Middle East ETF News Older than One Year
Saudi Stock Exchange advances amid neutral market breadth
October 2, 2012--The Tadawul All-Share Index closed 0.20% higher at 6,896.10 points.
While bellwether Sabic ended flat, Sagr Insurance gained the most (up 9.74%). AXA Co-operative Insurance failed to follow the positive sector trend and fell two percent. Earlier in the day AXA said it officially opened of a point of sales in Jeddah at Automall Center on King Abdul Aziz Road, which will be promoting the company's retail products to individuals. 65 shares advanced and 65 shares declined in Riyadh.
Source: AME Info
Bahrain's Ithmaar Bank in advanced merger talks with First Leasing Bank
October 2, 2012--The Bahrain All-Share Index in Manama gained 0.05% Tuesday, finishing at 1,079.30 points.
Islamic investment bank Ithmaar closed unchanged. Earlier in the day, Ithmaar said in a statement to the Bahrain Bourse "that negotiations on a proposed merger with one of its Bahrain-based associates, First Leasing Bank, had reached an advanced stage." “Since Ithmaar Bank’s reorganisation in April 2010 with its then wholly-owned subsidiary, Shamil Bank, and its subsequent transformation from an investment bank into an Islamic retail Bank, Ithmaar has focused on developing its retail and commercial banking operations," said Chief Executive Officer and Member of the Board, Mohammed Bucheerei. "This is in line with the Ithmaar board-approved vision of becoming a premier Islamic retail bank," he said.
Source: AME Info
Saudi bourse lifted by U. S. manufacturing report, oil price rebound
October 2, 2012--The Tadawul All-Share Index gained 0.62% on the first trading day of the fourth quarter to reach 6,882.12 points amid a healthy advance decline ratio of 116 to 22.
Earlier on Monday, U. S. manufacturing activity showed the first increase in four months, taking selling pressure from oil prices. Petrochmical and metals producer Sabic, the Riyadh-based market's bellwether, closed 0.30% higher at SR91.25. Monday's rebound occured after tricky September trading. "After two consecutive months of gain, the Tasi benchmark fell 4.1% in September. The decline was in line with global stock markets as concerns of the global recovery increase," Jadwa Investment Senior Economist Fahad Alturki said. He added that " Nevertheless, the Saudi Stock Exchange gained since January 1 7.24%, representing the second highest advance in the GCC behind Dubai (up 18.88%).
Source: AME Info
Lebanon to issue dollar bond in October
October 2, 2012--Lebanon's central bank governor has said the government may issue a dollar-denominated sovereign bond this month, Reuters has reported.
"The government and the ministry of finance are thinking of going to the market again, maybe in October, with an issue of the Republic of Lebanon in dollars," Riad Salameh said on the sidelines of a meeting of Arab central bankers in Kuwait. Asked about growth prospects for the economy, which has been hit by the conflict in neighbouring Syria and domestic political tensions, Salameh said: "This year, the forecast stands around 2%, maybe a little bit more, but less than 3%."
Source: AME Info
Kuwait Stock Exchange slips as profit booking prevails
October 1, 2012--The KSE Market Index fell 0.13% Monday, closing at 5,974.68 points.
Last week, the gauge bucked an overall negative sentiment at GCC markets, so that yesterday's and today's decline must be regarded as profit booking. Nearly all banking shares ended even today. According to National Bank of Abu Dhabi's research, "Banking system growth appears to be picking up; pace will be a function of implementation of the country’s development plan." Kuwait banking sector assets were $165.8bn (up 9.9% y-o-y, up 1.4% m-o-m) in August. Loans and advances were up by +1% m-o-m and up by +5.1% y-o-y to $97bn. Deposits were up by +1.2% m-o-m to $119.5bn (+10.6% y-o-y). Loan to deposit ratio stood at 81.1%.
Source: AME Info
Gulf stocks still down 4 yrs after crisis
September 30, 2012--All seven stock markets in the energy-rich Gulf states failed to recover four years after the global financial crisis despite high oil prices, a Kuwaiti economic report said on Sunday.
Although major bourses in the West, where the crisis began, have recovered successfully with Dow Jones now 17.8% higher than its level four years ago and Germany's DAX up 15.4%, Gulf shares remain way behind their levels in August 2008, Al-Shall Economic Consultants said.
Source: FIN24
Islamic bank Kuwait Finance House hits six-month high
September 27, 2012--The ongoing run on banking shares in Kuwait brought the KSE exchange back on gaining track in the last week of September.
The KSE Market Index added the second day straight to reach 5,990, up 0.76%. The country's largest Islamic financial institution Kuwait Finance House reached KD0.770, representing the highest price level since April 5. Other financials also posted advances, but National Bank of Kuwait remained stuck at KD1.00. The KSE Market Index was the only gauge in the GCC which added value during the overall sticky last week of September. Year-to-date, the measure gained three percent.
Source: AME Info
Qatar Exchange loses the third session straight
September 27, 2012--The QE 20 Index slipped 0.13% to 8,493.70 points.
Banks performed mixed, while Industries Qatar (off 0.21% at QR140.10), the bourse's bellwether, weighed on the gauge. Year-to-date, the QE Index fell 3.20%.
Source: AME Info
Depa Ltd. dives at NASDAQ Dubai
September 27, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1720.08 up 0.49%, from the previous close.
DP World, with 60 ports globally the world's number three among maritime port operators, advanced 0.90% to reach $11.25, representing the highest level since the end of April this year. Depa Limited, the interior design firm which decorated the "Seven stars hotel" Burj Al Arab as well as the 828m high Burj Khalifa dived 6.15% to $0.29.
Source: AME Info
Oil, Aldar and First Gulf Bank lift Abu Dhabi market
September 27, 2012--As the price of the "black gold" recovered on Beijing move to stimulate the domestic money market, the ADX General Index gained 0.22%, finishing at 2,602.97 points.
Aldar Properties added 0.80% to hit Dhs1.26. The sheikhdom's first developer unsuccessfully tried to attack the barrier at Dhs1.40 this week, the old 2012-high it reached on March 14. Abu Dhabi Islamic ended off 0.31%, while First Gulf Bank advanced 0.40% on speculations the UAE's fourth largest lender plans a benchmark bond issue, Gulf News reported. Some 42m stocks were traded, valued at Dhs89.5m.
Source: AME Info
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