Middle East ETF News Older than One Year
Egypt foreign reserves decline again in July
August 8, 2012--Egypt's foreign reserves fell last month to $14.42bn from $15.53bn in June, due to the government's repayment of a $1bn Eurobond and a $607m payment to Paris Club lenders,
Reuters has reported. Reserves have plunged by well over half since January 2011, the start of the political turmoil that has scared away tourists and investors, two of Egypt's main sources of foreign currency. [AMEInfo.com]
Source: AME Info
Gold and Rupee futures drive fifth successive monthly volumes record for DGCX
August 7, 2012--Gold and Rupee futures continued their strong run on the Dubai Gold and Commodities Exchange (DGCX) driving a 211% year-on-year increase in the Exchange's volumes in July.
Building on its robust performance in the first half of the year, DGCX recorded a total of 965,637 contracts in July, valued at $35.8bn, its fifth consecutive monthly volumes record.
July volumes - a 9% increase from June - took the Exchange's year-to-date volumes to 4,813,649 contracts, a 179% rise from the 1,728,213 contracts achieved in the same period in 2011.
Source: Dubai Gold and Commodities Exchange (DGCX)
Telecoms keep Saudi bulls afloat
August 7, 2012--The Riyadh-based Tadawul All-Share Index gained a quarter percentage point to hit 6,961.34 points Tuesday.
While Sabic finished flat, telco operators Zain KSA and Atheeb Telecom were the most liquid shares, advancing 2.53% and 4.55%, respectively. Allied Cooperative Insurance Group lost the most (off 10%). Due to the summer season and the Holy month of Ramadan, trading volumes remained relatively low.
Source: AME Info
Zain shares dip slightly after quarterly result
August 7, 2012--The Kuwait Stock Exchange Market Index fell 0.41% to 5,708.57 points Tuesday.
Shares of Kuwait's largest mobile phone operator Zain declined 1.5% to KD0.660. On Monday, Zain reported a one percent increase in net profit for the second quarter, amounting to KD71m. Zain shared have lost 18.91% since January 1 2012.
Source: AME Info
Abu Dhabi-based Al Khazna Insurance reports lower net profit
August 7, 2012--The Abu Dhabi market index ADXGI gained 0.25% to hit 2,510.87 points.
The UAE's first telco firm Etisalat ended flat, while Abu Dhabi's biggest developer Aldar Properties advanced 0.83% to reach Dhs1.22. Al Khazna Insurance Company said earlier in the day the net profit for the first six months stood at Dhs11.7m, down from Dhs13.8m in the same period in 2011. Al Khazna shares closed even at Dhs0.85. The insurer's underwriting surplus decreased slightly to Dhs15.7m.
Source: AME Info
Air Arabia shares fly higher as budget carrier bucks industry downtrend
August 7, 2012--The Dubai equity market index DFMGI dipped 0.15% to close at 1,556.79 points Tuesday.
Sharjah-based Air Arabia added 0.80% to hit Dhs0.651. The low-cost carrier said its net profit for the first half year grew by 22%, amounting to Dhs94m ($25.63m), in contrast to the results of most other carriers worldwide as high oil prices and fierce competition weigh in results. The share advanced by over six percent during the last three months. Gulf General Investment Co. or GGICO dived 5.76% to Dhs0.311. Emaar Properties was the most liquid share and ended down 1.17% at Dhs3.38.
Source: AME Info
Saudi Arabia's Mobily rises on partnership with IBM
August 6, 2012--The Tadawul All-Share Index finished flat at 6,943.64 Monday.
Saudi Basic Industries Corp. or Sabic, the world's largest petrochemicals producer, added 0.27% to reach SR91.50. Etihad Etisalat, known as Mobily, outperformed, closing 1.15% higher at SR66. On Sunday, Mobily said it signed a contract with IBM Company for outsourcing the IT Operation. "This partnership will lead to several technical advantages in final product quality, and in managing and securing the applications and ensuring business continuity (sustainability)," Mobily said.
Source: AME Info
Bahrain Bourse falls deeper into the red
August 6, 2012--The Manama-based Bahrain All-Share Index declined by half a percentage point to 1,090.49 points Monday.
Aluminum Bahrain or Alba lost the most, ending off 3.85% at BD0.50. Year-to-date the Bahrain Bourse lost 4.65%.
Source: AME Info
Qatar Exchange advances the fifth session straight
August 6, 2012--The QE Index added 0.10% to hit 8,344.87 points Monday, although most shares ended even or in the red.
Qatar Telecom or Qtel supported the index rise, closing up 2.40% at QR107.50. Qatar National Bank fell 0.40% to QR133 as most banks lost value.
Source: AME Info
Union Cement Company soars on half-year results
August 6, 2012--The Abu Dhabi market measure ADXGI slipped by a quarter percentage point to 2,504.76 points.
Ras al-Khaima-based Union Cement Co. or UCC jumped 9.41% to hit Dhs0.93. Earlier in the day, UCC said its net profit attributable to owners of the company during the first half-year reached Dhs20.679m, up from a 14.903m loss in the corresponding period the year before. The cost of sales ratio decreased to 81.3% of total sales, down from 94.8%. Shares of Aldar Properties were hit by profit takings, closed off 2.42% at Dhs1.22.
Source: AME Info
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