Middle East ETF News Older than One Year
Qatar National Bank rises on SocGen deal in Egypt
December 13, 2012--The Qatar Exchange 20 index fell 0.18% to 8,331.14 Thursday as the banking index was the sole segment which added value.
Qatar National Bank or QNB, with 19.90% the QE's heaviest share in relation to market capitalisation, gained 0.92% to hit QR131.40. QNB said Wednesday it entered into a definitve agreement with French lender Société Générale to acquire its entire stake of 77.17% in National Société Générale Bank (NSGB) - Egypt, the second largest private bank in the North African state. NSGB has a network of 160 branches across the country and total assets of EGP63.3 billion as of Sept. 30. (c.US$10.4 billion). The offer for 100% of the share capital of NSGB amounts to $2.558bn, QNB said in a statement to the bourse. The agreement is subject to regulatory approval. Qatar Telecom or Qtel slipped 1.37% to QR100.50. The country's first telecom provider attracted strong demand for a $1bn corporate bond with 10 years maturity. Order books already reached $11bn, The Peninsula reported.
Source: AME Info
Aluminum Bahrain extends production line
December 13, 2012--The Bahrain All-Share Index closed 0.03% lower at 1,046.26 Thursday.
Aluminum Bahrain or ALBA fell 1.75% to BD0.45. Earlier in the dau, ALBA said it awarded Bechtel Canada a Letter of Intent to perform a Bankable Feasibility Study for the Line 6 expansion project. The study will include the economic analysis for the construction of a new Line 6 and a Power Station 5. [AMEInfo.com]
Source: AME Info
Egypt's Stock Recovers Ahead of Constitution Referendum
December 13, 2012--Egypt's stocks recorded over 1.19 billion U.S. dollars of gains Wednesday as the benchmark EGX30 rose by 2.83 percent
and broader EGX70 by 3.99 percent, just a few days ahead of the country's constitutional referendum slated for Saturday.
Source: The New Times
Dubai market falls on Bernanke warnings
December 13, 2012--The DFM General Index fell for the third session straight Thursday, closing off 0.20% at 1,584.52 points, a three-week low.
While market bellwether Emaar regained 0.27% (closing at Dhs3.72), the UAE's second telecom operator Du extended its losses, ending off 1.71% at Dhs3.45 amid disappointment on the UAE ministry's revised royalty fees for both Du and its rival Etisalat. Warning by U. S. Federal Reserve chairman Ben S. Bernanke that the central bank's intention to buy treasury bills worth $45bn wil not cushion the effects of the "fiscal cliff" also weighed on euqity indices in East and West. The fiscal cliff is a brief description for the case that the Obama administration and GOP-dominated congress will fail to agree on law and spending changes before the end of 2012. This could lead to massive budget cuts, tax rate increases and austerity measures which would diminish chances for the U. S. economy to recover. Analysts say the worst-case scenario could even lead to a new global recession.
Source: AME Info
Etisalat bounces back, Aldar loses momentum
December 13, 2012--The Abu Dhabi stock market measure ADXGI gained 0.33% to reach 2,612.17 Thursday as bargain hunters sent ADX heavyweight Etisalat up 3.06% to hit Dhs9.05.
Etisalat shed over 12 percent i the last two days after the UAE ministry of financed revised royalty rates for both Etisalat and Du until 2016. Per the new scheme, Etisalat will have to pay 15% on revenues and 35% on net income between 2012 and 2015. The rates for the year 2016 are set ay 15% and 30% respectively for the year 2016. Abu Dhabi's largest developer Aldar Properties slipped 0.77% to Dhs1.29. Aldar shares have gained 54% year-to-date as the firm is currently on the way to seal the planned merger which they announced earlier in March this year.
Source: AME Info
Kuwait market gains for the 5th session straight
December 12, 2012--The KSE Market Index added 9.23 points Wednesday to reach 5,923.3 points.
The tiny increase was mostly driven by consumer goods and basic materials. Gulf Bank of Kuwait gained 1.20%, while the country's largest lender by assets slipped 1.02% to KD0.970. Kuwait named a new government with no major changes following the parliamentary elections from Dec. 2, with the result that the Shia opposition won 17 out of the 50 seats in the National Assembly. Mustafa Al-Shamali was re-named Minister of Finance after he resigned in May this year on allegations of being involved in corruption cases.
Source: AME Info
Upward trend intact at Saudi bourse
December 12, 2012--The Riyadh-based Tadawul All-Share ended up 0.10% to hit 6,769.96.
SABIC gained 0.30%, ending at SR90.75. Earlier in the day, OPEC ministers decided at their meeting in Vienna to keep output quota even at 30 million barrels per day, sending oil prices 0.30% to reach $104.71 (DME Oman crude). Saudi Arabia pressed oil production down to the lowest level in 12 months in order to compensate pressure on prices from the U. S. which continues to step domestic oil production. Earlier in the day, Angus Blair, president of Signet Institute, a think-tank dedicated to the MENA region, said at the Euromoney Qatar summit in Doha that the GCC shall not worry about the U. S.'s alleged way to oil-independence which the International Energy Agency expects to happen by 2020. "Demand from the emerging markets in East Asia and Africa will continue to rise and both regions have no real alternative than importing oil from the Middle East" said Blair.
Source: AME Info
Upward trend intact at Saudi bourse
December 12, 2012--The Riyadh-based Tadawul All-Share ended up 0.10% to hit 6,769.96.
SABIC gained 0.30%, ending at SR90.75. Earlier in the day, OPEC ministers decided at their meeting in Vienna to keep output quota even at 30 million barrels per day, sending oil prices 0.30% to reach $104.71 (DME Oman crude). Saudi Arabia pressed oil production down to the lowest level in 12 months in order to compensate pressure on prices from the U. S. which continues to step domestic oil production. Earlier in the day, Angus Blair, president of Signet Institute, a think-tank dedicated to the MENA region, said at the Euromoney Qatar summit in Doha that the GCC shall not worry about the U. S.'s alleged way to oil-independence which the International Energy Agency expects to happen by 2020. "Demand from the emerging markets in East Asia and Africa will continue to rise and both regions have no real alternative than importing oil from the Middle East" said Blair.
Source: AMEInfo.com
Saudi Arabia's Abdullah A. M. Al-Khodari Sons lures new contract
December 11, 2012--The Riyadh-based Tadawul All-Share Index ended up 0.31% at 6,736.12 points Tuesday, defying the ongoing oil price decline (off $0.28 at $104.32 (DME Oman crude).
SABIC, the world's number one in petrochemical production, closed unchanged at SR90.50. Shares of construction and maintenance company Abdullah A. M. Al-Khodari Sons advanced 1.16% to reach SR26.20. Earlier in the day, the firm announced signing of a contract with the Ministry of Municipal & Rural Affairs for city cleaning and waste collection in Jeddah (Area 6) within a period of 60 Months from the date of site handing over. The contract is valued at SR239.784m.
Source: AME Info
Composition of TASE Equity Indices as of December 16th, 2012
December 10, 2012--As of December 16th, 2012 the composition of the equity indices will be updated
Source: TASE
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