for Alkhaleej Takaful Group amount to QR 158.6m , an increase of 9 percent over last year," the firm added. "Deficit in contributors account continued to decline. It stands at QR1,339,352 compared to QR2,853,996, an improvement of 53 percent over the same period of last year. We expect more improvement by the end of the year."RAK PROPERTIES PLUMMETS AS SIX-MONTH PROFIT SLIDES: The Abu Dhabi market index ADXGI lost 0.45 percent to 3,867.59 points. RAK Properties list the most, closing down 4.84 percent at Dhs0.59. Earlier in the day, the biggest developer in the emirate of Ras al-Khaima said it earned in the first half of 2013 a profit of Dhs51.10m, down 26.05 percent year-on-year. Sales revenues dived 75.52 percent to Dhs110.52m. The emirate of RAK is currently revamping ist infrastructure which adds more construction sites to roads and residential and hotel areas, weighing on tourist arrivals and on property purchases.DUBAI MARKET UP 0.33PCT IN LACKLUSTER TRADING: The DFM General Index advanced by 0.33 percent to reach 2,515.14 points on Monday. Some 230m shares were traded, valued at Dhs402m. Air Arabia gained the most (up 3.17 percent at Dhs1.30). Arabtec, as the most liquid share, lost for the second day straight, ending off 0.92 percent at Dhs2.16. After a rights issue allocation, Arabtec's 1.56bn new shares issued at Dhs1.50 per share started trading yesterday. The UAE's first construction firm acquired through this way Dhs2.4bn.OMAN REPORTS OR110.4M IN BUDGET DEFICIT: According to figures by Oman's National Centre for Statistics and Information (NCSI), the sultanate posted a budget deficit of OR110.4m for the first five months of 2013, compared with a surplus of OR1.58m in the corresponding period of last year, Muscat Daily has reported. The shortfall was the result of a marginal decline in government revenue even as public expenditure continued to rise. Total public revenue dropped 1.5 percent during the five-month period to OR6bn from OR6.1bn in the same period last year, the data showed.TRANSGULF INVESTMENT REPORTS H1 NET LOSS: Oman-based Transgulf Investment Holding Co has posted a net loss of OR375,300 for the first six months of this year, compared with a net profit of OR596,113 during the same period of 2012, Muscat Daily has reported. The company, which in June approved the merger with Al Madina Financial and Investment Services Co, said total assets surged 79 percent to OR20.97m at end of June 2013, compared with OR11.73m as of end June 2012. "The merger will result in the creation of a stronger entity that will support ambitious future investment plans of our company taking advantage of the various opportunities that arise from the strong economic growth of Oman," said chairman of Transgulf, Mohammed Ali al Barwani.EGYPT REPORTS 2.2 percent GDP GROWTH IN Q2: Egyptian finance ministry has said the second quarter of 2013 saw a 2.2 percent growth of the country's gross domestic product (GDP), Daily News Egypt has reported. The increase, however, was less than the first quarter, which saw an increase of 2.4 percent of the GDP, the ministry said. "Between May and July 2013, the budget deficit rose to 11.8 percent to reach EGP204.9bn, compared with EGP136.5bn during the same period last year," it said. "In addition, it is expected that the budget deficit reaches 9.1 percent as a percentage of GDP during the fiscal year budget 2014/2013, to become approximately EGP186bn," the ministry said in its report.SIPCHEM AFFILIATE SECURES ISLAMIC REFINANCING: The Tadawul All-Share Index on Sunday closed 0.10 percent lower at 7,763.14 points amid a neutral market breadth (68 shared rose, 68 stock declined). Saudi International Petrochemical Co. or Sipchem gained 0.42 percent to reach SR24.10. Earlier in the day, Sipchem said that International Methanol Company, one its affiliates, signed Islamic Facility agreement with Riyad Bank worth SR325m ($87.75m), with maturity on 2023. Earlier this year on March 31, Sipchem' subsidiary International Diol Company in which its own 53.91 percent completed the signing of new agreement for refinancing of existing loans with local commercial banks and two Saudi Arabian public fund, amounting to SR1.023bn ($266m), with SR32.76m (SR32.76m).MUSCAT MARKET ON THE RISE : The Omani MSM30 Index closed 0.13 percent higer新蒲崗迷你倉at 6,714.17 points on Sunday. The gauge gained 30 percent in the last 12 months and approaches a 2.5-year high at around 7,000 points (double-top from the beginning of 2011). The Financial Corporation gained the most (up 9.09 percent at RO0.108). Earlier in the day, the firm published an unaudited profit for the first half-year of RO445k, up from a loss of RO203.9 in the same period last year.DOHA LISTED SHARES DECLINE