Middle East ETF News Older than One Year
Bahrain inflation increases to three-year high
April 21, 2012--Bahrain's inflation has climbed to a three-year high of 4.7% year-on-year in March, after prices dived a year ago amid social unrest,
Reuters has reported. Consumer prices in the small non-Opec oil exporter grew by 0.4% on an annual basis in February after falling by 0.3% on average last year, which was the kingdom's first deflation since 2002. "The reason why there is a jump in the annual inflation rate is entirely because of the baseline effect," said Giyas Gokkent, chief economist at National Bank of Abu Dhabi. "We do not see any change in price pressures in Bahrain."
Source: AME Info
Arabtec, DFM slightly mitigate Emaar, Tamweel drop at Dubai bourse
April 19, 2012--The Dubai Financial Market General Index closed a quarter percentage point lower at 1,638.25 points.
A sharp last-minute rebound saved the gauge form falling below 1,620. While Islamic home financing firm Tamweel plummeted four percent, Arabtec Construction, as the most liquid share, gained 3.60%, stabilising the overall bearish sentiment on Wednesday. Bellwether Emaar Properties fell 0.31%. Shares of the DFM, the only publicly listed Arab market, added 0.88%. Commercial Bank of Dubai or CBD closed unchanged after the UAE's 9th largest lender by assets reported a 7.8% year-on-year drop in first quarter net profits, amounting to Dhs242.46m. Market breath was negative as nine shares advanced, while 18 declined and two ended flat. Some 166m shares worth Dhs237.3m changed hands.
Source: AME Info
Gulf Pharmaceutical Industries (Julphar) rises on solid first quarter profit
April 19, 2012--The ADX General Index declined half a percentage point to hit 2,500.22 Thursday.
Aldar Properties, yesterday hailed by investors for being upgraded by Standard and Poor's to B+ from B, declined 3.54% to Dhs1.10. National Corporation for Tourism and Hotels gained the most (up 9.96% at Dhs6.18). Ras al-Khaima-based Gulf Pharmaceutical Industries, known as Julphar, advanced 0.33% to reach Dhs3.00. Earlier in the day, Julphar reported ist proift for the first quarter increased by 12.5% to hit Dhs59.4m. Trading remained dull as 41.28m shares were traded valued at Dhs65m.
Source: AME Info
Qatar Gas Transport Company (Nakilat) first quarter profit dips, shares dive
April 19, 2012--The QE 20 Index declined 0.90% to close at 8,638.92 points Thursday.
General Insurance gained the most (up 3.45%), while most banks performed weakly. Qatar Gas Transport Company or Nakilat plummeted 4.52%. Earlier in the day, Nakilat revealed a net profit of QR176.5m in comparison to QR188.5m for the corresponding period in 2011 due to a loss on derivative instruments. In a statement to the Qatar bourse, Nakilat commented: "The loss on derivative instruments of QR 10.0 million for Q1 2012, compared with a gain on derivative instruments of QR 2.7 million for Q1 2011, was due to a technical disqualification (for accounting purposes) of the applicable derivatives (carried in the books of the company’s overseas joint venture) as hedging instruments in accordance with International Accounting Standard 39.
Source: AME Info
Bahrain Bourse is GCC market of the week
April 19, 2012--The Bahrain All Share Index rose for the seventh consecutive trading session Thursday, closing half a percentage point higher at a three-week high at 1,159.30 points.
This week marked one of the rare periods when the Manama-based market outperformed all other GCC stock exchanges in the post-Lehman era. Islamic investment bank Ithmaar edged five prcent higher, while Bahrain Telecom, known and branded as Batelco, soared 2.53%. National Bank of Bahrain or NBB closed even. Earlier in the day, NBB reported it achieved a first quarter net profit of BD14.11m or $37.53m, up by 3.5% year-on-year. NBB's total operating income increased by 17.4%, while total earning assets were 12.3% higher than in Q1 2011.
