Middle East ETF News Older than One Year
ADCB gets green light to buy back 10% of its shares
January 28, 2013--The ADX General Index gained a quarter percentage point Monday, closing at 2,806.89 points.
Abu Dhabi Commercial Bank or ADCB surged 2.74% to reach Dhs3.38. Earlier in the day, ADCB said the UAE central bank had no objections against the lender's plan to buy back 10% of its shares. Merging developers Aldar and Sorouh fell 2.11% and 0.58%, respectively. Earlier in the day, both developers said their merger will be subject to shareholders' vote in Feb. whilst the merger will be completed end of June this year.
Source: AME Info
Dubai market swings between profits and losses
January 28, 2013--The DFM General Index closed a volatile Monday 0.13% higher at 1,821.30 points.
Emirates NBD (up 6.06% at Dhs3.50%) helped the gauge to stay in the green. Emaar remained unchanged at its three-year high from yesterday at Dhs4.64. Profit takings dragged shares of the DFM, the only listed Arab market, down by 2.34% to Dhs1.25. Market breadth ended in the red as six stocks advanced, while 19 declined.
Source: AME Info
GCC Markets Performance-2012
January 25, 2013--In stark contrast to the emerging markets, which surged in 2012 due to the large influx of liquidity, the GCC markets’ performance was lackluster.
The US Fed continued its indefinite bond-purchase program to ensure that long-term interest rates remain low; similarly, the (ECB) embarked on an unlimited bond-buying program to keep interest rates under check in troubled Eurozone countries. While the MSCI World and Emerging Market indices increased 13.2% and 15.1%, respectively, in 2012, the GCC region indices grew between 20% (Dubai) and -7% (Bahrain) during the year. Saudi Arabia, the largest market in the GCC, recorded an increase of 6.0% in 2012. Political unrest in the Middle East continued for a second year and had an adverse impact on the markets in 2012.
Source: Zawya
QNB takes over Tunisian Qatari Bank
January 24, 2013--While most Arab capital markets remained closed Thursday to mark the Prophet Mohammed's (pbuh) birthday, Doha kept on trading with the QE 20 Index closing 0.43% higher at 8,689.76 points.
Qatar National Bank (QNB) as the most liquid share advanced 1.40% to reach QR136. Earlier in the day, QNB said it acquired an additional 49.96% stake in the share capital of the Tunisian Qatari Bank, thus raising its total shareholding to 99.96% effective the moment the group receives the required approvals from the regulatory authorities in the Republic of Tunisia and the State of Qatar.
Soure: AME Info
Batelco hit three-month high despite profit decline
January 23, 2013--The Bahrain All Share Index declined a quarter percentage point to 1,070.44 points.
Bahrain Telecom or Batelco posted the largest gain, closing up 2.94% at BD0.42. Earlier in the day, Batelco said it earned in 2012 a net income of BD60.3m ($160m), down from BD80m ($212.2m) in 2011. "The decline was attributed to aggressive competitive conditions in Bahrain, restructuring costs for 2012 and 2013 and a number of one-off adjustments," the firm said in a statement to its shareholders. However, Batelco added that the subscriber base increased 18% to 7.8m.
Source: AME Info
Yanbu Cement cashes in on KSA construction boom
January 23, 2013--The Saudi Stock Exchange's lead index Tasi continued to quarrel woth the 7,000 resistance level Wednesday.
The gauge slipped in volatile trading 0.13%, closing at 6,998.34 points. Yanbu Cement climbed 0.90% to reach SR84.75. Earlier in the day, the Jeddah-based producer of building materials said it generated in 2012 a net profit of SR720m, an increase of 36.13%. The company said the increase in profits was the result of an increase in sales and the start of a new production line. Yanbu Cement shares gained 31% in the last 12 months. According to Citigroup, construction projects planned and underway in KSA stood end of 2012 at $790bn, up 19% year-on-year.
Source: AME Info
Batelco hit three-month high despite profit decline
January 23, 2013--The Bahrain All Share Index declined a quarter percentage point to 1,070.44 points.
Bahrain Telecom or Batelco posted the largest gain, closing up 2.94% at BD0.42. Earlier in the day, Batelco said it earned in 2012 a net income of BD60.3m ($160m), down from BD80m ($212.2m) in 2011. "The decline was attributed to aggressive competitive conditions in Bahrain, restructuring costs for 2012 and 2013 and a number of one-off adjustments," the firm said in a statement to its shareholders. However, Batelco added that the subscriber base increased 18% to 7.8m.
Source: AME Info
Qatar Intl. Islamic Bank posts higher net profit, shares rise
January 23, 2013--The Doha-based QE 20 Index advanced 0.34%, closing at 8,652.86 Wednesday.
The shares of Qatar International Islamic Bank (QIIB) jumped almost four percent in value to reach QR55. Earlier in the day, the Shari'ah-compliant institution said (interim) net profit in 2012 was QR679m, indicating a growth of 4% year-on-year. Total assets grew by 22.3%, Customer’s deposit by 18.6%, financing assets by 38.6%, the bank said in an e-mailed statemet. "The board of directors recommends paying a cash dividend of QR3.5 per share", said QIIB.
Source: AME Info
Aldar, Sorouh rebound after merger shock
January 23, 2012--The Abu Dhabi equity market index ADXGI gained 1.05%, finishing at 2,783 points straight.
The emirate's two largest developers Aldar Properties and Sorouh Real Estate ended 4.41% and 4.24% higher at Dhs1.42 and Dhs1.72, respectively. Both shares fell sharply during the week after the boards of directors at both firms decided to recommend to their shareholders to go ahead with planned merger. Under the agreed deal, Aladar will offer 1.288 of its shares for every Sorouh share priced on Jan. 17. Aldar would pay Dhs5.5bnfor the transaction which the Abu Dhabi government, which holds 38% in Aldar, backed. Sorouh shares would be de-listed from the ADX.
Source: AME Info
Dubai market rebounds, Tabreed gains on Abu Dhabi Yas Waterworld deal
January 23, 2013--Buying power returned to the local Dubai bourse Wednesday as the market index DFMGI ended up 0.85% at 1,792.30 points.
Trading turnover dropped by over 50% compared to a week ago as 212m shares worth Dhs273.8m changed hands. Emaar was the most liquid share, gaining 2.75% to reach Dhs4.48, the highest level since Oct. 2009. Aramex lost the most (down 3.29% at Dhs2.06). National Central Cooling Co., known as Tabreed advanced 1.83%, closing at Dhs1.67. Earlier in the day, Tabreed said it was awarded an exclusive contract to provide of district cooling services to Yas Waterworld Abu Dhabi, the capital's largest waterpark. Spread over 15 hectares, Yas Waterworld will open its doors to the public Thursday, Jan. 24. The park, comparable to Dubai's fun-park Wild Wadi at the Burj Al Arab but bigger in size, will be the largest water-park in the UAE capital. Tabreed said compared to conventional cooling solutions, the expected reduction in CO2 emissions at Yas Waterworld would be almost 2,000 tons per year and the potential cost saving would reach almost Dhs600,000 per year thanks to Tabreed technology.
Source: AME Info
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