Middle East ETF News Older than One Year
Profit taking drags Etisalat shares slightly lower
June 26, 2012--The Abu Dhabi market measure ADXGI closed off 0.23% at 2,482.05 points Tuesday.
All sector indexes with the exception of investments and financial services landed in the red. Market heavyweight Etisalat dipped 0.10% to Dhs9.63. Since the start of the year, Etislat share rallied over 12 percent, but lost some ground after hitting a 2012-high (as yet) at Dhs9.82 on June 21. Seven shares advanced, 17 declined and five closed flat. Some 27.7m stocks were traded, valued at Dhs59m.
Source: AME Info
DGCX to enhance its trading and clearing platform through partnership with Cinnober
June 25, 2012--Dubai Gold and Commodities Exchange (DGCX) has announced its partnership with leading global trading technology provider, Cinnober Financial Technology. Cinnober will provide a new exchange infrastructure for DGCX that promises to significantly enhance the Exchange's derivatives trading marketplace.
The exchange infrastructure is scheduled to go live in December 2012 following a phased implementation.
Source: AME Info
Saudi ministry to launch price index before Ramadan
June 25, 2012--Saudi Arabia's commerce and industry ministry is working on compiling a price index for Ramadan covering all categories of goods consumed in large quantities during the holy month, Saudi Gazette has reported.
The ministry releases a price index ahead of Ramadan every year, as part of measures to prevent attempts by traders to manipulate prices as demand for many consumer goods rises sharply with the advent of the holy month. [AMEInfo.com]
Source: AME Info
Saudi Stock Exchange sheds another 0.92 percent
June 25, 2012--The Tadawul All-Share Index closed 0.92% lower at 6,683.34 points Monday.
The third consecutive decline was broad as 19 shares advanced, while 125 declined. After a fulminant listing debut on Sunday, insurance firm Alinma Tokio Marine Co. posted the second largest loss (off 8.40% at SR71) on profit takings. Globally, markets took a hit on seemingly never-ending concerns over the Euro zone debt crisis and a fears of a hard economic landing in China. Saudi Enaya Cooperative Insurance Company gained the most, finishing 9.84% higher at SR67. Three trading days ahead of the end of the first half-year of 2012, the Saudi year-to-date profit stands at 4.14%. This is the second best performance in the GCC behind the Dubai Financial Market.
Source: AME Info
DFM shares gain against Dubai market downtrend
June 25, 2012--The Dubai Financial Market (DFM) General Index fell the fourth session straight Monday, closing off 0.30% at 1,456.32 points.
Bellwether share Emaar, the UAE's first real estate developer, closed flat at Dhs2.87. The DFM itself, the only Arab bourse being listed, posted the largest gain, ending up 1.50% at Dhs0.96, although trading volumes were on the retreat again. Four shares advanced, 18 declined and four closed even. Some 43m stocks were traded, valued at Dhs56m. According to EFG Hermes, there is an important support line at 1,450 points from a chart-technical pointof view. This level was successfully tested today by the DFMGI.
Source: AME Info
Qatar Exchange decline halted by banking, industrial shares
June 25, 2012--The QE 20 Index ended a three-day fall Monday by closing unchanged at 8,228.52 points.
Qatar National Bank, the country's largest lender extended its advance from yesterday, finishing half a percentage point higher at QR132. But losses across all sectors prevented the gauge from rebounding. Market bellwether Industries Qatar slipped 0.10% to close at QR129.10.
Source: AME Info
Abu Dhabi bourse bounces back
June 25, 2012--The ADX General Index ended up 0.30% at 2,487.71 Monday, thanks to gains in market leder Etisalat (0.10% higher at Dhs9.74), First Gulf Bank (gaining one percent at Dhs7.88)
and Dana Gas (up 2.70% at Dhs0.37). Trading volumes melted like a ice cream in the sunshine. Only 26.7m shares worth Dhs45.2m changed hands. Thirteen stocks advanced, eight declined and four ended flat.
Source: AME Info
Depa shares dive on contract termination in Doha
June 25, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1546.68 Monday, off 0.27% from the previous close. Market bellwether DP World fell 1.33% to close at $10.36.
Interior design company Depa Ltd. plummeted 6.34% to close at $0.399. On Sunday June 24, Depa said that its joint venture firm Lindner Depa has had its contract at the New Doha International Airport terminated by the Qatari side. The contract had a value of Dhs900m ($245m). Depa said in a statement to the NASDAQ Dubai, "This follows the announcement on June 20 that Lindner Depa’s performance bond and advance payment guarantee were pulled due to Lindner Depa's refusal to accept new non-favourable contract terms and conditions. The Company is in discussions with its lawyers in order to assess the situation and consider its options."
Source: AME Info
EGX and Istanbul Stock Exchange signed a Memorandum of Understanding to enhance cooperation between the two markets
June 25, 2012--The Egyptian Exchange (EGX) and Istanbul Stock Exchange-Istanbul Menkul Kiymetler Borsasi (IMKB)-signed a Memorandum of Understanding (MoU) on Friday 22nd June 2012 in Istanbul-Turkey.
By signing this MOU both exchanges aim to enhance cooperation between the two markets; mainly in the field of automated trading systems development, exchanging technical information, sharing expertise for more efficiency of capital markets in both countries and cross listing of ETFs.
The MoU states that officials in both markets will cooperate to develop the links between the two exchanges which supports their plans in order to attract more investments. Signing that MoU comes as part of EGX’s participation in the meetings of the Organization for Economic Co-operation and Development (OECD) taking place in Istanbul-Turkey.
Source: Arab Finance
Abu Dhabi bourse finishes bullish week at six-week high
June 21, 2012--The ADX General Index shrugged off disappointments over the MSCI verdict to leav the UAE a "frontier market" and ended 0.76% higher at 2,508.59 points.
Market bellwether Etisalat jumped 2.40% to close at Dhs9.64.
Source: AME Info
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