Middle East ETF News Older than One Year
New homes in Bahrain being sold 'at loss'
May 28, 2012--According to a report by property consultancy CBRE, Bahrain's residential property market remains 'severely' depressed, amid continued uncertainty surrounding the political and economic environment,
The National has reported. New homes that are coming into the market are, in some cases, being sold at a loss, the report said. "Several middle-income housing projects have been launched in Bahrain in the last three months, and sales have reportedly been brisk to date," it said. "However, analysis reveals that some of these projects are effectively being sold at a loss, or at best, cost price, in order to stimulate the market and raise the profile of the ongoing master-planned projects of which they are merely a very early phase."
Source: AME Info
Tadawul bourse falls back, closes below 7,000 points
May 28, 2012--The Tadawul All-Share Index ended off 0.35% at 6,989.45 points Sunday.
Petrochemicals producer and market leader Sabic slipped 0.80% to hit SR93.75. Saudi Enaya Cooperative Insurance Company rose to a six-week high, finishing at SR49.30. Thirty-five shares advanced, while 95 declned and 21 closed flat amid low trading turnover.
Source: AME Info
Jordan's uranium reserves 'larger than previously believed'
May 27, 2012-The Jordan Atomic Energy Commission (JAEC) has announced the kingdom's uranium deposits are larger than previously believed, raising expectations for the potential of a Jordanian uranium industry,
Jordan Times has reported. Ongoing exploration in an 18-square-kilometre plot in the central region has revealed the presence of up to 25,000 metric tonnes of yellowcake; over 10,000 tonnes more than previously forecast, JAEC said. "We had roughly underestimated the quality and concentration of uranium on the top layers, and based on this discovery, we need to revise our total numbers," JAEC commissioner Khaled Toukan told the daily. [AMEInfo.com]
Source AME Info
Kuwait Stock Exchange falls after Minister of Finance's resignation
May 27, 2012-The KSE Market Index closed one percent lower at 6,277.21 points Sunday after the northern Gulf state's Minister of Finance Mustapha al-Shamali resigned last Thursday "following hearings in Parliament where he was accused of financial violations by opposition MPs," the DIFC Weekly Economic
Commentary reported earlier in the day. Commercial Bank of Kuwait or CBK dived 3.9% to KD0.750. Real Estate Trade Centers or Marakez plummeted 8.70% to KD0.052. The country's largest lender by assets and makret value National Bank of Kuwait resisted the negative sentiment and added 1.9% to hit KD1.060.
Source: AME Info
Vodafone Qatar rises to multiple-year high
May 24, 2012--The Qatar Exchange 20 Index slipped insignificantly to 8,462.91 points.
Shares of the country's second telco operator Vodafone Qatar advanced 0.21% to reach QR9.72. Vodafone Qatar has said the total number of its customers in the country rose 11% in a year to reach 837,233 in March 2012, or 47% of Qatar's population, Gulf Times has reported. The growth has been driven by enhancements to the company's mobile network and the launch of innovative promotions and services such as the 'Swalif' local calling offer and prepaid BlackBerry plans, Vodafone Qatar said. The firm said its financial results for the year ended March 31 will be announced following a board meeting on June 7.
Source: AME Info
Property shares weigh on Abu Dhabi exchange
May 24, 2012--The ADX Index declined 0.44% to close at 2,464.68, as dvelopers Aldar Properties,
Sorouh Real Estate fell 0.93% and RAK Properties dived by 2.70%. Market bellwether Emirates Telecommunications or Etisalat bucked the trend, gaining 0.11%. Trading remained dull due to the ongoing uncertainty over Greece's disposition in the Euro zone. Around 30m shares were traded, valued at Dhs45.22m.
Source: AME Info
Dubai market ends tricky week flat
May 24, 2012--As many investors continued to stay on the sidelines, the Dubai Financial Market General Index (DFMGI) ended unchanged at 1,479.67
Thursday as Euro zone's dispute over the issuance of Euro bonds kept buyers away. While Emaar Properties retreated to Dhs2.88, Commercial Bank of Dubai or CBD and bank Emirates NBD added 1.79% and 1.11%, respectively. Ten Shares gained, 14 declined and two closed even. Over the week, Dubai's local exchange added a quarter percentage point, which marks the first week recovery in a month.
Source: AME Info
Islamic banks lift Bahrain Bourse
May 24, 2012--The Bahrain All-Share Index gained 0.70% to hit 1,145.39 Thursday, halting a week-long declined. Islamic financial institutions Al Baraka Banking Group and Ithmaar Bank advanced 9.20% and 6.90%, respectively. Nass Corporation lost the most (off 0.69%).
According to National Bank of Abu Dhabi's Chief Economist and Head of Research Dr. Giyas Gokkent, "assets of the consolidated Bahraini banking system were up +0.8% m-o-m in March to $200.4bn ( down 0.3% y-o-y) driven in large part by growth in wholesale banks." He added that "Bahrain's wholesale banking system clocked in two consecutive months of growth. In March, geographic classification data for wholesale banks indicate a rise in GCC liabilities and a concomitant rise in Western European assets and a significant portion are movements due to head office and affiliated bank activity. Year-to-date, the Bahrain Bourse added 0.15%.
Source: AME Info
Saudi Arabia's Dar Al Arkan Real Estate gains as developer strikes deal with Sabic
May 23, 2012--The Riyadh-measure Tadawul All-Share Index (TASI) declined 0.60% to close at 7,061.43 points amid regional and global uncertainty over Greece's dispositon in the Euro zone.
Dar Al Arkan Real Estate Development Company was the most liquid share, advancing 1.36% to hit SR11.20. Earlier in the day, Dar Al Arkan announced the sale of a portion of the residential land at its project Shams ArRiyadh, in the capital Riyadh to petrochemical giant Saudi Basic Industries Corporation or Sabic which closed off 0.26% at SR95. Sabic will build a residential compound for its employees. The total land area sold is worth SR741.6m. The transaction will be reflected in the developers second quarter of 2012 financial results. Nineteen stock gained, while 119 declined. Trading volumes remained in the lower range, as 294m stocks worth SR5.8bn changed hands.
Source: AME Info
Kuwait market falls the sixth day straight
May 23, 2012--The KSE Market Index fell 0.22% to hit a three-week low, closing at 6,366.95 Wednesday.
Kuwait correlates with the price of oil, which lost 11.37% in value in the last four weeks as GCC and Iraq production volumes hit multi-year highs in order to compensate for Iranian export losses. National Bank of Kuwait or NBK closed unchanged, but losses in the industrial and the telco segment weighed on the gauge. Islamic financial institution Kuwait Finance House pr KFH advanced 2.81%, finishing the session at KD0.730.
Source: AME Info
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