Middle East ETF News Older than One Year
Qatari banks gains as EFG Hermes seals partnership with QInvest
September 17, 2012--The QE 20 Index added 0.20% to hit 8,616 Monday as Qatar National Bank (up 0.22%), Commercial Bank of Qatar (1.32% higher) and International Islamic Bank (up 0.60%) pulled the market higher.
Earlier in the day, Shareholders of EFG Hermes Holding met in Cairo in an Extraordinary General Meeting and approved the firm’s strategic alliance with QInvest LLC of Qatar by a majority of 86.9% of the votes cast. The statement to the Qatar Exchange says: "Attending shareholders represented 54.8% of the firm’s equity and included all of EFG Hermes’ primary shareholders, among them Abu Dhabi Investment Authority, Dubai Financial Group and HSBC Middle East. The strategic alliance will see EFG Hermes Qatar LLC be 60% owned by QInvest and 40% owned by EFG Hermes. Following the completion of the transaction, EFG Hermes Qatar, through its subsidiaries, will offer a full range of investment banking services, owning and operating the Investment Banking, Securities Brokerage, Asset Management, Research and Infrastructure Fund businesses held at the time of the meeting by EFG Hermes." Qatar Islamic Bank, which is a shareholder of QInvest, closed today's trading flat.
Source: AME Info
Record-long gaining streak interrupted at Abu Dhabi market
September 17, 2012--The ADX General Index dipped 0.12% to 2,626.32 points, the first decline in nine trading sessions.
Investors booked profits in Aldar (down 0.80%) and Sorouh Real Estate (off 1.60%). Etisalat stabilised at Dhs9.75. Like in Dubai, trading volumes surged as 65m shares were traded, valued at Dhs94m.
Source: AME Info
Profit booking pulls Dubai bourse slightly lower
September 17, 2012--While tradnig turnover incrased further Monday, the DFM General Index ended off 0.44% at 1,589.18.
Emaar as the most active share by value, closing 0.56% lower at Dhs3.56. Gulf Navigation gained the most (up 9.28% at Dhs0.259). Some 309m shares worth Dhs250m changed hands, representing the highest turover since April 5 2012.
Source: AME Info
Batelco dips, banks add at Bahrain Bourse
September 17, 2012--The Bahrain All-Share Index gained 0.14% to reach 1,076.07 points Monday.
Bahrain Telecommunications or Batelco fell one percent to close at BD0.406. Khaleeji Commercial Bank gained the most (up 2.94% at BD0.035). National Bank of Bahrain and Bank of Bahrain and Kuwait added 2% and 1.60%, respectively.
Source: AME Info
Kuwait GDP bounced back to 21% after crisis
September 17, 2012--Kuwait National Bank (NBK) has said the Gulf country's economy has bounced back reasonably well in the post-crisis period,
saying that the growth in six out of eight non-oil sectors has been higher over the last three years than before the global financial crisis, Saudi Gazette has reported. Output rose by 21% per year on average between 2009 and 2011, only
Source: AME Infoi
Kuwait Stock Exchange loses 115 points in a week
September 13, 2012--The KSE Market Index failed to extend its rebound from yesterday and declined 0.72% Thursday, closing at 5,792.71 Thursday.
Weak performing bank shares weighed on the gauge in particular. International Financial Advisors or IFA fell 2.53% to KD0.385. Kuwait Building Materials Manufacturing jumped 14.15% to hit KD0.242. Due to the weak second week of September, the KSE Market Index failed to reach break-even on a year-to-date basis. Since January 1, the market measure lost 0.37%.
Source: AME Info
Qatar Fuel advances to six-month high
September 13, 2012--The QE 20 Index lost 0.10% to 8,563.19 points.
Market bellwethers Industries Qatar (down 0.42%) and Qatar National Bank (0.15% lower) fell on profit booking afer both firms posted significant gains over the week. Qatar Fuel jumped three percent to reach QR287.40, the highest level since March this year.
Source: AME Info
Etisalat soars to 11-month high on pull-out from Indonesia's XL Axiata
September 13, 2012--Despite a very negative advance-decline ratio, the ADX General Index extented its gaining streak to the seventh (!) day, closing a quarter percentage point higher at 2,608.53.
Etisalat, the UAE's first telecom provider, was the share of the day, finishing 1.15% higher at Dhs9.67. Earlier in the day, Etisalat announced it has sold its 9.1%-stake in Indonesia's third largest mobile operator XL Axiata for Dhs1.87bn ($510m). The sale is expected to be complete until next Tuesday, September 18. Only three shares advanced in Abu Dhabi, while 14 (!) ended flat at nine securities declined in value. Merger candidates Aldar Properties and Sorouh Real Estate fell 0.80% and 1.63%, respectively. Trading activity was dull as 40m shares worth Dhs91.7m changed hands.
Source: AME Info
Dubai market ends the week higher
September 13, 2012--The DFM General Index closed 0.16% higher at 1,573.94 points Thursday.
Shuaa Capital gained the most, as the investment bank surged 3.25% to hit Dhs0.635. Market bellwether Emaar advanced 4.24% over the week, closing today at Dhs3.44. Drake and Scull International was the most active share by volume, closing off 0.12% at Dhs0.867. At the NASDAQ Dubai, global port operator DP World ended even at $10.60. Trading volumes at the DFM remained in the modest area as 96.3m shares worth Dhs115m changed hands.
Source: AME Info
Saudi inflation drops to 3.8%, a three year low
September 13, 2012--According to the data from Saudi Arabia's Central Department of Statistics, the kingdom's annual inflation eased to 3.8% in August, its lowest level in almost three years, although the monthly
increase was the fastest in 10 months, Reuters has reported. Consumer price growth in the kingdom has been slowing gradually since peaking at 5.4% in February and March, registering 4% in July. The month-on-month rate edged up to 0.4% in August from 0.3% in the previous month. “The rate of inflation will depend on how fast international food prices are rising. In addition, the expectation of another round of quantitative easing is likely to weaken the dollar which may help push domestic inflation,” said Fahad Alturki, senior economist at Jadwa Investment in Riyadh.
Source: AME Info
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