Regional weekly financial overview

by ArabianBusiness.com staff writer Sunday, 25 February 2007

All of the region’s equity markets gained value earlier, with the exception of Qatar that continued to shed value, according to HSBC bank. The Dubai Financial Market (DFM) has now fallen 12.5% since the start of the year. Saudi Arabia, the region’s largest market, was the week’s strongest performer, and has now reversed initial sharp losses to stand up for the year to date. Full year results show a sharp slowdown in net earnings growth for UAE listed companies, though on an aggregated basis profits were up on 2005 levels. The region’s money markets were largely quiet, although strong onshore and offshore demand for Kuwaiti Dinars and UAE Dirhams pushed US Dollar spot lower.

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The GCC secretariat has announced that it is certain a planned Gulf-wide single currency will come into effect on time in 2010. Qatar, meanwhile, has followed Saudi Arabia, Oman and Bahrain in publicly ruling out any change to the nature or value of its currency peg against the dollar.
The UAE has released monetary data showing strong, if slowing, growth in liquidity and private sector credit.



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