Middle East ETF News Older than One Year
Kuwait Audit Bureau mulls tax hike
April 10, 2012--Kuwait Audit Bureau has said it will "seriously consider" a new taxation mechanism that will increase revenue into the state's budget and also function as an effective tool of monetary and economic policy,
Kuna has reported. A recent report by bureau he bureau said it is now “crucial to make overall tax reforms” to overcome loopholes in the implementation of the current income tax policy and address shortcomings which affect national labour.
Source: AME Info
King Abdullah orders crackdown on Saudi stock market manipulation
April 10, 2012--Saudi King Abdullah has ordered a crackdown on manipulation of the country's booming stock market, insisting action should be taken if necessary against improper trading by members of the royal family,
Reuters has reported. Trading rules should be applied to everyone including royals, the king said in a message to the chairman of the Capital Market Authority (CMA). "With the current return of investors to the stock market, there has been a return of some violations that require investigation and accountability, requiring violators' cases to be looked at by the specialised legal authority," the king said.
Source: AME Info
Saudi Stock Exchange dips slightly, Methanol Chemicals soars on strong quarterly earnings
April 09, 2012--The Riyahd-based market measure Tasi closed off 0.25% Monday at 7,697.7 points.
While market breadth ended neutral (67 shares were up, 68 down), possibly indicating a near-end of the current correction phase, market bellwether Sabic (down 0.71%) weighed on the gauge. Shares of Methanol Chemicals Company gained 1.25%. Earlier in the day, Methanol Chemicals announced its net profit during the first quarter amounted to SR25.25m as compared to SR9.65m for the same period of last year which is an increase of 162%. Quarter-on-quarter, the Q1 result represents a slight decrease of 8%. The firm commented in a statement to the Tadawul bourse: "The increase in net profit for the first quarter of 2012 is mainly due to improved sales volume, as well as higher operational efficiencies over the same period of last year."
Source: AME Info
Qatari bank shares fall as bank deposit growth slows in 2012
April 09, 2012--The Doha-based QE 20 Index fell 0.25% Monday, ending at 8,756.64 points. Year-to-date the gauge is also with minus 0.25% in the red.
No lender, expect International Islamic Ban added valued. According to the GCC Quarterly, published today by Dubai-based bank Emirates NBD, bank deposits in Qatar declined 1.6% month-on-month in February, but were still 5.4% higher than February 2011. "The main driver appears to have been a 6.7% m-o-m decline in public sector deposits, as private sector deposits rose 0.9% m-o-m in February," the report said. Qatar National Bank dipped 0.44%, while Al Ahli Bank fell 1.44%. Vodafone Qatar soared 6.77%, ending as a top gainer.
Source: AME Info
Bahrain Telecom continues to outperform Manama market
April 09, 2012--The Bahrain All Share Index ended 0.32% lower at 1,139.40 points. Financials in particular dragged the gauge down.
Islamic bank Ithmaar (down 5.26%), Salam Bank (off 2.04%) and Ahli United Bank (1.64% lower) posted the largest declines. Bahrain Telecom or Batelco was the only gaining stock (up 2.27%).
Source: AME Info
Etisalat shares fall to two-and-a-half month low
April 09, 2012--The Abu Dhabi stock market index ADXGI ended off 0.45% Monday, at 2,546.54 points.
After rising in lockstep on Sunday, Aldar and Sorouh fell in lockstep today. Both developers, which have entered merger talks ast month, declined 1.68% and closed at Dhs1.16. The UAE's first telecom provider Etisalat slipped 0.34% to Dhs8.70. A whopping 11 shares closed flat, while five gained and 15 declined. Around 43m shares were traded, valued at Dhs60.4m.
Source: AME Info
Resilient Dubai market saves 1,650-level despite headwinds
April 09, 2012--The Dubai Financial Market (DFM) traded nervously Monday amid weak input from Saudi Arabia and Asia, but avoided a meltdown amid low trading turnover as Europe remained closed due to Easter holidays.
The DFMGI ended 0.66% lower at 1,657.59 points. Emaar slipped 0.92%, but Arabtec Construction (up 1.82%) and Union Properties (3.37% higher) cushioned the fickle market. Positive remarks by Emirates NBD (off 1.05%) Chief Economist Tim Fox supported the gauge. "The easing in global risk aversion in recent weeks has benefitted Dubai," Fox said in his GCC Quarterly published Monday. "The emirate's 5-year Credit Default Swaps (CDS) has declined 110 basis points year-to-date and is currently at the lowest level since early August 2011. Dubai based issuers have taken advantage of the improved market conditions and issued $2.5bn worth of debt in Q1 2012, more than double the $1.1bn issued in Q1 2011." ENBD's Fox concluded: "Given the high refinancing requirements of Dubai Government Related Entities (GREs) this year, the strong start to the year in terms of debt issuance is encouraging and reduces some of the re-financing risk facing the emirate in 2012." Some 193m shares were traded, valued at Dhs255.4m.
Source: AME Info
Kuwait to see 4.5% GDP growth in 2012, says IMF
April 08, 2012--The International Monetary Fund (IMF) has said Kuwait's real GDP is forecast to grow by 4.5% on further increase in oil production and increased government spending, Saudi Gazette has reported.
The Gulf country's real GDP in 2011 is seen to have grown by 5.7%, the IMF said. According to the central bank data, Kuwait's nominal GDP in 2010 grew by 17% to reach KD35.6bn, compared with a decline of 23% during the previous year. The growth was primarily driven by a 22% jump in oil revenue as average Kuwait Export Crude oil (KEC) prices shot up by 26% to $76.3 per barrel amid recovery in international markets.
Source: AMEInfo.com
NASDAQ Dubai follows DFM trend
April 05, 2012--Like the local Dubai bourse DFM, the FTSE NASDAQ Dubai UAE 20 Index lost one percent Thursday, closing at 1724.39.
Market bellwether DP World retreated 1.45% to close at $11.53 amid high trading volumes. Interior design firm Depa Ltd. ended down 2.17% at $0.45. Jewelry retailer Damas International closed flat at $0.435.
Source: AME Info
Kuwait Stock Exchange ends week in the red
April 05, 2012--Sluggish markets in Asia and the West dragged the KSE Market Index down by 0.21% to 6,145.5 points.
The country's largest lender National Bank of Kuwait or NBK closed unchanged at KD1.060. Logistics provider Agility slipped 1.21%. Islamic bank Boubyan gained against the trend (up 1.8%).
Source: AME Info
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