Saudi Arabia's bourse rebounded on Wednesday from a nine-day low as bargain hunters picked up battered stocks, while Dubai's Emaar Properties declined after quarterly earnings missed estimates. Most sectors in Saudi Arabia rallied, with large-caps Saudi Basic Industries Corp and Al Rajhi Bank gaining 0.9 percent and 1.1 percent respectively. Dar Al Arkan rose 1.2 percent, accounting for a quarter of all shares traded on the index. "The market did not react (over the last two weeks) to the positive earnings growth we saw in the third quarter - we expected to see it recover a bit," said Hesham Tuffaha, head of asset management at Bakheet Investment Group. "The Saudi market is extremely undervalued compared to global equity markets and the emerging markets. In the short term, the market will be volatile until there is a clear direction in global markets. But long-term, the market is attractive and we could see it at much higher valuations." The kingdom's index rose 0.9 percent, extending year-to-date gains to 5.8 percent. Saudi Arabia's stock exchange will be closed for Eid al Adha holidays and resume trade on Nov. 3. In Dubai, Emaar Properties fell 1.9 percent, dragging the emirate's bourse to a nine-day closing low. The developer posted a 4.7 percent drop in third-quarter net profit to 387 million dirhams, well below the average analyst forecast of 516.2 million dirhams. The index fell 0.5 percent to 1,641 points, its lowest finish since Oct. 15. More»

For the third year in a row, Mubasher Financial Services (MFS) has been rated to be the Best Broker in the UAE by Global Investor. Technological innovation and product performance factored heavily into the rating, and the latest award solidifies Mubasher's track record as one of the region's most consistent and innovative pioneers.  Speaking after the award ceremony at Global Investor's Middle East Summit in Doha, Qatar, CEO of Mubasher - Mr Malek Kanawati stated: ": "Our track record of pioneering cutting edge solutions is epitomized by the fact that we were the first broker to introduce online trading on the UAE markets. In times of uncertainty in global financial markets, clients find reassurance in our consistency, resilience and reliability. However, our consistency should not be interpreted as stagnation. In fact since we first won this award in 2010, we have continuously introduced pioneering cutting edge trading solutions. We have made our technology more robust, our portfolio more diverse and our ambitions more global." The summit also featured panel discussions, in which Mubasher shared its research expertise and traded insights with other top participants. Mubasher's Head of Research provided advisory input on how best to exploit financial research and market intelligence, in order to make more informed investment choices and take more calculated risks. More»

Saudi Arabia's stock market has started to recover after pricing in weak earnings from petrochemical producers and banks, and since many of these shares remain recommended by analysts, they may drive the market higher in coming sessions. The past month has been a poor one for Saudi stock investors, with the main index losing about 7 percent. Disappointing third-quarter bank earnings were one blow. Al Rajhi Bank, Saudi Arabia's largest listed bank, reported Sunday that quarterly net profit fell 3.5 percent from a year earlier to SR1.87 billion ($498 million). That was below SR2.11 billion predicted by a Reuters analyst poll. Riyad Bank, Saudi British Bank and Banque Saudi Fransi, the Kingdom's third, fourth and fifth largest lenders, also missed expectations. Petrochemical firms, heavily weighted in the index, suffered weak earnings. Saudi Basic Industries Corp (Sabic), the world's biggest petrochemicals group by market value, posted a 23 percent slump in third-quarter net profit Wednesday. More»

Bargain hunters lifted Saudi Arabia's bourse from an 11-week low on Monday despite lingering earnings concerns, and most other Gulf markets also gained. Heavyweight Al Rajhi Bank was one of the top gainers, rising 1.5 percent and trimming October's declines to 3.1 percent. The bank reported a third-quarter net profit decline of 3.5 percent, missing estimates. The stock witnessed heavy selling pressure in recent sessions, on talks a major shareholder will sell its stake. Analysts say the weak earnings were priced into the stock. "Rajhi's declining movement for the last two weeks priced in the results, that's why we're not seeing lower price today," said Faisal Al-Othman, portfolio manager at Riyadh-based Arab National Bank. Other banks, which also declined recently on earnings that missed estimates, were up. Samba Financial Group climbed 1.8 percent and Banque Saudi Fransi (BSF) gained 0.7 percent. More»

