Middle East ETF News Older than One Year
Kuwait Stock Exchange shaves 7,000 points
April 16, 2013--The KSE Market Index gained 1.32% Tuesday, closing at 7,043.84 points as shares advanced across all sectors with the exception of lenders.
Gulf Investment House was among the top gainers, closing up 8.93% at KD0.061. National Bank of Kuwait, the Northern Gulf state's first lender fell by KD0.010 to KD0.940.
Source: AME Info
Zain KSA net loss narrows further
April 15, 2013--The Tadawul All-Share Index closed 0.70% lower at 7,145.6 points Monday as global markets were unsettled by China's GDP y-o-y growth of 7.7% in Q1, lower than economists expected.
Shares of Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, declined 0.60% to close at SR8.25. Earlier in the day, the telecom firm said its net loss during Q1 amounted to SR398m, as compared to SR420m for the same quarter last year, representing a decrease in net loss of 5% and a decrease of 10% quarter-on-quarter. Zain KSA said a decline of financial charges by 25% helped to shrink the net loss. On April 3, Zain KSA extended the maturity of a $600m Islamic financing facility for the umpteenth time. The new deadline is May 1, 2013. Since its launch in Dec. 2008, Zain Ksa, which is owned 37% by Kuwait's Zain, has not generated profits.
Source: AME Info
Losses across the board keep Bahrain bourse at bay
April 15, 2013--The Bahrain All-Share Index finished Monday trading 0.40% lower at 1,087.63 points.
Islamic investment bank Gulf Finance House lost the most (off 7.14% at $0.13). Bahrain Telecom (Batelco) and Aluminium Bahrain (Alba) fell both by half a percentage point.
Source: AME Info
Qatar Insurance delivers good news while global markets retreat
April 15, 2013--The QE 20 Index finished 0.60% lower at 8,333.11 points Monday.
Market heavyweight Industries Qatar posted the second highest day-loss, ending off 1.70% at QR151.20. Qatar Insurance (QI) posted the second highest gain, ending up 1.50% at QR54.10. Earlier in the day, QI said in the 3-month period ended March 31 it earned a net profit of QR281.6m in comparison to QR207.6m for the corresponding period in 2012.
Source: AME Info
Egypt's Al-Azhar approves Sukuk law
‎April 13, 2013--Egypt's Al-Azhar has approved a law allowing the government to issue Islamic bonds, but said a few changes would have to be made first, Reuters has reported.
"The authority announces that this project, after making all the changes that were decided by the authority, will be compliant with the principles and provisions of Islamic Shari'ah," it said, without giving details on the changes. The leading Islamic authority had protested when the law was passed in March by the parliament, saying its top scholars should have been consulted.
Source: AME Info
Kuwait equity index knocks at 7,000 points
April 11, 2013--The KSE Market Index advanced 0.43% to reach 6,977.73 points.
Burgan Bank gained 1.81%, closing at KD0.560. Market bellwethers National Bank of Kuwait and Zain Telecom closed flat at KD0.930 and KD0.730, respectively.
Source: AME Info
DP World gains the 5th session straight
April 11, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.47% higher at 2,333.55 points Thursday.
DP World stabilised at a near-5 year high at $15.41.
Source: AME Info
ADIB on the rise, Dana Gas hits 4-week high
April 11, 2013--The Abu Dhabi equity index rose 0.33%, finishing Thursday at 3,127.36.
Abu Dhabi Islamic Bank or ADIB soared 1.40% to Dhs3.65. Earlier in the day, ADIB said it has increased its shares in favour of Emirates International Investments Co. LLC. Sharjah-based oil and gas firm Dana Gas jumped 4.17% to Dhs0.50.
Source: AME Info
Dubai bourse rises as 'investors keep calm and carry on'
April 11, 2013--The DFM General Index rose 1% Thursday to hit 1,973.57 points despite a negative market breadth (advance/decline, 11 to 13).
In its quarterly economic outlook published earlier today, U. S. asset management firm SEI (Middle East) said investors keep Calm and carry on, and "although Europe is a mess, the U.S. markets keep growing," having positive impact on global markets. "While past performance is no guarantee of future results, there are some signs that the growth can continue," added the SEI-report. At the DFM, Dubai Islamic Bank gained the most (up 3.63% at Dhs2.57). Market bellwether Emaar Properties closed unchanged at Dhs5.35. Over the week, the Dubai bourse index increased 5% in value.
Source: AME Info
Union Properties gain 10pct in a week
April 10, 2013--The Dubai Fiancial Market (DFM) General Index declined 0.35% to 1.956.02 Wednesday.
Union Properties (UPP) bucked the trend by closing 3.10% at Dhs0.433. UPP's low share price makes the developer of Dubai Motor City and DIFC-based Index Tower (among other objects) attractive for bargain hunters and competitors for possible takeovers. On the decline were Dubai Islamic Bank (off 3.13%) and Emaar Properties (1.83% lower, ex-dividend). At Tuesday's 15th annual general meeting (AGM), Emaar declared a 10% cash dividend for the year 2012, equivalent to Dhs609m. One shareholder who was present told AMEinfo.com that ths AGM was "the most peaceful and harmonious in the post-crisis era". Emaar shares gained 70% in value in the last 12 months. Shares of Islamic home financing firm Tamweel fell 2.54%. In Q1 Tamweel earned a net profit of Dhs20.5m, up from 18.1m in the same period last year.
Source: AME Info
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