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Sept. 18--BAHRAIN BOURSE GAINS THE FOURTH SESSION STRAIGHT: The Bahrain All-Share Index closed at 1,193.12 points on Wednesday. Shares performed mixed with Seef Properties jumping 3.76 percent to BD0.138. Aluminium Bahrain added 0.90 percent to BD0.565. Bahrain Telecom, better known as Batelco, was flat at BD0.34. Earlier in the day, Batelco said it has signed signed a memorandum of understanding (MoU) at the Bahrain- China Business Forum in Beijing, China with Huawei, China's leading global information and communications technology (ICT) solutions provider "to further enhance their long standing relationship." Huawei has been a partner of Batelco for a long time and provides various ICT solutions to support Batelco's services to its customers, including work on the country's nationwide next generation network and high speed internet broadband, said Batelco in a filing to the stock market in Manama.
QATAR EXCHANGE ADVANCES SLIGHTLY: The QE 20 Index added 0.27 percent on Wednesday, closing at 9,833.10 points. In a lackluster session, Qatar National Bank added 0.17 percent to reach QR175. Market bellwether Industries Qatar slipped 0.10 percent to QR153.60.
AS OIL RETREATS, ABU DHABI SHARES FOLLOW: The ADX General Index declined by 0.27 percent to 3,768.39 points on Wednesday, mostly dragged down by the developers. The ongoing Fed meeting in the U. S. and the fall of the oil price, which lost 1.15 percent to hit a one-month low at $106.71, apparently dampened the mood. Aldar Properties and Eshraq Properties fell 0.40 percent and 0.93 percent, respectively. Market bellwether Etisalat gained 0.43 percent, closing at Dhs11.65.
EMIRATES NBD GAINS, UPGRADES LIQUIDITY MANAGEMENT WITH INFOSYS FINACLE : The DFM General Index fell 0.30 percent to 2,609.15 points on Wednesday. Union Properties was the most liquid share, ending up 0.91 percent at Dhs0.776. Shares of bank Emirates NBD gained 0.60 percent to reach Dhs5.18. Earlier in the day, Emirates NBD CIO Ali Sajwani the UAE's biggest lender would roll out the new liquidity management "in order to offer tailor-made cash management products to our corporate and SME clients." The rollout will be based on the new componentized banking solution Finacle 11E by India's software giant Infosys. Emirates NBD is a long-time customer of Infosys Finacle banking solutions. Trading volumes fell to a multi-week low with 390m shares worth Dhs414m changing hands as investors await the final verdict of the U. S. Federal Reserve's 2-day FOMC meeting which will finish on Wednesday with statements from Fed chairman Ben Shalom Bernanke.
SAUDI FIRMS FAILING TO AUDIT ACCOUNTS TO BE PENALISED: Jeddah Chamber of Commerce and Industry (JCCI) has said that several newly established businesses that have failed to maintain their bank accounts or get their accounts audited are finding it difficult to take their expatriate employees under their sponsorship, Arab News has reported. "Companies that do not maintain their bank accounts will not be able to renew the iqamas of current employees who are already under their sponsorship or take on new employees under their sponsorship because they are not fully registered with the ministry," said Badr Mohammed, a former member of the Entrepreneurs Committee at the JCCI.
LEBANESE CENTRAL BANK TO PROVIDE FURTHER STIMULUS NEXT YEAR: country's economy that is hit by war in neighbouring Syria and domestic turmoil, Reuters has reported. The package, however, will be smaller than this year's $1.46bn, said Riad Salameh. "But it will not be the same amount because we have to balance economic needs and the liquidity we are putting in the market," Salameh said. Some three-quarters of this year's stimulus package, which included housing loans and support for renewable energy projects, had already been taken up. The bank plans to roll over what has not yet been taken up and add more, although no decision would be taken before December, he said.
ABU DHABI INFLATION STOOD AT 1 percent : According to data released by the Statistics Centre - Abu Dhabi (Scad), the emirate's inflation stood at 1 percent during the first eight months of 2013, compared with the same period in 2012, Khaleej Times has reported. Consumer Price Index (CPI) rose to 123.8 points during the January-August 2013 period, up from 122.6 points for the same period of 2012, boosted by the 'transport' group, which accounted for 29.3 percent of the overall increase in prices during the period. This was followed by 'restaurants and hotels' group, which advanced 5.7 percent, accounting for 23.8 percent of the overall year-on-year increase observed during the period under review, the report said.
QATAR'S GDP TO GROW BY 6.8 PERCENT IN 2014: Qatar National Bank (QNB) has said the country's real gross domestic product (GDP) is forecast to grow by 6.5 percent in 2013 and 6.8 percent next year, driven by large-scale public infrastructure spending, the Peninsula has reported. The Gulf country's current account surplus is also projected to remain high at 34.1 percent of GDP on average in 2013-2014, as the traditional hydrocarbon exports receipts are expected to be boosted by exports of Gas-to-Liquids (GTL), petrochemicals and fertilisers, the lender said.
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