Middle East ETF News Older than One Year
Qatar's Aamal gains on joint venture with South Korea's C&C Lightway
June 27, 2012-With the exception of the financial sector, Qatar-listed equities fell across the board Wednesday, pulling the QE 20 Index down by 0.35% to hit a 13-month low at 8,166.98 points.
Shares of diversified conglomerate Aamal Company added 0.44% to reach QR15.87. Earlier in the day, Aamal said it signed a joint venture agreement with C&C Lightway from South Korea. "The joint venture will initially trade in, and distribute, LED (Light Emitting Diode) and other lighting products (indoor, outdoor and façade) for the Qatari market and other GCC countries," Aamal said in a statement to the Qatar Exchange, adding that "the joint venture also plans to establish in the near future a factory to assemble and manufacture LED lamps and other lighting products using technology and know-how from C&C Lightway. The factory will serve the Qatari and MENA region markets."
Source: AME Info
Kuwait Stock Exchange consolidates above 5,800 points
June 27, 2012--The KSE Market Index closed insignificantly lower at 5,820.94 Wednesday.
A slight increase of the recently beaten down oil prices helped the Kuwaiti gauge to stabilise. The country's largest lender National Bank of Kuwait or NBK edged 1.96% higher to reach KD1.040. Amar for Finance and Leasing posted the largest increase (up 9.8% at KD0.056). Contracting and Marine Services Co. fell the most, heading nine percent lower to hit KD0.142.
Source: AME Info
Abu Dhabi developers close flat, while market index is mostly dragged down by Etisalat
June 27, 2012--A lacklustre ADX General Index lost half a percentage point Wednesday and closed at one-week low at 2,469.86 points.
Trading volumes fell to a new 2012-low as 19.4m shares were traded, valued at Dhs37.3m. Commercial Bank International gained the most (up 10% at Dhs0.99). Bellwether Etisalat, the UAE's first telco firm, closed 1.86% lower at Dhs9.33. Merger candidates Aldar Properties and Sorouh Real Estate closed unchanged at Dhs1.12 and Dhs1.02, respectively.
Source: AME Info
Dubai market dips slightly, but defends key support line
June 27, 2012--The DFM General Index ended off 0.16% Wednesday, closinga at 1,452.18 points.
Market bellwether Emaar slipped 0.35% to Dhs2.83, while Arabtec Construction edged 0.36% higher to reach Dhs2.82. Despite the 6th decline in a row, the DFM gauge did not break down through 1,450 points, which EFG Hermes says is a key support level, and its could be pivot element in fulfilling a reverse "shoulder-head-shoulder"-pattern, in case the Dubai market bounces back. Trading volumes declined once more, as only 36m worth Dhs46.2m changed hands.
Source: AME Info
Dubai non-oil trade up 6.6% in Q1
June 27, 2012--Statistics released by Dubai Customs indicate the emirate’s non-oil foreign trade grew 6.6% in the first quarter of 2012 to over Dhs298.1bn, compared with Dhs279.7bn during the same period last year, Khaleej Times has reported.
“The growth is widely attributed to the implementation of several economic, tourism and construction projects, which also includes the development of modern infrastructure like customs facilities at ports and airports and the provision of more advanced services,” said Ahmed Butti Ahmed, the executive chairman of Ports, Customs and Free Zone Corp. “These achievements all reflect Dubai government departments’ effort to reinforce trade activity as Dubai foreign trade represents a big stake of the country’s non-oil trade with the world by nearly 80%,” Butti said.
Source: AME Info
Bahrain Bourse lifted by banking shares
June 26, 2012--The Bahrain All-Share Index added 0.40% Tuesday, to reach 1,128.61, still trading 1.31% below its level on January 1.
Bank of Bahrain and Kuwait or BBK posted the largest advance, ending up 2.60% at BD0.394. Earlier in the day BBK said it has the third consecutive year conducted a Crisis Management Simulation Exercise on June 23rd, 2012. "The aim of the exercise is to invoke the bank-wide Business Continuity Plans (BCP) to ensure that critical banking services are recovered and available to customers in the shortest possible time in case of an unforeseen incident," BBK said in a statement to the Bahrain Bourse. Shares of Gulf Hotel Group were the only securities which lost in value (off 1.55% at BD0.635).
Source: AME Info
Egypt to implement new budget on July 1
June 26, 2012--Momtaz El-Said, the Egyptian finance minister has said the implementation of the country's new budget is to begin on July 1, and that the Supreme Council of the Armed Forces (SCAF) is expected to approve it, Daily News Egypt has reported.
The minister also said the incoming government will decide how to implement all planned tax reforms according to its vision, noting that economic indicators show that the economy gradually recovered with the restoration of security and political stability. [AMEInfo.com]
Source: AME Info
Sabic gains on Jubail Industrial progress,, helps Tadawul market to recover
June 26, 2012--The Tadawul All-Share Index ended Monday 0.20% higher at 6,696.84 points.
Petrochems and metals giant Sabic edged up by 1.11% to hit SR91. Earlier in the day Sabic said that KEMYA, a SABIC affiliate, has awarded the Engineering Procurement and Construction contracts on June 25 for the elastomers project in Jubail Industrial City to the following engineering contractors: Daelim Industries, Technip and Tecnicas Reunidas. The total investment has been estimated to $3.4bn and the partners are planning to finance it from their own resources and through third party debt. Al-Jubail Petrochemical Company (KEMYA) is a 50-50 joint venture between Sabic and Exxon Chemical Arabia Inc., an affiliate of ExxonMobil Chemical.
Source: AME Info
Qtel shares slip as firms aims to buy remainig stake in Kuwait's Wataniya
June 26, 2012--The QE 20 Index fell 0.41% Tuesday to 8,194.65, bringing its year-to-date performance down to minus 6.66%.
Qatar Telecom or Qtel closed 1.10% lower at QR107.80. Earlier in the day, news channel Al Arabiya said that Qtel plans to buy the remaining share of 47.5 percent in Kuwait's Wataniya Telecom. The majority in the telco provider Qtel bought in 2007.
Source: AME Info
Kuwait Stock Exchange bounces back after government's resignation
June 26, 2012--Almost all sector indexes ended in the green in Kuwait City on Tuesday, pushing the KSE Market Index up by 0.60% to reach 5,824.34 points.
On Monday, the Kuwaiti government resigned in a move which analysts regard as a chance to break up the political deadlock in the oil-rich Gulf state. Last week, a court nullified parliamentary elections from February, when religious opposition groups won the majority in the Madjlis.
Source: AME Info
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