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Alba celebrates victory against Alcoa despite Lackluster Gulf Arab Market.
Edited by : AL CIRCLE
2 min read
The International Monetary Fund's ( IMF) gloomy outlook for the world economy weighed in Gulf stock exchanges Wednesday, but the sluggish sentiment could not prevent Aluminum Bahrain from celebrating its legal success against U.S. counterpart Alcoa.
The oil price-sensitive markets in Kuwait and Abu Dhabi closed the day unchanged amid lackluster trading.
Investors preferred staying on the sidelines after the IMF said Tuesday that the global economy is faced with a new recession which can only be avoided if policymakers take swift actions to fight the euro zone debt crisis and by coordinating economic stimuli packages.
Oil prices lost slightly Wednesday as uncertainty spread among global markets.
The Saudi Arabian stock market Tadawul All-Share Index ended a three-day losing streak by adding 0.10 percent to close at 6,796. 99 points.
The Dubai Financial Market (DFM) ended down 0.20 percent to close at 1,625.52. Shares of the DFM itself, the only Arab market publicly listed, fell almost one percent to 1.06 Dirham (0.28 U.S. dollars) amid plummeting trading turnover in Dubai.
Meanwhile, the Bahrain All-Share Index in Manama posted the highest day-gain in the Gulf Arab region, closing 0.20 percent higher at 1,063.92 points. Bahrain Telecom or Batelco added half a percentage point, but the market's main drivers were shares of Aluminum Bahrain, known as Alba. Alba surged 1.25 percent to hit 0. 49 Bahrain dinar (1.30 dollars).
Earlier in the day, Alba said it settled a 447-million-dollar fraud suit filed against the U.S.-based aluminum giant Alcoa in the U.S. District Court for the Western District of Pennsylvania.
According to the statement released by Alba, "The investigations were carried out by the U.S. Department of Justice under the Foreign Corrupt Practices Act, which continued throughout the last four years since the case was filed on Feb. 28, 2008.
"This is a historic day in our long campaign to recover losses suffered by Alba over more than twenty years," said Alba Chairman, Mahmood Al Kooheji.
At the New York Stock Exchange, Alcoa shares plummeted 4.87 percent in late trading Wednesday.
The oil price-sensitive markets in Kuwait and Abu Dhabi closed the day unchanged amid lackluster trading.
Investors preferred staying on the sidelines after the IMF said Tuesday that the global economy is faced with a new recession which can only be avoided if policymakers take swift actions to fight the euro zone debt crisis and by coordinating economic stimuli packages.
Oil prices lost slightly Wednesday as uncertainty spread among global markets.
The Saudi Arabian stock market Tadawul All-Share Index ended a three-day losing streak by adding 0.10 percent to close at 6,796. 99 points.
The Dubai Financial Market (DFM) ended down 0.20 percent to close at 1,625.52. Shares of the DFM itself, the only Arab market publicly listed, fell almost one percent to 1.06 Dirham (0.28 U.S. dollars) amid plummeting trading turnover in Dubai.
Meanwhile, the Bahrain All-Share Index in Manama posted the highest day-gain in the Gulf Arab region, closing 0.20 percent higher at 1,063.92 points. Bahrain Telecom or Batelco added half a percentage point, but the market's main drivers were shares of Aluminum Bahrain, known as Alba. Alba surged 1.25 percent to hit 0. 49 Bahrain dinar (1.30 dollars).
Earlier in the day, Alba said it settled a 447-million-dollar fraud suit filed against the U.S.-based aluminum giant Alcoa in the U.S. District Court for the Western District of Pennsylvania.
According to the statement released by Alba, "The investigations were carried out by the U.S. Department of Justice under the Foreign Corrupt Practices Act, which continued throughout the last four years since the case was filed on Feb. 28, 2008.
"This is a historic day in our long campaign to recover losses suffered by Alba over more than twenty years," said Alba Chairman, Mahmood Al Kooheji.
At the New York Stock Exchange, Alcoa shares plummeted 4.87 percent in late trading Wednesday.
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