Middle East ETF News Older than One Year
Tadawul bourse consolidates rebound and leaves Syria shock behind
August 29, 2013--The Tadawul All-Share Index closed 0.20% higher at 7,766.52 points on Thursday.
Earlier in the day, National Bank of Abu Dhabi's research department said that in July 2013 oil production in KSA edged up to 9.47 million barrels per day. "Saudi Arabia benefited from the instability in some of the oil producing countries and trade restrictions," said NBAD. Whilst market bellwether Sabic lost 0.52%, liquid shares such as Saudi Hollandi Bank (up 3.66%, top gainer), Yanbu Cement (2.70% higher) or Islamic financial institution Alinma Bank (gaining 0.36%) helped the gauge to finish in the green. Saudi International Petrochemical Co., better known as Sipchem, finished the month of August flat at SR23.75. Earlier in the day, Sipchem announced the start-up of its ethyl acetate and butyl acetate plant owned by Sipchem Chemicals Company (fully owned by Sipchem) at its complex in Jubail Industrial City. Production will kick off on Sunday Sept. 1. "The financial impact of the operations will be shown in the financial statements for the third quarter of this year," said Sipchem.
Source: AME Info
Kuwait market index falls to 4-month low
August 29, 2013--The sellout continued in Kuwait City on Thursday, as the KSEMI fell by 75 points to 7,632.57, the lowest level since May this year.
In contrast to the exchanges in Doha and Rirahd, the market sentiment in the northern Gulf state failed to recover from the 'Syria panic'. Shares of Kout Food Group gained the most (up 6.76%). Gulf North Africa Holding posted the largest downtick, finishing the "week to forget" 8.47% lower at KD0.054.
Source: AME Info
DP World shares not rewarded for semi-annual results
August 29, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.30% lower at 2740.88 Thursday, representing a six-week low.
Market bellwether Dubai Ports (DP) World closed unchanged at $15.50. Earlier in the day, the world's third biggest maritime port operator in relation to assets, said it earned in the first six months a profit attributable to the owners of the company of $264m, up from $242m in H1 2012 a 9.1% increase. The like-for-like profit (i. e. the profit adjusted for new or divested businesses) rose 26% year-on-year. While business in the Middle East, Africa, the Americas and Australia outperformed, DPW said "the slowdown in some of the emerging market economies has been well documented; particularly China and India, and this has had some impact on our Asia Pacific and India business." DP World said its headquarter port in Dubai-Jebel Ali added 1 million TEU (twenty-foot containers) capacity in Q2, while Embraport (Brazil) and London Gateway (UK) remained on track "to open later this year as scheduled." DP World shares showed resilience during this volatile week when investors fled Middle Eastern Markets due to fears the Syria crisis could escalate. While many UAE-listed blue chips hit multi-month lows DP World fell by 3.125% during the week.
Source: AME Info
Bargain hunters take their picks at Doha bourse
August 29, 2013--The Qatar Exchange (20) Index closed 0.75% higher at 9,619.04 points on the last trading day of the month as shares advanced across the board.
Since Aug. 22, the gauge lost 4.8% due to fears that recent threats by the U. S. to attack Syria could escalate geopolitical tensions in the region. Shares of Qatar Gas Transport or Nakilat topped the charts by closing 8.37% higher at QR19.29. Cinema lost the most, finishing of 2% at QR49.10.
Source: AME Info
Taqa hits 1-year low
August 29, 2013--The Abu Dhabi market index ADXGI lost for fourth consecutive day, closing 0.07% lower at 3,734.55 points.
Trading action on Thursday saw more shares gaining (14) than losing (12), but sluggish blue chips weighed on the gauge. In the wake of this week's mini-crash, shares of Abu Dhabi National Energy, better known as Taqa, plummeted 4.76% to Dhs1.20, the lowest level since July 2012. The emirate's biggest developer Aldar, on the other hand, bounced back by 1.23% to reach Dhs2.46. 183m shares were traded, valued at Dhs400.3m.
Source: AME Info
Saudi exchange recovers while Royal troops put on full alert
August 28, 2013--The Riyadh-based Tadawul All-Share Index closed 0.37% higher at 7,751.32 points on Wednesday, in spite of a negative market breadth.
Earlier in the day, the Saudi ministry of defense said the kingdom's armed forces were put on full alert after the U. S. indicated it would launch an aerial strike on Syria on Thursday. Saudi Arabia said it would endorse a U. S. led campaign, Arab News reported. A sharp spike in oil prices (up 4% at $112.18 per barrel, DME Oman crude futures) also fueled the rebound in Riyadh. Shares of Sabic, the world's biggest producer of petrochemical products, edged up by 1.59% to hit SR95.50. Allianz SF lost the most, finishing 8.82% lower at SR62.
Source: AME Info
Bahrain Bourse digests 'Syria shock' and rebounds
August 28, 2013--As the sole GCC stock market measure on Wednesday as of 4.10pm), the Bahrain All-Share Index added 0.30% to reach 1,189.78 points.
Islamic bank Ithmaar gained the most (up 4.26%), followed by National Bank of Bahrain (2.52% higher) and Aluminium Bahrain (up 0.90%). Bahrain Telecom or Batelco fell 0.60%, whole Islamic bank Al Salam Bahrain declined the most (down 6.32%).
Source: AME Info
Bahrain Bourse hits one-month low on Syria escalation fears
August 27, 2013--The Bahrain All-Share Index closed on Tuesday 1.23% lower at 1,186.28 points as two shares gained, while eight lost value.
Bahrain Duty Free gained the most, trading 2.05% higher at the closing bell. Bahrain's oldest Islamic bank Al Baraka advanced 1.39%. Its rival Ithmaar Bank plummeted 9.62%. Islamic investment bank Gulf Finance House shed 7.41%. On Monday, rating agency Capital Intelligence (CI) concluded a rating exercise on the Bank and has accorded GFH a long‐term and short term corporate rating of BB‐ and B respectively with a 'positive outlook'.
Source: AME Info
Tadawul market dives 4.12 percent
August 27, 2013--The Tadawul All-Share Index closed at a 4-week low at 7,722.7 points on Tuesday amid worries a possible U. S. bombardment on Syrians could escalate into a regional all-out war.
Only 2 shares gained, while 155 declined in value. Four shares closed at a limit-down. Sabic dived 2.33% to finish the most bearish day in the GCC since the Dubai debt crisis in 2009 at SR94.25.
Source: AME Info
Bahrain Bourse hits one-month low on Syria escalation fears
August 27, 2013--The Bahrain All-Share Index closed on Tuesday 1.23% lower at 1,186.28 points as two shares gained, while eight lost value.
Bahrain Duty Free gained the most, trading 2.05% higher at the closing bell. Bahrain's oldest Islamic bank Al Baraka advanced 1.39%. Its rival Ithmaar Bank plummeted 9.62%. Islamic investment bank Gulf Finance House shed 7.41%. On Monday, rating agency Capital Intelligence (CI) concluded a rating exercise on the Bank and has accorded GFH a long‐term and short term corporate rating of BB‐ and B respectively with a 'positive outlook'.
Source: AME Info
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