Middle East ETF News Older than One Year
BBK gains, confirms news on Arcapita $20m loan
January 29, 2013--The Bahrain All-Share Index rose by 0.58% Tuesday, closing at 1,085.61 points.
The Bank of Bahrain and Kuwait, known and branded as BBK, gained one percent, finishing at BD0.040. Earlier in the day, BBK confirmed news published on Jan. 20 by Al Wasat newspaper that that Abdulkarim Bucheeri, CEO expected the lender will retain 100pct or part of the $20m loan, which the Bahrain-based and inddebted Arcapita secured. Bucheeri added that BBK cannot speculate whether or not Arcapita might resume operations. On March 19, Islamic investment manager Arcapita filed for bankruptcy protection nder Chapter 11 in the U. S. after it failed to reach an agreement with creditors to restructure $1.1bn worth of debt. At this time, Arcapita had $7bn assets under management.
Source: AME Info
Ma'aden declines, shuts down phosphate plant for maintenance
January 28, 2013--Trading remained muted at the Saudi Stock Exchange for the second day, which lost insignificantly Monday to close at 7,021.58 points, albeit bellwether share SABIC gained for the third consecutive day (up 0.27% at SR93.75).
Saudi Arabian Mining Company or Ma'aden fell 1.16% to SR34. Ma'aden said in a statement to the Saudi bourse at its subsidiary Ma'aden Phosphate company will shut down its Dammonium Phosphate (DAP) plant located in Ras Al Khair city for maintenance. "The shutdown is due to seasonal lower demand for DAP," said Ma'aden.
Source: AME Info
DP World gains ahead of 2012 volumes report
January 28, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 2048.83 today, up 0.31%, from the previous close.
Shares of global maritime port operator DP World advanced 0.38% to reach $13.05. DP World Group Chief Executive Officer Mohammed Sharaf will present tomorrow Tuesday the company's annual throughput of the year 2012 to the public.
Source: AME Info
Qatar's top Islamic bank Al Rayan gains on profit surge
January 28, 2013--The QE Index bounced back 0.28% to reach 8,665. 19 points.
Shares of Masraf Al-Rayan, the Gulf state's first Shari'ah-compliant financial institution, added 0.53% to finish at QR76.20. Earlier in the day, Al Rayan said it earned in 2012 a net profit of QR1.5bn in 2012 versus QR1.4bn in 2011. Total assets reaching QAR 61,628 million, compared with QR55.271bn in Dec. 31, 2011, a growth rate of 11.5%. The bank added that its board of directors discussed at its meeting a number of issues related to the acquisition of equity in different companies, where the board was briefed on the steps under way to complete the acquisition of a significant equity of the Islamic Bank of Britain (IBB) and also was briefed on the steps under way with respect to the acquisition of shares of a commercial bank in Libya through a capital increase, this is in light of preliminary approval of Qatar Central Bank. IBB has not generated profits since its inception in 2004. A deadline for Al Rayan to buy over the majority stake (84%) in IBB which is currently held by Qatar First Islamic Investment was set at Feb. 4 2013.
Source: AME Info
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
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
