Middle East ETF News Older than One Year
Qatar Exchange's gaining streak halted
February 14, 2013--After touching the upper Bollinger Band, the QE 20 Index declined 0.35% to 8,792.84 points Thursday.
Market bellwether share Industries Qatar lost the most (down .54%). Gains inQatar National Bank (up 0.15%), Doha Insurance (2.38% higher, top gainer) and General Insurance (gaining 2.36%) failed to lift the market gauge int the green.
Source: AME Info
Abu Dhabi bourse falls 0.70% on solid trading turnover
February 14, 2013--The ADX General Index closed off 0.70% at 2,934.99 points Thursday.
Aldar Properties ended flat, First Gulf Bank dived 2.70%. Sharjah-based Dana Gas consolidated above the level of Dhs0.50 (up 1.96% at Dhs0.52). Some 303m shares were traded, valued at Dhs285.1m. Over the week, the ADXGI gained 0.90%, trading around a three-year high.
Source: AME Info
DSl slips, Al Salam Bahrain soars at Dubai market
February 14, 2013--The Dubai bourse showed Thursday some form of exhaustion as the gauge's new attempt to crack 1,900 failed for the umpteenth time.
The market index DFMGI fell half a percentage point Thursday. Emaar lost one percent to close at Dhs4.99. Drake and Scull International or DSI closed off 0.75% at Dhs0.793. DSI, a real estate multi-maintenance provider, said late Wednesday its net profit in 2012 fell 41.8% year-on-year, amounting to Dhs128m. DSI Vice Chairman and CEO Khaldoun Tabari said end of 2012 the GCC construction market was "down", and he criticized a general "low payment morale" in the sector. Al Salam Bank Bahrain gained the most, closing 3.15% higher at Dhs0.885. The Islamic Bank announced last Wednesday the successful exit of its "circa £38m (Dhs216.5m) Shari’ah compliant mezzanine facility extended to the refinancing of 5 Canada Square, a landmark commercial Property located in the heart of Canary Wharf, the financial district of London. Al Salam Bahrain also launched mobile banking services earlier in the week. The share gained 120% in value in the last 12 months.
Source: AME Info
Bank shares lift Bahrain Bourse
February 14, 2013--The Bahrain All-Share Index rose 0.68% to hit 1,091.26 points Thursday.
National Bank of Bahrain or NBB (up 3.45%) and Al Salam Bank Bahrain (3.53% higher) were the most actively traded share. The Islamic Bank announced last Wednesday the successful exit of its "circa £38m (Dhs216.5m) Shari'ah compliant mezzanine facility extended to the refinancing of 5 Canada Square, a landmark commercial Property located in the heart of Canary Wharf, the financial district of London. Al Salam Bahrain also launched mobile banking services earlier in the week. The share gained 120% in value in the last 12 months. Aluminum Bahrain, known as Alba, ended unchanged at BD0.45. Earlier in the day, Alba said it generated a net profit of $257m in 2012, representing a 54% drop year-on-year "driven by lower LME prices and higher energy costs", said Alba.
Source: AME Info
Only way is up at Kuwait Stock Exchange
February 13, 2013--The KSE Market Index added 0.42% Wednesday and closed at 6,384.32.
Higher oil price pushed the gauge higher to close to 8-month high. Brent hit a 9-month high Wednesday, while DME Oman Crude rose near a 6-month high. 95% of Kuwait's state budget is based on oil exports. Shares of Gulf Investment House closed 5.3% higher at KD0.049. Gulf Bank of Kuwait closed flat at KD0.410. Earlier in the day, the lender announced that its Chief Executive Officer, Mr. Michel Accad, has been appointed to the Board of Directors of INJAZ Kuwait (Injaz is Arabic for to do something). Gulf Bank's long term interest in youth development supports H.H. The Amir of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah's vision for the empowerment and encouragement of Kuwait's youth.
Source: AME Info
Saudi Cement Co. rides high on kingdom's construction boom
February 13, 2013--The Tadawul All-Share Index advanced 0.10% to reach 7,062.98 Wednesday, the last trading day in the Saudi week.
The gauge regained its momentum after a brief phase of sideways trading but the index faces a fierce resistance level at 7,150, the old high from Jan. 9 2013 and Sep. 16 2012. Shares of Saudi Cement Company slipped 0.77% to SR97.25. In the last 12 months the share gained 14.6%. Earlier in the day, Saudi Cement Co. said its profit in 2012 reached SR1.1bn compared to SR831.2m for the previous year with an increase of 32.3%. "The main reason for the increase in profit (...) is increased local cement and clinker sales as a result of rise in local demand," said the firm. According to Riyadh-based Jadwa Investment, cement sales in KSA were at their all-time high end of last year as they increased by 14.4% year-on-year in Dec. taking the annual growth to 10.6% for 2012.
Source: AME Info
Only way is up at Kuwait Stock Exchange
February 13, 2013--The KSE Market Index added 0.42% Wednesday and closed at 6,384.32.
Higher oil price pushed the gauge higher to close to 8-month high. Brent hit a 9-month high Wednesday, while DME Oman Crude rose near a 6-month high. 95% of Kuwait's state budget is based on oil exports. Shares of Gulf Investment House closed 5.3% higher at KD0.049. Gulf Bank of Kuwait closed flat at KD0.410. Earlier in the day, the lender announced that its Chief Executive Officer, Mr. Michel Accad, has been appointed to the Board of Directors of INJAZ Kuwait (Injaz is Arabic for to do something). Gulf Bank's long term interest in youth development supports H.H. The Amir of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah's vision for the empowerment and encouragement of Kuwait's youth.
Source: AME Info
Qatar bourse rises as S&P maintain's 'stable' outlook
February 13, 2013--The Doha-based Qatar Exchange index advanced 0.55% Wednesday, closing at 8,824 straight, the highest level since April 5 2012.
Banks in particular fueled the gauge's rise after Standard & Poor's has maintained its 'Stable' outlook on Qatar on the strength of the country's 'high levels of economic wealth and strong fiscal and external balance sheets,' Gulf Times has reported. S&P assigned AA/stable/A-1+; AA/stable/A-1+ ratings to Qatar and said the Gulf country was one of the wealthiest economies it rated, with GDP per capita estimated at $104,000 in 2012. Al Ahli Bank jumped 3.70%, finishing as a top gainer at QR56. Qatar German Medical fell the most, ending down three percent at QR12.90.
Source: AME Info
Saudi Kayan Petrochem losses rise 3-fold
February 12, 2013--The Tadawul All-Share Index advanced 0.40% to reach 7,057.19.
Shares of Saudi Kayan Petrochemical Company ended down 0.43% at SR11.65. Earlier in the day, Saudi Kayan said its net loss in 2012 increased 208.6% to SR772.27m compared to SR250.25m for the previous year. The company did not elaborate. Shares of market bellwether Sabic, the world's largest petrochemicals producer, rose 0.54% to hit SR93.50.
Source: AME Info
Moody's cuts Egypt rating
February 12, 2013--Ratings agency Moody's has cut the credit rating of Egypt to B3, over doubts about its ability to secure International Monetary Fund support and the economic impact of a new round of political unrest, Reuters has reported.
The rating agency also cited a further weakening in Egypt's external payments position given a large drop in foreign exchange reserves in January as the country battles to stave off a currency crisis.
Source: AME Info
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