Middle East ETF News Older than One Year
Sabic falls for the 6th consecutive trading session
September 24, 2012--The long weekend thanks to Saudi Arabia's national day on Sept. 23 could not trigger new buying spirit at the Saudi Stock Exchange Monday as the market's lead index Tasi fell one percent to close at 6,960.65 points.
News that Greece's amount of sovereign debt was much higher than reported earlier in the year triggered speculations that the Eurozone's largest countries German and France might lose their patience with Athens soon. In Riyadh, Saudi Basic Industries, the largest GCC firm by market capitalisation (according to MEED), was down 1.64% to end at SR90.00. Market breadth reflected ongoing uncertainty as 27 shares advanced while 199 securities declined.
Source: AME Info
Kuwait banking shares storm upwards
September 24, 2012--The KSE Market Index posted the highest gain in the GCC Monday, closing 0.60% higher at 5,927.75.
National Bank of Kuwait, Gulf Bank of Kuwait and Islamic finance giant Kuwait Finance House gained 2%, 5% and 4.1%, respectively. Islamic insurer First Takaful Insurance Company lost the most (off 7.60%). Commercial Bank of Kuwait or CBK finished Monday trading unchanged. Earlier in the day, CBK said shareholders have approved a plan to liquidate the lender's investment unit, Reuters has reported. The liquidation of Commercial Investment Co "will not have any negative impact on the financial position of the bank," the bank said without giving further details. The Kuwait market is the only gauge in the region which bucked the downtrend which kicked off last Thursday amid negative input from Asia and Europe. Since January 1 2012 the KSE measure added 1.95%.
Source: AME Info
Aluminium Bahrain helps Bahrain bourse to buck regional downtrend
September 23, 2012--The Bahrain All-Share Index ended Sunday trading 0.25% higher at 1,085.56 points.
Aluminium Bahrain was the only gaining stock (up 5.42% at BD0.525). Islamic financial institution Ithmaar Bank (off 5.71%) and Bank of Bahrain and Kuwait or BBK (down 2.10%).
Source: AME Info
DP World dips, firm expands Jebel Ali port capacity by 4 million TEU
September 23, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1728.63 today, down 1.21%, from the previous close.
After hitting a six-month high last week, Dubai Ports (DP) World declined 1.34% to $11.05 Sunday. Earlier in the day, DP World said it signed with TOA-SoletancheBachy JV an agreement for the construction of the infrastructure to expand capacity at the flagship port by 4 million TEU (twenty-foot equivalent unit). "Terminal 3 will be one of the finest modern marine terminals in the world with a quay length of 1,860 metres, a draft of 17 metres, and a 70 hectare storage yard. When operations commence at the new terminal in 2014 total capacity at Jebel Ali will reach 19 million TEU," DPW said in an e-mailed statement.
Source: AME Info
Bahrain Bourse advances, bucks choppy global markets
September 20, 2012--Despite negative input from China, where a survey indicated a further decline in maufacturing activity this month, the Bahrain All-Share Index gained 0.70%, closing at 1,082.82 points Thursday.
Like in the days before, banks led the advance. Earlier in the day, Bahrain's housing minister Bassem Al Hamer has announced plans to build thousands of housing units over the next five years, at a total cost of BD2.1bn, funded by the GCC 'Marshall Plan,' Gulf Daily News has reported. Under the five-year strategy, 47,000 units will be built, along with 10,000 others, through alternative housing programmes in partnership with the private sector. The government will allocate 46% of the GCC financial lifeline to fund housing projects, in a bid to bring the waiting period under five years by 2012.
Source: AME Info
Dana Gas soars on sukuk deal rumors
September 20, 2012--The ADX General Index closed off 0.05% at 2,616.15 Thursdau.
Shares of Sharjah-based Dana Gas were most active by volume, closing 2.33% higher at Dhs0.44. Earlier in the day, The National reported that Dana Gas's largest shareholder Crescent Petroleum, which owns 20% in the firm, expressed optimism that a deal on a $1bn sukuk which is due next month can be reached with the investors. [AMEInfo.com]
Source: AME Info
Global Islamic finance set to double by 2015, says Standard and Poor's
September 20, 2012--Global Islamic Finance is set to double in size between 2011 and 2015 with the sector increasingly viewed as a real alternative to conventional finance, according to Standard & Poor's (S&P).
The global prospects for the Islamic Finance industry will be the subject of a conference to be hosted by S&P in Dubai on 25 September, 2012.
Source: AME Info
Kuwait market consolidates near 5,900
September 20, 2012--The KSE Market Index fell 0.10% to 5,879.82 points amid worries over China's weak survey on the manufacturing sector.
The gauge consolidated in the green on a year-to-date basis (up 1.13%). National Bank of Kuwait or NBK advanced oner percent to reach KD0.970, almost the same level like on January 1 this year. Commercial Bank of Kuwait dived 2.90% to KD0.680. Earlier in the day, Kuwait's finance minister, Nayef al-Hajraf has said the Gulf country would not cut down on spending as a result of a plan to invest a greater percentage of its revenues in the Future Generations Fund, Kuna has reported.
Source: AME Info
Saudi Arabia steps in to lower oil prices
September 20, 2012--Saudi Arabia is acting to lower oil prices, as the majority of Opec producers wanted oil prices around $100 per barrel, Reuters has reported,
citing a senior Gulf source. "We would like to see the price coming down and we are working to bring it down," said the source. "The price now, we believe is high, and it's not supported by fundamentals at all. It's just speculation and geopolitics." Related Content
Source: AME Info
Tadawul market breaks the ranks despite bullish presettings from Asia
September 19, 2012--The Tadawul All-Share Index closed 0.68% lower at 7,057 Wednesday, despite the positive input from Japan's central bank which followed the Fed's easing policy.
The gauge's fall was bright as 17 shares advanced, while 123 declined. Oil prices fell for the second day after Saudi Arabia said it would increase domestic production as the recent surge of the "black gold" was not justified. Sabic fell the fourth day straight, closing off one percent at SR92.50. Gulf Union Cooperative Insurance Company declined 1.13% to SR26.20. Earlieri in the day, the insurer said that it has received temporary approval for six months from the Saudi Arabian Monetary Agencys to sell and market twenty one Insurance products.
Source: AME Info
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