Source: AME Info
Abu Dhabi bourse edges up by 0.32% on strong developers
April 18, 2012--The ADX General Index consolidated above 2,500 points Wednesday, closing at 2,513.
Real estate firms Eshraq (up over six percent) Aldar (1.80% higher) and Sorouh (gaining 0.90%) helped the gauge to add value. Banks also gained overall, while First Gulf Bank (down 0.21%) and Abu Dhabi Islami Bank (off 1.86%) failed to follow. Fourteen stock advanced, while seven declined and nine ended flat. Some 45m shares were traded, valued at Dhs66m.
Source: AME Info
Emaar Properties on the rise, while Dubai market remains sluggish
April 18, 2012--The DFM General Index closed at 1,642 (off 0.39%) Wednesday, as losses at Tamweel (down 9.50%) and Arabtec (3.34% lower) weighed on the gauge.
Market bellwether Emaar bucked the trend, closing 1.90% higher at Dhs3.21. Some 242.6m shares were traded, valued at Dhs308m.
Source: AME Info
Kuwait Stock Exchange gains half a percentage point on real estate firms, industrials
April 18, 2012--The KSE Market Index added 0.49% on Wednesday, ending at 6,268. Al-Aman Investment Co. advanced the most (up 9.6%).
The country's largest lender National Bank of Kuwait fell 1.8% to KD1.060. According to the IIF's GCC outlook released earlier today, "in Kuwait, the banking portfolio is highly exposed to real estate and investment companies, which have proliferated in recent years without adequate controls. The stressed domestic investment companies have put strains on the banking sector during the current crisis." Pearl of Kuwait Real Estate Co. posted the largest decline (down 12.3%).
Source: AME Info
Bullish first quarter results boost Saudi Telecom share price
April 18, 2012--The Riyadh-based Tadawul All Share Index added 0.03% Wednesday, closing at 7,513.85 points.
Market leader Sabic dipped a quarter percentage point and finished at SR102. Saudi Telecom Company or STC soared 2.50% to reach SR41.20. Earlier in the day, STC revealed its net income during the 1st quarter amounted to SR2.52bn compared to SR1.57bn for the corresponding quarter last year, with an increase of 60%, and compared to SR2.34bn for the immediately prior quarter, with an increase of 8% as per the audited annual financial statements. STC commented on the Q1 report: "The increase in net income for the first quarter of 2012 compared to the same period last year is attributed to the 12% increase in operating revenue which came as a result to the growth in all of the group services revenue, PSTN, ALJAWAL (mobile), Business sector and Wholesales." STC also claimed that "the overall improvement in operations efficiency have contributed to this increase." Since January 1, STC shares advanced by 21%, outperforming the market gauge Tasi (up 17.08% year-to-date).
Source: AME Info
Bahrain Bourse outperforms GCC indexes as IIF forecasts 'brighter prospects in 2012'
April 18, 2012--Bahrain: The Bahrain All Share Index advanced the most in the GCC Wednesday, closing 0.84% higher at 1,153.68. Aluminium Bahrain posted the largest gain in Manama, ending up 3.50% at BD0.595.
Earlier in the day, the Institute of International Finance or IIF said in its outlook report for the GCC, that due to unrest growth in Bahrain slowed to 2.2% in 2011, down from 4.5% in 2012. Looking ahead, the IIF added that "prospects for 2012 and 2013 are brighter, although continued simmering unrest and isolated outbreaks of violence suggest that growth is unlikely to return to levels in excess of 5% per year that were the norm before 2009. There are, however, some encouraging signs.". These encouraging signs are, according to the IIF: "The restoration of the F1 Grand Prix this year will provide a significant boost, both to economic activity as well as confidence, disbursements from the GCC Fund (set up last year to help Bahrain and Oman) will stimulate construction spending, and high oil prices and increased production will buoy government spending." As a result, the IIF expects growth in the Kingdom to rise to 3.3% in 2012, accelerating to about 4.6% next year as the recovery takes hold.
Source: AME Info
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