Middle East ETF News Older than One Year
Depa shares "nailed" at $0.41 despite tailwinds
June 20, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 1.44% lower at 2,663.77.
Interio design company Depa, which was responsible for the indorr outfit of the Burj Al Arab and the Burj Khalifa, closed flat $0.41. On June 18, Depa was awarded 2 new contracts in Saudi Arabia with a combined value of Dhs61.7m ($18.82m), Zawya Dow Jones reported. Earlier in the week, Drake and Scull International (DSI) vice chairman Khaldoun Rashid Tabari revealed he had a 10% stake in Depa. DSI is a Dubai-based construction and MEP company, listed on the DFM. Tabari has a seat on Depa's board of directors on behalf of Arabtec which owns a 24% stake in the Dubai-based outfitting firm.
Source: AME Info
CBQ falls as lender eliminates "Gekko"
June 20, 2013--The Qatar Exchange 20 Index headed down 1% to 9,246.19 points on Thursday.
The Gulf state's second lender Commercial Bank of Qatar or CBQ ended off 1.56% at QR69.60. Earlier in the CBQ said its board of directors has reviewed the operating performance of and future potential for Gekko LLC and has approved the dissolution of the Company. "Gekko was formed as a joint venture in which Commercial Bank owns 50% of the shares to market contactless payment cards. The impact on the financial performance of Commercial Bank will be minimal."
Source: AME Info
Aldar Properties falls the third day straight
June 20, 2013--The Abu Dhabi market gauge ADXGI ended down 0.90% at 3,632.36 points.
Lower oil prices in the wake of Bernanke's hint that bond purchases and record-low interest rates might cease in mid-2014 weighed on the gauage. "Dubai spot firm for now at $ 101 per barrel driven by geopolitical tension (-2.8% YTD)," said Dr. Giyas Gokkent, the chief economist and head of research at National Bank of Abu Dhabi (0.81% lower at Dhs12.25) earlier in the day. The emirate's biggest developer Aldar, which is currently merging with Sorouh Real Estate, ended down 2.18% at Dhs2.24 as the most actively traded stock by value. Sorouh lost 0.70% to Dhs2.86. Ras al-Khaima (RAK) Bank bucked the downtrend by closing 5.31% to reach Dhs6.35. Some 150m shares were traded, valued at Dhs357m.
Source: AME Info
Bernanke speech drags down Dubai market
June 20, 2013--The DFM General Index closed 1.35% higher at 2,360.59 points on Thursday.
The day before Fed chairman Ben S. Bernanke irritaed global markets by hinting that the Fed could curtail bond purchases by mid-2014. Weak data from China where HSCB's June flash PMI hit a 9-month low also weighed on the sentiment Dubai. The GCC second lender by market capitalisation Emirates NBD lost the most (down 2.26% at Dhs5.18) while Islamic insurance company Dartakaful posted the biggest day gain (up 1.05% at Dhs0.578). Market bellwether Emaar dived 2.12% to Dhs5.54. Trading volumes plummeted to 262m shares, valued at Dhs420m.
Source: AME Info
UAE market regulator sees 'many advantages' in bourse merger
June 19, 2013--Abdulla al-Turifi, CEO of the Securities and Commodities Authority (SCA) has said a potential merger between the two main stock exchanges of Dubai and Abu Dhabi would have "many advantages' for the country's financial sector, Reuters has reported.
“In case the two markets are merged into one it will have many advantages, although the SCA has not seen any negative aspects in the current situation of having two markets,” head of the UAE's equities market regulator said.
Source: AME Info
Tadawul market fails to recover losses from the beginning of the week
June 19, 2013--The Tadawul All-Share Index closed Wednesday trading unchanged at 7,526.26 points, which marks the last trading day of the Saudi Arabian work week.
Whilst the gauge rose steadily in the sessions since Sunday, the GCC bellewether index failed to recover last Saturday's day-loss of 4.23%, the biggest drop in 2 years after the King's early return from a private holiday fuelled speculations over new tensions in regards to the conflict in Syria. Sabic fell 0.27% to SR93. Saudi Indian Company for Co- operative Insurance, known as Wafa Insurance, posted the biggest increase, ending up 9.95% at SR168.50.
Source: AME Info
Bahrain Islamic Bank gains as new chairman is appointed
June 19, 2013--The Bahrain All-Share Index closed 0.17% lower at 1,202.39 points on Wednesday.
Bahrain Islamic Bank or BisB was the sole gaining share, ending up 0.74% at BD0.136. Earlier in the day, BisB said its board of directors held a meeting on Tuesday, "after completion of all formalities related to the purchase of The Investment Dar shares, which represents 51.6% of BisB capital, by National Bank of Bahrain (NBB) and SIO with 25.8% each." In addition, it has been agreed that Abdul Razak Abdulla Hasan Al Qassim will take the helm as the new Board of Directors Chairman, replacing Khalid Abdulla Al Bassam "who has expressed his intention of quitting his position after eight years in the job so as to concentrate in his other businesses." BisB's rival Gulf Finance House lost the most, finishing off 5.88% at $0.16.
Source: AME Info
Qatari bourse to start trading government bonds tomorrow
June 18, 2013--Qatar Exchange has said trading of government bonds issued by the central bank is set to start on June 20, as part of measures to deepen the Gulf state's debt market and diversify investment tools for banks and other institutions, Reuters has reported.
Four government bonds will initially be available for trading and future quarterly issues are expected to be listed, the exchange said. It launched trading of government Treasury bills in December 2011.
Source: AME Info
Arab countries report 9.8% rise in FDI
June 18, 2013--The Arab Investment and Export Credit Guarantee Corp (DHAMAN) has said that despite unrest in some Arab countries foreign direct investment into Arab states rose by 9.8% last year, but remained well below its level in 2010, Saudi Gazette has reported.
Arab states attracted FDI worth $47.1bn last year, compared with $42.9bn in 2011, which was 28.5% lower than the figure of $66.2bn in 2010, said Kuwaiti-based DHAMAN. Saudi Arabia topped the list of inflows with $12.2bn, or 25.8% of the total even though its share dropped by 25% from the previous year, it said. Inflows to the UAE rose 25% to $9.6bn, or 20.8% of the total, the report said.
Source: AME Info
Sabic gains on good news from its UK plant
June 18, 2013--The Tadawul All-Share Index closed 0.84% to reach 7,526.29 points.
Saudi Basic Industries Corporation, the world's biggest producer of petrochemicals and better known as Sabic, advanced 0.84% to reach SR93.25. Earlier in the day, Arab News reported that after nearly 20 years of under-investment, Sabic UK Petrochemical’s ethylene liquefaction plant on Teesside has witnessed a dramatic turnaround and is on track to make productivity gains of more than £10m a year, following an intensive reliability program with change management specialists, reliable manufacturing. "Just 18 months after embarking on its manufacturing excellence program with Reliable Manufacturing, plant breakdowns and performance issues have been dramatically reduced. Communication between the plant’s two sites has improved, saving the company more than £1m a year," said the report. Ninety-eight shares gained in Riyadh, while 38 stocks declined.
Source: AME Info
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