Middle East ETF News Older than One Year
Dana Gas again in focus at Abu Dhabi market
November 22, 2012--The Abu Dhabi market ADX ended flat at 2,660 Thursday, after the gauge lost 1.1% over the week amid nervous hands due to the war in Palestine which ended Wednesday night with a ceasfire brokered by Egypt and the U. S. Shares of Dana Gas closed likewise unchanged at Dhs0.39.
Earlier in the day, the Sharjah-based energt firm said it signed a set of agreements with the Sharjah and Ajman Governments to jointly develop the shared field located around 40km off the two coasts. In addition, Bloomberg reported Dana Gas plans to pay sukuk-holders $100m as part of its restructuring of $920m worth of debt the firm owes to investors after failing to settle a $920m sukuk which matured on October 31. The news agency cited "a person familiar with the deal". Developers and merger candidates Aldar Properties and Sorouh Real Estate fell again in lockstep, finishing off 0.80% at Dhs1.25 and Dhs1.23, respectively.
Source: AME Info
Arabtec puts cards on Depa stake purchase on the table
November 22, 2012--The Dubai Financial Market General Index ended a sluggish trading week 0.21% lower at 1,596.54 points.
Shares of the UAE's largest real estate builder firm Arabtec Construction fell 2.14% to Dhs2.29. Earlier in the day, NASDAQ Dubai-listed interior design firm Depa Limited said that Arabtec Holding bought 149,555,275 ordinary shares in the company from a range of investment funds at a price of $0.44 per share, representing approximately 24% of Depa’s total issued share capital. Shares of Depa, which jumped 47% Wednesday, fell back to $0.32, down 14.77% today. Depa, which was responsible for the inner outfit of the seven-star hotel Burj Al-Arab and the world's tallest tower Burj Khalifa (828m), lost last July a contract to shape the interior design of the New Doha International Airport. The contract was cancelled by the Qatari party and was worth $250m. In the first six months 2012, Depa reported a net loss of Dhs110m, down from a profit of Dhs48m in the same period in 2011.
Source: AME Info
Kuwait market remaines buoyant on oil
November 21, 2012--The Kuwait Stock Exchange gained value for the third consecutive day, closing one percent higher at 5,867.51 as National Bank of Kuwait (up 1.04% at KD0.970) and Islamic bank Kuwait Finance House (3.8% higher at KD0.810) helped to lift the market.
As oil prices (DME Oman Crude) continued trading at a three-week high, the KSE received addtional tailwinds for its buoyant momentum. Earlier in the day, Mark McFarland, Chief Investment Strategist at Emirates NBD's private banking division said the bank's models still indicate a preference of emerging markets equities over developed market equities. "PMI data in China, Russia, Turkey and the Middle East is improving, not deteriorating" said McFarland. [AMEInfo.com]
Source: AME Info
Egyptian bourse to resume same-day trading within days
November 21, 2012--The Egyptian Financial Supervisory Authority (EFSA) has announced same-day trading is set to return to the Egyptian Stock Exchange in a few days, Ahram has reported.
Egypt's Bourse halted same day trading as uncertainty swept the market following the January uprising in 2011.
Source: AME Info
Bahrain Bourse's year-to-date loss widens to nine percent
November 20, 2012-Not a single share gained in Manama, with the Bahrain All-Share Index falling by a quarter percentage point Tuesday to close at 1,040.49 points.
The Gulf kingdom hit the news Tuesday after Bahrain lawmaker Osama al-Tamimi burned an Israeli flag in the Bahraini parliamant in order to protest against the Israeli bombardement of Gaza. Shares of Bahrain Telecom or Batelco declined by 0.50%, while Islamic financial institiuon Ithmaar Bank managed to finish flat. [AMEInfo.com]
Source: AME Info
Riyad Bank gains on SR400m Islamic loan for Abdullah A. M. Al Khodari
November 20, 2012--The Saudi equity index Tasi closed unchanged at 6,662.04 Tuesday.
Riyad Bank advanced 0.44% to reach SR22.80. Earlier in the day, real estate maintenance firm Abdullah A. M. Al-Khodari Sons Co. said it signed an Islamic credit facilities agreement with Riyad Bank amounting to SR400m ($106m). "The purpose of these credit facilities is to provide bonding commitments and to fund capital requirements and working capital needs for the company's specific projects under modes of Islamic financing," the firm said in a statement to the Tadawul bourse. Abdullah A. M. Al-Khodari, whose shares closed flat at SR26.40, also said it received an award letter from the Ministry of Municipal and Rural Affairs for the construction of storm water drainage network in the Tuwaiq District in the Saudi capital. The firm's share in the project is valued at SR71.6m ($19m).
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index ends five-day losing streak
November 20, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1752.73 Tuesday, up 0.48%.
Interior designer DEPA Ltd. surged 4.90% to close at $0.30. Global maritime port operator DP World slipped 0.60% to $11.53. Earlier in the day, the NASDAQ Dubai's regulator DFSA said it notified the bourse that it suspended the securities of Man Industries (India) Limited (ISIN US56164P1084) from the Official List of Securities of the DFSA. Trading of the secondary listed shares was halted as of today and would remain until further notice.
Source: AME Info
Bahrain Bourse's year-to-date loss widens to nine percent
November 20, 2012--Not a single share gained in Manama, with the Bahrain All-Share Index falling by a quarter percentage point Tuesday to close at 1,040.49 points.
The Gulf kingdom hit the news Tuesday after Bahrain lawmaker Osama al-Tamimi burned an Israeli flag in the Bahraini parliamant in order to protest against the Israeli bombardement of Gaza. Shares of Bahrain Telecom or Batelco declined by 0.50%, while Islamic financial institiuon Ithmaar Bank managed to finish flat.
Source: AME Info
Qatar's Al-Meera advances on buying Safeer stores in Oman
November 20, 2012--The Doha-based Qatar Exchange 20 Index added 0.20% to close at 8,396 points Tuesday amid higher trading turnover than Monday.
Shares of Al Meera Consumer Goods Co. gained 0.32%, closing at QR157. While banks mostly advanced, shares of insurers lost, weighing on the gauge. Earlier in the day, Al Meera said it signed a Sale and Purchase Agreement to purchase the business and assets of Safeer stores in the Sultanate of Oman. The statement to the QE did not disclose a price for the purchase.
Source: AME Info
Aldar, Sorouh discontinue lock-step decline
November 19, 2012--The ADX General Index closed 0.76% lower at 2,660.17 points.
Developers Aldar Properties and Sorouh Real estate ended at Dhs1.24 (off 2.36%) and at Dhs1.22 (3.15% lower), respectively. Both firms are in the final stage of a merger for which they seek approval from the Abu Dhabi government.
Source: AME Info
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