Dubai's benchmark index extended its rally to hit a 23-week high on Sunday, with real estate stocks attracting buyers amid renewed momentum in the once-troubled sector. Other Gulf markets were mixed ahead of third-quarter corporate earnings. In Dubai, Emaar Properties rose nearly 2 percent, while Union Properties advanced 3.1 percent and Deyaar climbed 0.5 percent. Dubai's index rose 1 percent to 1,644 points, its highest close since April 26. "The real estate sector in Dubai has been picking up and investors are expecting this to be reflected on the real estate sector shares," says Nabil Al Rantisi, managing director at Mena Corp. "Markets look in good condition. The only thing at the moment that could stop this is more instability in the geopolitical situation in the region." Developers unveiled billion-dollar projects and new high-end residential developments at Dubai's annual Cityscape property show last week, with the mood at the event at its most upbeat since 2008. More»

Arqaam Capital, a Dubai-based emerging market investment bank, has agreed to buy a financial services firm in Libya to tap into economic growth as the country rebuilds after its civil war. The acquisition of Al Rashad Finance and Management Advisory will give Arqaam a presence in the country and the potential to buy and sell securities and manage portfolios there, Arqaam said in a statement on Sunday. Al Rashad Finance, founded in February, has received initial approval for a financial services licence in Libya, Arqaam said. No financial details of the transaction were provided. Libya's economy is expected to rebound sharply this year from a deep contraction in 2011 as the country rebuilds and oil production recovers to levels last seen during Muammar Gaddafi's rule, the International Monetary Fund said in July. Arqaam offers corporate finance, asset management and brokerage services through its main office in Dubai. It also has presences in Beirut, London and Cairo. The firm bought Egyptian brokerage firm El Rashad Securities in January. More»

Dubai's benchmark index extended its rally to hit a 23-week high on Sunday, with real estate stocks attracting buyers amid renewed momentum in the once-troubled sector. Other Gulf markets were mixed ahead of third-quarter corporate earnings. In Dubai, Emaar Properties rose nearly 2 percent, while Union Properties advanced 3.1 percent and Deyaar climbed 0.5 percent. Dubai's index rose 1 percent to 1,644 points, its highest close since April 26. "The real estate sector in Dubai has been picking up and investors are expecting this to be reflected on the real estate sector shares," says Nabil Al Rantisi, managing director at MENA Corp. "Markets look in good condition. The only thing at the moment that could stop this is more instability in the geopolitical situation in the region." Developers unveiled billion-dollar projects and new high-end residential developments at Dubai's annual Cityscape property show last week, with the mood at the event at its most upbeat since 2008. More»

The long-drawn-out political deadlock between Kuwait's cabinet and parliament has hurt the stock market, but fund managers and analysts believe government-linked funds may have stepped in to support shares, and blue chips are reaping the benefit. The market's index slumped to an eight-year low in mid-August, underperforming most other stock markets in the Gulf, largely because of the political situation. Opposition legislators are boycotting parliament and accuse the government of trying to gerrymander voting districts for the next election, which could be held by the end of this year. In the meantime, much economic policy-making and many investment plans have been frozen. But in the last several weeks the index has partially recovered and it now stands at a three-month high, 5 per cent above its trough. It is 2.3 per cent higher than its level at the end of last year. Many in the market suspect government-linked funds are buying stocks. Speculation centres on the Kuwait Investment Authority (KIA), the country's sovereign wealth fund in which much of its oil wealth is parked, and on other funds in which the government owns stakes. More»

Bahrain Bourse, one of the leading markets in the Gulf region, said it has signed a memorandum of understanding (MoU) with the Turkish stock exchange during the Istanbul Finance Summit. The agreement with Istanbul Menkul Kõymetler Borsasõ (MKB) aims at strengthening relations between the two exchanges as well as offering new investment opportunities for participants of both markets. "MKB attaches special importance to GCC countries and envisages that the region will play a key role in its future," said MKB chairman and chief executive Ibrahim M Turhan. "We are, therefore, pleased to sign this MoU with Bahrain Bourse, one of the leading markets in the Gulf," he noted. "I am confident that this MoU will pave the way for a stronger co-operation between the two exchanges in various areas of exchange business, including technology development, exchange of staff and offering common products for the investors of both sides," he added. More»

Iran's state radio is reporting that the country has inaugurated a new hard currency trading center to undercut the black market. Under the supervision of Iran's central bank, the center will offer US dollars at 2 percent less than the street rate to importers of the country's needs, from the veterinary industry to printing machines, according to the Sunday report. More»