Middle East ETF News Older than One Year
Qatar National Bank dips, increases its stake in Iraq's Mansour Bank
April 23, 2012--The Doha-based Qatar Exchange (QE) 20 Index closed 0.11% lower at 8,693.43 points.
The gas-rich country's largest lender by assets Qatar National or QNB fell 0.30% to QR134. Earlier in the day, QNB said it has obtained the approval of the Central Bank of Iraq take the majority in Mansour Bank in Iraq, increasings its stake from 23% to 51%. "In accordance with the memorandum of understanding, signed between the two banks, QNB Group will effectively manage Mansour Bank and provide it with needed technical and logistical support," QNB said in a statement to the Qatari bourse. Doha Bank gained against the trend, closing 0.34% higher at QR59.70.
Source: AME Info
Batelco share price rise halted at Bahrain Bourse
April 23, 2012--The Manama-based Bahrain All Share Index declined 0.47% to 1,151.26 points. Islamic investment bank Ithmaar was the only gaining stock (up 8.70% at $0.125).
Shares of Bahrain Telecommunications or Batelco fell 1.26% to BD0.472 on profit booking. During the last month, Batelco has gained over 25%.
Source: AME Info
Abu Dhabi market advances slightly
April 23, 2012--The ADX General Index ended up 0.14% at 2,499.35 amid dull
trading. National Corp for Tourism and Hotels posted the largest advance, gaining 9.87% at Dhs7.46. Market bellwether Etisalat fell slightly to Dhs8.60. Aldar Properties and Methaq Takaful closed unchanged.
Source: AME Info
Dubai bourse returns to sluggish mode amid European woes
April 23, 2012--The DFM General Index fell 0.60% to 1,640.55 points Monday, as European markets retreated amid uncertainty over the outcome of France's presidential elections.
Socialist presidential candidate Francois Hollande won the first round at the polls held on Sunday in a head-to-head race with incumbent President Nicolas Sarkozy. Cancelled budget negotiations in the Netherlands, which will lead to new parliamentary elections, also spoiled the start of the week in Europe. In Dubai, Islamic financial institution Ajmanbank gained the most (up 4.70% at Dhs0.869). Deyaar Development was the top loser (off 4.20% at Dhs0.365). Eight shares advanced, 13 declined while six ended even. Some 100.2m stocks were traded, valued at Dhs134m.
Source: AME Info
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
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