Middle East ETF News Older than One Year
Bahrain gauges investors for non-imminent sovereign bond
April 26, 2012-Troubled by ongoing social unrest, Bahrain is testing whether it could attract investors into a potential sovereign bond sale, although the issuance is unlikely to be imminent, Reuters has reported, citing government and banking sources.
"Bahrain sent out requests for proposals (RFPs) earlier this week. There are no mandates yet but they seem to be very serious about tapping the market," said a banker, who asked not to be identified. "They tend to give out mandates and wait. There's no requirement to issue immediately," another banker said.
Source: AME Info
Dubai Financial Market gains slightly over the week
April 26, 2012--The DFM General Index closed at 1,651.90 Thursday, down half a percentage point compared to Wednesday, but 13.65 points higher week-on-week. Losses at Arabtec Construction (off 0.55%) and district cooling specialist Tabreed (down 4.17%) weighed on the market.
Islamic investment ban Gulf Finance House or GFH from Bahrain gained the most (up 2.80%). Emirated NBD recovered from yesterday's losses and closed 1.42% higher. According to the DIFC Middle East and North Africa (Mena) Chartbook, published earlier today, "despite the recent rise in the loan-to-deposit ratio, the (UAE) financial sector remains in a stronger position than in 2008 to withstand another global downturn that could stem from the European debt crisis. The exposure of the country’s banks to sovereign and private sector debt in the Euro area is very small." Dubai-based investment bank Shuaa Capital, however, dived 5% after rating agency Moody's downgraded Shuaa to "B1" from "Ba3". It is Moody's second downgrade on Shuaa within four months. Moody's also assigned a "negative" outlook on the investment bank as it faces multiple challenges such as fierce competition and a rough regional and global investment climate. Six shares advanced, 16 declined and five ended even. Some 177m shares were traded, valued at Dhs177.9m.
Source: AME Info
Abu Dhabi market slips despite rise in oil prices
April 26, 2012--A lackluster Abu Dhabi bourse saw the ADX General Index falling by 0.17% to 2.507.90 points Thursday. Blue chips like Etisalat (down insignificantly), energy giant Taqa (off 3.82%) and Aldar Properties (1.74% lower) weighed on the gauge.
Qatar Telecom or Qtel gained the most (up 7.60%). Over the last full trading week in April, the ADX added half a percentage point.
Source: AME Info
Batelco closes flat as first quarter profit decreases slightly
April 26, 2012--The Bahrain All Share Index dipped 0.20% Thursday, closing a sluggish week at 1,145.24 points.
The kingdom's first telco firm Bahrain Telecommunications, known as Batelco, ended unchanged at BD0.46. Earlier in the day, Batelco announced a net profit for the first quarter of BD16.1 ($42.7m), representing an 8% decrease year-on-year. In a statement to the exchange, Batelco Chairman Sheikh Hamad Bin Abdulla Al Khalifa blamed a "significant competition in Bahrain and a highly competitive environment across the Middle East and Africa" for the decline in Q1 profits. Nevertheless, Batelco shares outperformed the bourse's market index since January 1, as Batelco advanced year-to-date by 17.9%. The market gauge has gained only 0.14% during the same period.
Source:AME Info
Emirates NBD shares dive as first quarter profit is reported
April 25, 2012--The Dubai bourse DFM fell 0.59% Wednesday, closing at 1,660.26, as Emaar (off 0.61% at Dhs3.28) and Tamweel (down 1.56% at Dhs1.26) weighed on the measure.
The UAE's largest lender Emirates NBD plummeted 2.77% to Dhs2.81. Earlier in the day, ENBD its first quarter profit increased to hit Dhs641m compared to Dhs152m in Q4 2010. While customer loans where almost unhachanged at Dhs204.1bn, total assets were up 4% at Dhs296.7bn. District cooling specialist Tabreed gained the most (up 992% at Dhs1.44. Trading volumes remained solid, as 300m shares were traded, valued at Dhs448.5m.
Source: AME Info
Aldar Properties advance, announces launch of new village in Al Ain
April 25, 2012--The ADX General Index gained 0.28% to reach 2,512.19 points.
Real estate bellwether Aldar Properties advanced 1.77%, finishing at Dhs1.15. Earlier in the day, Aldar announced the opening of a new operative village in Al Ain that will cater for the ongoing development in Al Ain and improve the quality of labour accommodation. "The first permanent camp of its kind in the Garden City, the Al Ain Operative Village has a current capacity of 5,690 residents over 74,911sqm and facilities (...)", Aldar said in a statement to the ADX. Abu Dhabi National Energy Co. or Taqa declined 2.96% to Dhs1.32.
Source: AME Info
Qatar Telecom adds slightly, announces details for capital increase
April 25, 2012--The QE 20 Index declined 0.13% to 8,652.87 points. Al Ahli Bank (up 2.79% at QR69.90) was the only lender which advanced.
Shares of the country's first telco provider Qatar Telecom or Qtel closed 0.10% higher at QR129.00. Earlier in the day Qtel announced the details of the rights of subscription for the capital increase decided on March 25. "It shall be given to the shareholders, who are registered in the shareholder register with the Qatar Exchange (QE) and Abu Dhabi Securities Exchange (ADX) on Wednesday, 9 May 2012, at a price of QR75 per share (QR10 nominal value plus a premium of QR65), subject to the announced terms and conditions," Qtel said in a statement to the Qatar Exchange. On March 25 Qtel won approval from its shareholders to increase its authorised share capital to QR5bn or $1.37 billion. In addtion, shareholders gave green light for a 40 per cent rights issue.
Source: AME Info
Kuwait Stock Exchange extends gains the fourth day
April 25, 2012--The KSE Market Index ended 0.14% higher at 6,336.5 points. Investment firm Manazel Holding posted the largest gain (up 11.36% at KD0.0245).
Financials performed overall weaker. The northern Gulf state's largest Islamic financial institution Kuwait Finance House fell 1.33% to KD0.740. "Banking system growth remains muted in Kuwait," said National Bank of Abu Dhabi's Chief Economist and Head of Research Dr. Giyas Gokkent. Kuwait banking sector assets were $163.3bn (+6.4% year-on-year, +1.6% month-on-month) in March. Loans and advances were up by 2.5% year-on-year to $96bn at the end of March 2012 (+0.5% month-on-month) and accounted for 58.8% of banking sector assets.
Source: AME Info
Oil price advance helps Saudi market to rebound
April 25, 2012--The Riyadh bourse Tadawul saw its market gauging re-gaining 0.40% Wednesday, closing at 7,541.5 points.
Petrochemicals leader Sabic added a quarter percent to reach SR102.75. Shares of Southern Cement lost the most (off 2.62% at SR102.25). Oil prices edged higher today, trading at $103.88 per barrel (WTI) in early New York trading.
Source: AME Info
Gary Anderson Named New CEO of DGCX
Gary Anderson Named New CEO of DGCX
Dubai
April 25, 2012--The Dubai Gold and Commodities Exchange (DGCX) today announced the appointment of Gary Anderson as its new Chief Executive Officer (CEO).
Previously, as an Executive Director for Goldman Sachs International, he had responsibility for all aspects of its trading activities on the London International Financial Futures and Options Exchange (LIFFE) floor. He has also served as a member of the Boards of LIFFE, the Futures and Options Association and the London Clearing House.
Before joining DGCX, Anderson was a Founding Partner in Triniti Financial Group, which provides professional trading environments and financial backing for day traders.
Source: DGCX
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