Middle East ETF News Older than One Year
FALCOM Announce rebalancing of FALCOM Saudi Equity ETF
April 4, 2011-Reference to The Saudi Stock Exchange (Tadawul) announcing the free float shares of the listed companies as of 28/04/1432 AH corresponding to 02/04/2011 AC.
And their update of F30 index to reflect new market capitalization. Accordingly, FALCOM Financial Services has conducted on 03/04/2011 rebalancing process on the components of the FALCOM Saudi Equity ETF basket. For further information and to obtain the updated components of the new Basket please visit the Fund website: http://etf.falcomwatch.com
Source: FALCOM
Tadawul market ends week-long advance
April 04, 2012--On the last trading day of the week in Riyadh ,the Saudi Tadawul market dipped 0.44% Wednesday, closing at 7,930.58 points.
After doubling in value year-to-date, Saudi Re for Cooperative Reinsurance dived 2.72% to SR17.85. Competition is fierce in the GCC reinsurance sector as population growth fuels premium growth. Earlier in the week, Swiss Re, the world's second largest reinsurance companies, announced it has receivd a licence from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC). "The Swiss Re Dubai branch will initially focus on offering specialty risk solutions to corporate clients in the Energy, Power, Engineering, Construction and General Aviation (airports, airport-related services and business jets) industries in the Middle East," a Swiss Re spokesperson said.
Source: AME Info
Qatar National Bank's first quarter profit soars, shares dip slightly
April 04, 2012--The Qatar Exchange (QE) 20 Index slipped 0.04% to 8,849.58 points, as banks and real estate firms weighed on the gauge.
The Gulf state's first lender in relation to assets Qatar National Bank or QNB declined 0.66% to QR135.90. Earlier in the day, QNB reported the net profit for the first quarter amounted to QR2.0bn, up 17.4% year-on-year. Earnings per share increased to QR2.9 compared to QR2.8 in March 2011. QNB Group operates in 24 countries around the world through its network, subsidiaries and associate companies employs about 7,000 staff operating from 335 branches and offices that are supported by an ATM network that exceeds 650 machines. QNB was named one of the World’s 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012.
Source: AME Info
Bahrain Bourse dives as banking sector struggles
April 04, 2012--The Bahrain All Share Index fell 0.76% to 1,141.47 points Wednesday. Shares of Ahli United Bank plummeted 3.63%.
According to a study conducted by the Boston Consulting Group, retail banking revenues in the Kingdom of Bahrain fell 7% in 2011. Esterad Investment Company bucked the trend, gaining 2.31%. With today's trading action the Bahrain Bourse fell back to the red on a year-to-date basis.
Source: AME Info
Abu Dhabi market end flat in dull trading
April 04, 2012--National Bank of Abu Dhbai (NBAD) and Dana Gas closed Wednesday trading even, like the ADX General Index (at 2,563.77).
Market bellwether share Etisalat, the UAE's first telecom operator, dipped slightly. Earlier in the day, Etisalat announced it has appointed Mohamed Al Hosani as Corporation Secretary, effective from April 1.
Source: AME Info
Dubai market index knocks out 1,700-resistance as Bollinger Bands narrow
April 4, 2012--With Arabtec Construction (up 3.48% at Dhs3.57) and Emaar (gaining 2.83% at Dhs3.27) rising further, the Dubai Financial Market General Index (DFMGI) closed a roller coaster trading session 0.57% higher at 1,703.30 points Wednesday,
ending a four-week long sideways period. Despite dull Asian and European markets, investors were still euphoric about Abu Dhabi's sovereign wealth fund decision from Tuesday to double its stake in Arabtec to 10.45%. Construction maintenance firm Drake and Scull International or DSI tumbled 1.90% to close at Dhs1.03. Earlier in the day, Gulf News reported DSI's Chief Financial Officer Osama Hamdan said the firm regarded the market's share valuation as 'unfair'. The DSI CFO appealed to investors to distinguish between the Euro zone debt crisis and DSI's proactive policy to expand to foreign and stable markets like India or Algeria. Market breadth ended in the red as eight shares advanced, while 16 declined. Bollinger Bands narrow around the rising DFMGI chart, usually a bullish signal. Around 275m shares were traded, valued at Dhs587m.
