Middle East ETF News Older than One Year
Al Salam Bank Bahrain hits limit-up at sluggish Dubai market
December 25, 2012--While most Western exchanged remained closed Tuesday on the occasion of Christmas holidays, the Dubai market index DFMGI fell 0.90% to 1,594.12 points.
Investors booked profits at Ajman Bank, which lost 0.74% as the most liquid shareto close at Dhs1.34, and at Emaar (down 1.33% at Dhs3.70). Some 115m shares worth Dhs131.5m changed hands. Shuaa Capital ended 1.40% higher at Dhs0.507. Islamic financial institution Al Salam Bank Bahrain jumped 15% to hit Dhs0.517, representing a 9-month high. Investors on the Dubai market floor said the share price's rise came "out of nothing" as no new information was available on the Bahraini bank today. In Q3 this year, Salam Bank Bahrain generated a net profit of BD6.8m, up from BD1.35m in 2011. Basic and diluted earnings per share reached BD4.6, up from BD0.9. Earlier in Feb. this year, Bahrain Islamic Bank called off merger talks with Al Salam Bank Bahrain which both sides entered in Aug. 2011.
Source: AME Info
S&P cuts Egypt rating on political strife
December 24, 2012--Standard & Poors' cut Egypt's long-term credit rating on Monday and said another cut was possible if political turbulence worsened, undermining the country's ability to make hard choices on public finances.
The agency reduced Egypt's long-term sovereign rating to 'B-' from 'B', but left its short-term rating at 'B' for both foreign- and local-currency debt.
Source: FIN24
Saudi Kayan Petrochemical rises on MoU with Petrokemya
December 24, 2012--The Saudi equity market measure Tasi declined 0.13% to 6,881.16 points Monday.
Shares of Saudi Kayan Petrochemical Company rose 0.40% to SR12.85. Earlier in the day, Saudi Kayan said it has signed an MoU on Sunday, 23 Dec. 2012 with Arabian Petrochemical Company Petrokemya by which the parties have agreed that the both sides each will own a 50% interest in the Ultra High Molecular Weight Polyethylene (UHMWPE) plant. It will be constructed at Saudi Kayan complex in Al-Jubail (...) with a design capacity capable of producing 35,000 metric tons per year, said Saudi Kayan. Both parties will share all the associated costs for the project.
Source: AME Info
Doha Bank and Bank of the Philippine Islands strike remittances deal
December 24, 2012--In Doha, the QE 20 Index fell 0.39% to 8,390.32 points. Doha Bank bucked the trend by gaining 0.20%, finishing at QR51.
Earlier in the day, Doha Bank said it entered into an agreement with Bank of the Philippine Islands (BPI), the third largest private sector bank in Philippines, for remittance of funds to the South-East Asian country. The signing ceremony held at Doha Bank's iconic Head Office Tower at West Bay. The agreement was signed by Doha Bank CEO R. Seetharaman and Raul D. Dimayuga, Senior Vice President of BPI Philippines. The deal enables expat workers from the Philippines to do online transfer of money in Filipino Pesos from Qatar, the UAE and Kuwait to their home country. Nationals from the Philippines are one of the largest groups of expats in the GCC. According to the World Bank, remittance flows to the developing world are expected to reach $406bn in 2012, up 6.5% year-on-year. Remittances to South Asia are expected to hit $109bn this year, a 12.5% year-on-year increase. Besides its home market Qatar, Doha Bank runs branches in Dubai and it recently opened a branch in Abu Dhabi. On the global map, the lender is present in the UK, Japan and Singapore.
Source: AME Info
Oil price decline weighs on Kuwait market
December 24, 2012--The KSE Market Index fell for the third consecutive day, closing off 0.10% at 5,958.75 points.
Oil prices (DME Oman Crude) declined 0.72% Monday as fears that the U. S. might fall over the "fiscal clipp" weigh on the global economic outlook. Commercial Bank of Kuwait or CBK was the most active stock by volume, gaining 1.50% to reach KD0.680.
Source: AME Info
ADIB advances on expansion to Sudan
December 24, 2012--The Abu Dhabi bourse gained the 5th day straight Monday.
The ADX General Index closed 0.26% higher at 2,638.17 points. Sharjah-based Dana Gas advanced the most, closing 2.27% higher at Dhs0.46. First Gulf Bank or FGB reached Dhs11.45 (up 0.10%), representing the highest level since Aug. 19 2008 (the month before U. S. Lehman Brothers went bankrupt, triggering the global financial crisis). Abu Dhabi Islamic Bank, better known as ADIB, advanced one percent to hit Dhs3.13. Earlier in the day, ADIB said it opened a branch in Khartoum, Sudan's capital. "ADIB becomes the first UAE-based Islamic financial institution to receive a banking license from the Sudanese Central Bank," said the 1997-founded lender which added it would offer wealth management and corporate banking in Sudan. The inauguration ceremony was attended by Sudan's President Omar Hassan Al-Bashir and UAE Ambassador H. E. Hassan Ahmed Sulayman El Shahi and a number of official dignitaries from Sudan, UAE and neighboring Egypt.
Source: AME Info
Despite being a turnaround story, Shuaa falls further
December 24, 2012--A resilient Dubai market ended a roller-coaster Monday 0.10% higher at 1,608.42 points, mostly driven by Emaar Properties (up 0.27% at Dhs3.75) and Islamic financial institution Ajmanbank, the "share of the year" which jumped 3.85% to hit Dhs1.35 and which gained 68% since Jan. 1. Investment bank Shuaa Capital fell 1.19% to Dhs0.50.
Shuaa unveiled a new strategy on Oct. 7, saying it would focus more on commercial lending and debt advisory for SMEs, family-owned firms and large conglomerates. Shuaa applied for an Islamic banking licence and aims to return to profits in 2013. Telecom operator du slipped 0.30% to Dhs3.50. On Sunday, du said it has agreed a five year club debt facility for $500m(Dhs1.8bn) "to fund medium term capital expenditure". The club debt facility agreement lasts over a period of five years at a 1.75% margin over LIBOR.
Source: AME Info
Egypt: Investment Minister-Gov't Plans to Achieve 4 Percent Growth Rate
December 24, 2012--Investment Minister Osama Saleh asserted that the government's plan to reactivate the economy includes encouraging domestic, Arab and foreign investment and re-boosting production in various sectors.
Also, it aims at accelerating the re-operation of factories to achieve a growth rate ranges between 3.5% to 4% for the current fiscal year 2012/2013.
Source: AllAfrica.com
Qtel soars on Asiacell's listing plans in Baghdad
December 20, 2012--The Doha-based QE 20 Index ended the week on a solid note, closing up 0.42% at 8,442.51 Thursday.
Qatar Telecom or Qtel advanced 1.76% to finish at QR103.90. Earlier in the day, Qtel said its subsidiary Asiacell confirmed to proceed with its intention to list shares on the Iraq Stock Exchange ISX as part of the terms of its license. Qtel owns 53.9% of Asiacell. Rabee Securities, Iraq’s largest independent brokerage, is acting as sole distributor and selling agent and Melak Iraq, an Iraqi Financial Advisory Firm, is sole adviser to the company in respect of the offer.
Source: AME Info
Developers fuel Abu Dhabi exchange advance
December 20, 2012--The ADX General Index ended Thursday a quarter percentage point higher at 2,619.65.
While bellwether shares Emirates Telecommunications Corporation or Etisalat lost 0.11%, developers Eshraq (up 2.44%), Aldar and Soruoh (gaining 0.80%) lifted the gauge.
Source: AME Info
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