Middle East ETF News Older than One Year
Qtel denies 'immediate refinancing requirements', shares dip slightly
April 24, 2012--The Qatar Exchange 20 Index failed to benefit from the improved global sentiment Tuesday and fell 0.34% to 8,664.20 points.
Qatar Telecom slipped 0.39% to QR128.90. Qatar Islamic Bank added 0.26% to reach QR77.50. Earlier in the day, Qtel said in clearification of media reports that it does not have any immediate refinancing requirements and accordingly is not undertaking any refinancing at this time. "Current year maturities will be addressed using cash on hand. As part of its ongoing financial management strategy, Qtel continually looks to optimize its funding options as part of its capital structure management," Qtel said in a statement to the Doha-based bourse.
Source: AME Info
DP World shares recover, but remain stuck in the $11 to $12 range
April 24, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1711.19 today, up 0.74%, from the previous close.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. Market bellwether Dubai Ports (DP) World added 0.43% to reach $11.70. DPW have been trading in a range between $11 and $12 since mid-January this year. Interior designer Depa Limited closed unchanged at $0.45.
Source: AME Info
Agility gains half a percent, files claim against U. S. Defense Logistics Agency Troop Support
April 24, 2012--The Kuwait Stock Exchange (KSE) Market Index closed unchanged at 6,327.60 Tuesday.
Logistics and transport company Agility rose to KD0.425, up 0.49%. Earlier in the day, Agility said in a statement to the KSE and to the Dubai market DFM, it has files a claim against U. S. Defense Logistics Agency (DLA) Troop Support at the Armed Services Board of Contract Appeals alleging U. S. government officials employed by DLA and the U. S. Department of Justice of 'conspiring' against Agility and depriving the firm of its contract right. The U. S. used Kuwait as a logistics hub during the Iraq war in 2003 and the following occupation which officially ended end of 2011. The Kuwaiti logistics giant Agility seeks $225m, comprising of $158.9m plus interest.
Source: AME Info
Saudi Arabian Tadawul index declines on Europe, China and oil
April 23, 2012--The Saudi Stock Exchange saw it market gauge Tasi falling 0.74% Monday, closing at 7,525.17 points.
Ongoing worries over the Euro zone debt crisis and over a not so soft landing of China's economy weighed on the sentiment. Lower oil prices, (U. S. crude off over 1.6% at $102) also mitigated the Tasi's strong start into the week last Saturday. While Sabic slipped half a percentage point to SR102.75, Banque Saudi Fransi closed flat at SR38.90. Earlier in the day, the lender said the sale of the share fractions which resulted from a capital increase from SR7.2bn to SR904bn during the extraordinary shareholders meeting held on 7.4.2012 was completed. Twenty-nine shares advanced, while 110 declined. Some 544k shares were traded, valued at SR10.6bn.
Source: AME Info
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
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