Source: AME Info
Sabic advances as joint venture with China's Sinopec materializes
April 03, 2012--The Saudi Arabian Tadawul market index added 0.28% Tuesday, closing at 7,930.58 points.
Dairy food producer Almarai gained the most (up 10%), while Saudi Electricity was the top losing share (off 5.38%). Global petrochemicals and metals producer Sabic advanced 0.23%. Earlier in the day, Sabic announced the foundation of a polycarbonate project in the Eastern coastal city of Tianjin near the capital Beijing, with an annual production of 260 kilo metric tons in collaboration with China Petroleum & Chemical Corporation, known as Sinopec. "The 50/50 joint venture aims to form a $1.7bn polycarbonate project in Tianjin, which is expected to be operational by 2015," Sabic said in a statement to the Tadawul bourse.
Doha bourse tumbles as Citigroup warns of 'hard landing' of Qatar's non-oil economy
April 03, 2012--The Qatar Exchange fell 0.16% to 8,852.87 points Tuesday. United Development Company (UDC), builder of the man-made island The Pearl Qatar, added half a percent, while its rival Mazaya dived three percent.
Contrary to GCC markets in the UAE, Saudi Arabia or Kuwait, the QE did not add significant value year-to-date. Earlier in the week, Citigroup Middle East's Chief Economist Farouk Soussa said in the ME Macro Monthly: "We think imbalances are growing in the (Qatari) economy and that there are significant risks of misallocation of resources and a hard landing in the non-oil sector once the build phase of the projects is completed, particularly in the infrastructure sector." Soussa concluded: "We believe there is a substantial risk that demand for such infrastructure will significantly lag supply, and utilisation rates will accordingly remain low." He expects Qatar's real GDP to grow by six percent in 2012, down from 18% in 2011.
Source: AME Info
International Fish Farm Holding shares are up, up and away
April 03, 2012--The Abu Dhabi bourse (ADX) rebounded 0.14% Tuesday, reaching 2.563.57, as the real estate and investment sector edged up in particular.
Sorouh Real Estate was the most liquid share (3.50% higher at Dhs1.20), and reached the same price like Aldar Properties (up 0.85% at Dhs1.20). Both developers entered into merger talks in mid-March 2012. International Fish Farm Holding or Asmak (Arabic for fish) gained the most, closing 9.75% higher at Dhs13.55. Asmak has increased more than fourfold in value as the fish farming and agriculture firm is massively expanding in the Middle East and India, contributing to reduce the region's dependence on food imports from imports. The GCC currently imports nine tenths of its food needs from abroad. Around 66m ADX-listed shares were traded, valued at Dhs88m.
Source: AME Info
Arabtec shares soar 15 percent as Abu Dhabi's Aabar Investments doubles stake
April 03, 2012--The DFM General Index edged 2.37% higher to close at 1,693.67 Tuesday amid rising trading volumes.
Arabtec Construction (up 15% at Dhs3.45) was the stock of the day, posting the highest gain and the largest turnover. Earlier in the day, Abu Dhabi-based sovereign wealth fund (SWF) Aabar Investments declared it has raised its stake in Arabtect to 10.45% from 5.3%, Bloomberg reported. A week ago, Dr. Nasser Saidi, Chief Economist and Head of External Relations of the DIFC Authority called for a reversal of SWF cash flows: "Arab SWF should invest at home rather than abroad. This is key to raise the Middle East's profile in the global logistics and infrastructure chain and to create jobs for the increasing and overall young population." Aabar has also stakes in Italy's Unicredit and German car giant Daimler. In 2010, Aabar cancelled a planned 70% purchase in Arabtec. Market bellwether Emaar Properties jumped 3.58% to reach Dhs3.18. Emirates NBD tumbled 5.23% to close at Dhs2.90. Twenty shares advanced, while fove declined. Some 442m shares were traded (2.5 times more than than on Monday), valued at Dhs671.8m.
Source: AME Info
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