Middle East ETF News Older than One Year
Union Properties hits 3.5-year high, Arabtec flat as it denies merger talks
August 22, 2013--This trading session marked the first time sinece Nov. 6 2008 that the gauge closed above 2,700.
Dubai's second developer Union Properties surged 10.37%' closing as a top gainer at Dhs0.543. Arabtec was the most liquid stock and ended even at Dhs2.65. Earlier in the day, the construction giant denied media reports that it was in merger talks with either Kuwait's contractor Combined Group Contracting or with Saudi Oger. Nevertheless Arabtec was continuing to review opportunities in Saudi Arabia and Kuwait. Arabtec "will disclose any development in line with the regulations of the Dubai Financial Market," said the statement. Around 780m shares were traded, valued at Dhs810m.
Source: AME Info
Bank of Sharjah secures $200m club loan
August 21, 2013--Like its sister market in Dubai, the Abu Dhabi bourse edged up slightly on Wednesday and closed 0.52% higher at 3,921.00 points.
The market was mostly driven up by banks and consumer staples. Shares of Bank of Sharjah closed unchanged at Dhs1.70. Earlier in the day, BoS said it signed a 2-year club term loan facility worth $200m. The proceeds will be used for general business purposes. The group of banks consists of National Bank of Abu Dhabi (as coordinating lender), Commercial Bank of Dubai, First Gulf Bank, Germany's Commerzbank and Wells Fargo.
Source: AME Info
Kuwait Stock Exchange retreats slightly
August 21, 2013--The KSE Market Index lost 20 points on Wednesday, ending at 8,080.38 points.
Losses in the oil and gas sector weighed on the gauge. National Bank of Kuwait, the biggest lender in the country in relation to market value and total assets, closed even. Al Safat Energy Holding Company fell 5% in value.
Source: AME Info
DP World extend trading below mid-Bollinger Band
August 21, 2013--The FTSE NASDAQ Dubai UAE 20 Index advanced 0.32% to close at 2918.49 points on Wednesday.
The gauge measures the performance of blue chips listed on the UAE's lcoal markets DFM in Dubai and ADX in Abu Dhabi and the NASDAQ Dubai. The shares of DP World declined 1.30% to $15.40. Several attempts by the DPW stock chart to cross the central Bollinger Band failed in recent days. Earlier in the day, DP World CEO Mohammed Sharaf welcomed Argentina vice president Amado Boudou who toured the world's third biggest port operator's headquarters at Jebel Ali free port. Argentina and the UAE have inceased their trade relations in recent years in the field of oil, food and alternative energies. DP World operates Terminales Rio de la Plata (TRP), the largest container terminal in Argentina, located in the heart of downtown Buenos Aires. The terminal handles container and general cargo, and cruise vessels.
Source: AME Info
Saudi Arabia's Mobily, GO rise as telcos update market on possible tie-up
August 21, 2013--The Tadawul All-Share Index closed 0.43% higher at 8,214.85 points on Wednesday.
Shares of telecom operators Etihad Etisalat Company, better known as Mobily, and Etihad Atheeb Telecommunication Co. or GO gained 0.87% and 1.28%, respectively. Earlier in the day, the two firms updated shareholders on the MoU Mobily signed on July 1st on acquiring a controlling interest in loss-making GO from certain founding shareholders. GO said in a statement to the Riyadh-based bourse, it received green light from some of the founding shareholders that Mobily's subsidiary Bayanat has signed MoU on Aug. 20 2013 with certain of its founding shareholders, namely Atheeb Trading Company, Al Nahla for Trading and Contracting Company, Traco Group for Trading and Contracting and the Saudi Internet Company. However, a possible buy-in by Mobily is subject to certain conditions being fulfilled prior to Nov. 30, 2013 "including required regulatory approvals including the Communication and Information Technology Commission, completion of a (commercial, financial, technical and legal) due diligence exercise satisfactory to Bayanat and the parties executing definitive agreements for the proposed transaction," said GO.
Source: AME Info
Kuwait Stock Exchange retreats slightly
August 21, 2013--The KSE Market Index lost 20 points on Wednesday, ending at 8,080.38 points.
Losses in the oil and gas sector weighed on the gauge. National Bank of Kuwait, the biggest lender in the country in relation to market value and total assets, closed even. Al Safat Energy Holding Company fell 5% in value.
Source: AME Info
Qatar market index, trading turnover on the way up
August 21, 2013--The Qatar Exchange 20 Index closed 0.21% higher at 10,065.20 points on Wednesday.
Trading volumes increased by 42% to reach over 12m shares which changed hands. Qatar Islamic Bank jumped 3.74%, finishing at QR72.10. Doha Insurance posted the biggest decrease, ending down 2.67% to QR25.50.
Source: AME Info
Brazil real at lowest level in 4 years
August 21, 2013--The Brazilian real has dipped to its lowest level against the dollar in four years, hurt by market expectations of higher US interest rates.
On Monday, the Brazilian currency closed at 2.4169 to the greenback, trading above the 2.4 mark for the first time since March 3, 2009.
Source: AME Info
Saudi Arabia's Bahri in MoU with Saudi Aramco
August 20, 2013--The Tadawul All-Share Index lost 0.28% to 8,179.9 points on Tuesday.
The National Shipping Co. of Saudi Arabia, better known as Bahri, closed 1.93% lower at SR22.85. Earlier in the day, Bahri said it entered into a Memorandum of Understanding MoU with Saudi Aramco, the kingdom's first energy company and also the biggest oil exploration firm globally, and Sembcorp Marine Ltd., a global marine and offshore engineering group based in Singapore. "Under this MoU the three parties will prepare a detailed feasibility assessment towards the development of a world class Maritime Yard in KSA," said Bahri. "The intended Maritime Yard will provide engineering manufacturing and repair services related to rigs platforms commercial vessels and offshore service vessels. Within Bahri this initiative will be managed by the Gas & Offshore Business Unit currently being established."
Source: AME Info
Lackluster Manama market dips 0.07%
August 20, 2013--The Bahrain All Share Index slipped to 1,201.86 points on Tuesday.
Seef Properties B.S.C surged 1.61% to reach BD0.126. Bahrain Telecom or Batelco dived 2.86% to BD0.34.
Source: AME Info
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