Middle East ETF News Older than One Year
Kuwait market slips slightly
May 21, 2012--The Kuwait Stock Exchange (KSE) Market index failed to join the global and regional receovery mood and slipped 0.10% to 6,415.24 points.
Global Investment House said earlier in the day that Court of Appeal of the Emirate of Dubai passed its verdict (judgment) in the case reverted to the Court of Appeal by the Dubai Court of Cassation, in connection with the appeal submitted by the National Bank of Umm Al Qaiwain in relation to the Court of Appeal’s ruling in favor of Global for the recovery of $250m plus accrued interest and fees. The Honorable court ordered NBQ to repay to Global Investment House $250m towards the refund of a deposit placed by the Company with the Dubai branch of this Bank in August 2008 plus interest at the rate of 9% with effect from 3 December 2008 till the date of repayment plus expenses.the date of this verdict, the due and The unpaid interest amounts to approximately $79m.
Source: AME Info
Qatar Exchange ends three-day long losing streak
May 21, 2012--The QE 20 Index advanced a quarter percentage point. Banks were strong in particular.
Doha Bank surged 0.90% to reach QR57. Qatar Telecom or Qtel dipped 0.34% to hit QR116.30. Earlier in the day Qtel announced the dates for its recently announced rights issue. The offer to eligible shareholders close on May 24 and the terms and conditions can be seen on the firm's website.
Source: AME Info
Abu Dhabi blue chips lead market rebound
May 21, 2012--The ADX General Index ended Monday at 2,468.49, 0.21% higher compared to yesterday's close.
Sorouh Real Estate (up 5.10%) and Aldar Properties (gaining 4.90%) were among the most liquid shares. Abu Dhabi National Energy Co. or Taqa extended its decline, falling by 0.85%. National Bank of Umm al-Qaiwain gained the most (up 9.94%). After the closing at 2.14pm Dubai-time, Kuwait's Global Investment House announced that the Court of Appeal of the Emirate of Dubai passed its verdict (judgment) in the case reverted to the Court of Appeal by the Dubai Court of Cassation, in connection with the appeal submitted by the National Bank of Umm Al Qaiwain in relation to the Court of Appeal’s ruling in favor of Global for the recovery of $250m plus accrued interest and fees. The statement said: "The Honorable court ordered NBQ to repay to Global Investment House $250m towards the refund of a deposit placed by the Company with the Dubai branch of this Bank in August 2008 plus interest at the rate of 9% with effect from 3 December 2008 till the date of repayment plus expenses. Till the date of this verdict, the due and unpaid interest amounts to approximately $79m."
Source: AME Info
Dubai market boosted by G8, China declarations
May 21, 2012--The Dubai Financial Market General Index (DFMGI) gained 1.50% Monday to reach 1,488.09 amid higher trading volumes.
The G8's (verbal)commitment to Greece's remaining in the Eurozone along with China' premier Wen Jiabao's statement to ease monetary policy in the Middle Kingdom helped the Dubai bourse to recover territory. Emaar soared 2.43% to hit Dhs2.95. The DFM, as the only listed Arab exchange, added 1.78% to reach Dhs0.972. Bank Emirates NBD was the sole losing share (off 0.73% at Dhs2.72). Some 135n shares were traded, valued at Dhs153m.
Source: AME Info
Rupee and Gold Trading Drives New DGCX Daily Volumes Record
Exchange trades 51,943 contracts on May 16, valued at US $ 1.98 billion
May 20, 2012--Driven by an increase in Indian Rupee and Gold futures trading, the Dubai Gold and Commodities Exchange (DGCX) registered a new daily volume high of 51,943 contracts
on Wednesday, May 16, 2012.
The new daily volume record surpassed the previous best of 42,484 contracts set on May 9, 2012. The Exchange also set a new daily value record, with US $ 1.98 billion worth of contracts traded on Wednesday.
Source: Dubai Gold and Commodities Exchange (DGCX)
DP World recover ground at NASDAQ Dubai
May 17, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.58% higher at 1582.08 Thursday.
DP World was the sole security which posted a price change at the Middle East's only international market. DPW gained 0.40% to reach $10.50.
Source: AME Info
Doha Insurance declines, denies having bought 3% in Siemens
May 17, 2012--The Qatar Exchange 20 Index declined 0.15% to finish a volatile week at 8,455.33 points.
Doha Insurance fell 1.11%. Earlier in the day, Doha Insurance issued a statement requested by the bourse, saying that the article published in Gulf Times on May 2012, which stated that Doha Insurance acquired a 3% stake in Germany’s Siemens, was incorrect.
Source: AME Info
Etisalat gains further, while energy shares lag behind in Abu Dhabi
May 17, 2012--The ADX General Index closed higher by 0.03% at 2,467.85 points.
Trading remained dull as many traders preferred to stay on the sidelines amid confusing news from the Eurozone and the U. S. the Fed signalled to ease monetary policy in order to keep markets afloat amid fears of Greece's possible return to its old currency Drahme. Emirates Telecommunications or Etisalat ended at a three-week high at Dhs0.73. Abu Dhabi National Energy Co., known as Taqa, dived 2.50% to hit Dhs1.17. Sharjah-based Dana Gas closed flat at Dhs0.39. A staggering 13 shares ended even, reflecting the uncertainty at the bourse where 43.7m shares were traded Thursday, valued at Dhs69.5m.
Source: AME Info
Bargain hunting lifts Dubai bourse
May 17, 2012--The DFM General Index ended 0.65% higher at 1,475.58 points, as shares gained across the board amid low trading volumes.
Arabtec added 1.04%, closing as the most liquid share at Dhs2.92. According to EFG Hermes, sentiment at the DFM has left the zone of extreme bearishness and is heading upwards. Market breadth was very positive Thursday, as twenty out of 26 shares traded advanced. Two stocks lost. The UAE's largest lender Emirates
Source: AME Info
Kuwait may exhaust all oil savings by 2017 at current spend rate
May 17, 2012--The International Monetary Fund (IMF) has said Kuwait will have exhausted its entire oil savings by 2017 if it keeps on spending money at the current rate and would not be able to save oil receipts into its future generations fund, Reuters has reported.
In addition to having to diversify its economy and improve its infrastructure and climate for investment, the Gulf country would also have to cut the fiscal deficit excluding oil and debt servicing by at least KD7bn ($25bn) by 2017 to ensure long-term fiscal sustainability. "The need of fiscal consolidation is larger and more urgent in a scenario of lower oil prices," the IMF added.
Source: AME Info
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