Jewelry group Damas soars after bidders put their cards on the table-continued

March 28, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1698.390 today, up 1.78%, from the previous close.
Global port operator DP World continued its up-and-down trading and added 1.31% to reach $11.58. Depa Limited, the interior designer firm which was responsible for the inner beauty of the world's tallest tower Burj Khalifa (828m), ended even. Dubai-based jewelry giant Damas International jumped 3.66% to close at $0.425. Earlier in the day, Mannai Corporation of Qatar and Egypt's investment EFG-Hermes made a joint cash bid for Damas, valuing the firm at $445m, The National reported. While Mannai already announced its intention for a takeover in January 10 this year, the offer price of $0.45 per share represents a 45% premium compared to the closing before the aforementioned date.

Source: AME Info


Middle East ETP News
MIDEAST STOCKS-Bank shares main drag on Gulf bourses on Fed minutes, range-bound oil
February 23, 2017-Bank shares were the main drag on most stock markets in the Gulf on Thursday on a lack of direction from the minutes of a U.S. Federal Reserve meeting that showed little support for a March rate rise and as oil traded in a range around $56.40 a barrel.
read more
Dubai falls sharply as Arabtec slides, Egypt rebounds
February 21, 2017-- Dubai's stock market fell on Tuesday, breaking technical support as construction firm Arabtec continued to slide, while Egypt rebounded from a drop triggered by foreign investors' selling.
read more
MIDEAST STOCKS-Higher dividends may aid Gulf bourses
February 20, 2017--Higher dividend payout recommendations from two major companies in the Gulf may help to support stock markets in the region on Monday in the absence of direction from global markets.
read more
Tadawul prepares to list firms on alternative market
February 20, 2017-- Parallel Market will be formally launched on 26 February.
read more
Banks support Saudi, Qatar while profit-taking weighs on UAE
February 19, 2017--Nine of the 12 listed banks on Saudi Arabia's bourse gained in the first 45 minutes of trade
In Qatar, the index rose 0.6 per cent
Dubai's index pulled back 0.5 per cent
read more
Gulf shares may follow global markets higher; Egypt technically bearish
February 16, 2017--Upbeat global shares and steady crude oil prices may provide support to Gulf stock markets on Thursday, while Egypt's main index may face further downside after breaking technical support.
read more
MIDEAST STOCKS-Disappointing corporate earnings may dampen UAE but award could boost Dana
February 14, 2017--Weak company earnings from the United Arab Emirates look set to dampen market performance there on Tuesday while an overnight fall in crude oil prices may restrain other regional markets. However, Abu Dhabi's Dana Gas may surge on news of an arbitration award.
read more
Arabtec drags down Dubai index, local sugar revival boosts Egypt food makers
February 13, 2017--A slump in shares of Dubai's Arabtec dragged Dubai's stock market lower on Monday after the builder reported a larger fourth-quarter net loss, while other markets were mixed.
read more
Islamic finance body drafts new standard for centralised sharia boards
January 9, 2017--A global body for Islamic finance has issued a draft standard on centralized sharia boards, aiming to improve corporate governance in the industry and increase the consumer appeal of sharia-compliant financial products.
read more
UAE's first residential 'REIT' launched
February 5, 2017-- The UAE's first Real Estate Investment Trust (REIT) featuring only residential properties has come into being, with a "seed portfolio" of Dh418 million ($113 million).
read more
Global markets caught in a correlation breakdown
February 2, 2017--Morgan Stanley correlation index hits 14-year low
Regional, cross-asset correlations all down sharply
Trend highlights shift in focus away from central bank policy
read more
MIDEAST STOCKS-Gulf markets mostly soft in early trade; banks buoy Qatar
February 2, 2017--The central bank raised interest rates by three per cent on November 3, causing the pound to halve in value.
read more
Gulf slips on weak global trend but Dubai's Aramex climbs on Q4 profit leap
January 30, 2017-- Major Gulf stock markets were weak in early trade on Monday in response to soft global equities and crude oil prices, although Dubai courier firm Aramex soared on a fourth-quarter earnings beat.
read more
Best performing Kuwait stocks extend near 3-week rally
January 29, 2017--The Kuwait index continuing its gaining streak for a third week on Sunday, leading regional gains.
read more
Egypt may sell bonds in Japanese and Chinese currencies: FinMin
January 26, 2017--Egypt may sell bonds in Japanese yen and Chinese yuan after the country successfully raised $4 billion in its first foray into international capital markets since a currency devaluation took place on November 3rd.
read more
Dubai bourse sees risk on trades after Dow tops 20,000 level
January 26, 2017--The Dubai index rose on Thursday, recovering from the previous day's 1 per cen fall as upbeat sentiment from US markets made traders prone to risks.
read more
MSCI welcomes Saudi reforms, to review emerging market inclusion
January 26, 2017--International equity index compiler MSCI said it welcomed reforms of the Saudi Arabian stock market and reiterated that it could launch in June a review of whether to include Saudi Arabia in its emerging market index.
read more