ACROSS THE BOARD: The QE 20 Index fell 0.41 percent to 9,654.55 points on Sunday. Qatar Islamic Bank gained 0.88 percent to reach QR68.70. Qatar National Bank (QNB) lost 1.18 percent to QR168. QNB said earlier in the day it officially launched operations in China at ts "Qatar National Bank S.A.Q. Shanghai Representative Office" after receiving all of the required regulatory approvals. Doha Insurance lost the most (off 3.21 percent at QR25.65), while Gulf International posted the biggest increase (up 1.74 percent at QR46.80).BANK OF SHARJAH RISES ON HIGHER HALF-YEAR NET PROFIT: Like the Dubai market index, the Abu Dhabi equity market measure ADXGI slipped 0.60 percent, closing at 3,885.08 points. Gulf Medical Projects Co. jumped 7 percent to hit Dhs2.90. Bank of Sharjah (BoS) finished 1.23 percent higher at Dhs1.65. Earlier in the day, BoS reported it recorded in the first six months a net profit of Dhs144m ($39.26m), up 15 percent year-on-year. Net profit for the second quarter was Dhs74m ($20.2m) up 6 percent, q-o-q).DUBAI LISTED SHARES SWING BETWEEN GAINS AND LOSSES: A volatile Sunday saw the DFM General Index closing 0.48 percent lower at 2,506.82 points. Drake and Scull International was the most liquid share. The construction and property maintenance firm lost 0.85 percent at Dhs1.17. Arabtec dived 3.11 percent to Dhs2.18. The UAE's first construction firm said it concluded the rights issue scheme which was 2.4 times oversubsribed. Through the scheme, Arabtec raised Dhs2.4bn ($655m). "1.56bn share have been allocated and began trading today," said Arabtec. Aramex gained the most (up 3.13 percent at Dhs2.64). Some 352m shares were traded, valued at Dhs527.6m.SAUDI ARABIA NEEDS TO BOOST PRIVATE SECTOR GROWTH: IMF: The International Monetary Fund (IMF) has warned Saudi Arabia may not be able to create all the private sector jobs it needs for its rapidly growing population, which could lead to higher unemployment, Reuters has reported. "A large number of young people will enter the labour market in the next decade and beyond, and creating a sufficient number of rewarding jobs for them in the private sector will be a challenge," the IMF said in its regular health check of the Saudi economy. The fund said recent history shows the private sector may not be able to absorb all the new job seekers. Saudi Arabia needs to act now to boost growth in the private sector, as the oil output its economy is dependent on is likely to slow over the next five years, the IMF said.IRAN INFLATION HITS 45 percent IN JUNE: According to official data, Iran's inflation rate surged to 45 percent in June, adding pressure on squeezed Iranian households and an indication of the huge task President-elect Hassan Rouhani faces to repair the economy, Reuters has reported. Prices rose 45 percent in the month up to June 21, compared with the same month a year earlier. They accelerated from 41.7 percent inflation in the month to May 21, the data showed. Inflation averaged 35.9 percent over the 12 months through June 21, the country's central bank said earlier this month.EGYPT NOT TO FOLLOW AUSTERITY MEASURES: Egypt's new finance minister, Ahmad Galal has said the country's interim government will seek to avoid major austerity measures and instead work to stimulate the economy by improving security and pumping in new funds, Reuters has reported. The government inherits a budget deficit that since January has been running at around $3.2bn a month, almost half of all state spending. "One of the important tools to deal with the budget deficit is stimulating the economy," Galal told reporters at a briefing. "We will seek to pump more new funds into the economy and not follow austerity measures. We do not want to increase taxes sharply, that is if we increase them at all, and we do not want to lower spending in a way that will slow a revival of the economy," the minister said.IMF TALKS WITH EGYPT TO RESUME AFTER INTERNATIONAL COMMUNITY RECOGNISES INTERIM GOVERNMENT : The International Monetary Fund (IMF) has said it will not engage in talks about a possible $4.8bn loan to Egypt until the country's interim government gains recognition from the international community, Reuters has reported. "It's a case of the international community, ... its institutions, its nations, coming together and recognising a particular government," IMF deputy spokesman William Murray told reporters. "And until that happens, and until our members make a decision on the Egyptian government, we're going to keep our context technical (at the technical level)."Copyright: ___ (c)2013 AME Info (Abu Dhabi, United Arab Emirates) Visit AME Info (Abu Dhabi, United Arab Emirates) at www.ameinfo.com Distributed by MCT Information Servicesmini storage