Middle East ETF News Older than One Year
Arkan Building Materials dive as Q1 profit plummets by a quarter
May 01, 2012--The Abu Dhabi bourse ADX added 0.04% to hit 2,504.78 Tuesady. National Bank of Fujairah or NBF topped the charts by gaining 9.76%.
Dana Gas dived 2.22%. Arkan Building Materials Company ended 5.32% to Dhs0.87. Earlier in the day, Arkan reported a 25.87% year-on-year decline in net profits in the first quarter, amounting to Dhs6.88m.
Source: AME Info
Dubai bourse declined for the fifth days straight
May 01, 2012--The Dubai Financial Market General Index (DFMGI) closed 0.46% lower at 1,623.52 points Tuesday. Arabtec Construction was the most liquied share, closing 2.35% higher at Dhs3.49.
Emaar slipped 0.61% to Dhs3.25. Mashreq Bank, the only UAE lender which has no souvereign shareholder, lost the most (off 9.95% at Dhs82.35). Shuaa jumped 4.61% to hit Dhs0.79. Earlier in the day, Shuaa commented in a statement on its turnaround strategy. "Year-on-year we have already improved our monthly operating cash flow by 57%," said Shuaa Executive Chairman Sheikh Maktoum bin Hasher Al Maktoum. He added that Shuaa aims to reduce its cost by 14% in the first half of the year, which would lead to a total improvement of operating cash flow of 71%. In 2011, Shuaa suffered a full-year loss of Dhs293.8m. On April 26, rating agency Moody's Investors Service downgraded Shuaa to "B1" from "Ba3". Around 124m shares were traded, valued at Dhs294.8m.
Source: AME Info
Saudi indices to be reintroduced, says MSCI
May 01, 2012--Global provider of investment decision support tools, MSCI has said it is to reintroduce coverage of the Saudi Arabia equity market with the release of standalone country indices.
The move comes nearly two years after MSCI withdrew its Saudi indices after a licensing rights dispute with Tadawul. The reintroduced MSCI Saudi Arabia Domestic Indices, including large cap, mid cap and small cap indices, are designed for institutional investors wishing to invest in Saudi Arabia, and who are not constrained by foreign ownership limits.
Source: AME Info
Saudi Tadawul market gains slightly, as index provider MSCI joins forces with bourse
April 30, 2012--The Saudi Arabian Tadawul Index added 0.04% to reach 7,558.47 Monday.
The index fell at the opening but eventually performed a w-formation and ended the green. Earlier in the day, the Saudi Stock Exchange announced that is has signed an agreement with MSCI, a leading provider of investment decision support tools worldwide, authorizing MSCI (Morgan Stanley, Capital International) to use Tadawul market data to create and issue indexes on the Saudi Arabian equity market. MSCI will reintroduce coverage of the Saudi Arabia equity market with the release of standalone country indices. MSCI will also reintroduce the MSCI GCC Countries Index (MSCI GCC Countries ex Saudi Arabia Index + MSCI Saudi Arabia Domestic Index) and the MSCI Arabian Markets Index (MSCI Arabian Markets ex Saudi Arabia Index + MSCI Saudi Arabia Domestic Index), as well as domestic versions of existing regional indices.
Source: AME Info
Qtel shares upbeat on first quarter results
April 30, 2012--The QE 20 Index gained the third day straight Monday, closing 0.18% higher at 8.703.64 points.
Shares of the country's first telco firm Qatar Telecom or Qtel gained 1.52% to hit QR140.10. On late Sunday, Qtel announced it has earned 12%less year-on-year in the first quarter when net profits hit QR711.4m, beating analysts' expectations, according to Bloomberg. Qatar National Bank or QNB slipped 0.07% to QR133.40.
Source: AME Info
Kuwait Stock Exchange gains on real estate-- investment firms
April 30, 2012--The KSE Market Index ended a two-day siedways trends, advancing half a percentage point to reach 6,368.6 Monday.
While banks overall underperformed, developers and investment companies edged higher. Al Dar National Real Estate Company posted the highest advance, jumping 9.6% to reach KD0.0285, followed by investment firm Manazel (up 8.625% at KD0.0315). Bahrain-based Islamic investment bank Gulf Finance House declined 6.4% to KD0.058.
Source: AME Info
Taqa, developers weigh on Abu Dhabi bourse
April 30, 2012--The Abu Dhabi bourse's market measure ADX General Index closed off 0.33% Monday, at 2,503.82 points. Abu Dhabi National Energy Company or Taqa plummeted 3.20% to Dhs1.25.
The emirate's second developer Sorouh Real Estate fell 1.74% to Dhs1.13. On Sunday, Sorouh announced that its net profit for the first quarter surged 22% year-on-year to reach Dhs76.3m. Like in Dubai, trading activity remained low as 41.6m shares were traded, valued at Dhs63.1m.
Source: AME Info
Positive corporate results fail to stop sluggish trading at Dubai market
April 30, 2012--The paradox situation of a fickle market despite good news from earnings season continued at the Dubai bourse DFM on Monday.
The DFM General Index ended down 0.52% at 1,630.95. Shares of Dubai Islamic Bank or DIB fel one percent to close at Dhs1.97. On late Sunday, DIB reported an 11% increase in net profits for the firt quarter, amounting to Dhs245m. Real estate bellwether Emaar Properties gained against the trend, closing 0.31% higher at Dhs3.27. Islamic home financing firm Tamweel and the DFM, the sole Arab bourse being listed, ended unchanged. Trading volumes fell to 101m shares being traded, valued at Dhs144.67m.
Source: AME Info
NA Mergers and Acquisitions value drops 40% in Q1 2012
April 26, 2012--According to Ernst and Young's MENA Mergers and Acquisitions update, the total value of mergers and acquisitions (M&As) announced in the Middle East and North Africa (MENA)
region dropped by 40%, to $8.5bn in Q1 2012 from $14.1bn in Q1 2011. [AMEInfo.com]
Source: AME Info
Kuwait account surplus jumped 78% in 2011
April 26, 2012--Kuwait's central bank said has said the country's current account surplus surged 78% in 2011, mainly due to a jump in exports, Reuters has reported.
The current account of one of the world's top oil exporters booked a surplus of KD19.53bn ($70.3bn) in 2011, or 54.8% of 2010 gross domestic product, compared with KD10.98bn in 2010, or 30.8% of GDP, it said. "That increase...was mainly an outcome of the rise in the surplus of the balance of goods," the central bank said, adding that it soared by 66.7% on an annual basis," the central bank said.
Source: AMEInfo.com
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