Middle East ETF News Older than One Year
DP World advances, reports strong annual results
March 29, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1682.30 Thursday, off 0.95% from the previous close.
Shares of Damas International surged 2.35%, after the jewelry trader said it accepted the $445m joint cash offer from Qatar's Mannai Corporation and Egypt's investment bank EFG Hermes. DP World (up 0.17% at $11.60) was the share of the day. The world's third largest maritime port operator, which runs 60 ports globally, reported its 2011-profit amounted to $751m, up 67% year-on-year on the backdrop of a rebounding world economy. The Board of DP World is recommending an increased dividend distribution to $199m, or $0.24 per share.
Source: AME Info
Bahraini lender BBK extends rally
March 29, 2012--The Baharain All Share Index added 0.18% Thursday, enlarging its first quarter gain to 0.77%.
Bahrain Telecommunication or Batelco advanced 0.93%, while lender BBK surged 1.94%. The bank has constantly added value during the last week as the Kingdom's economy is expected to recover in 2012 from the last year's negative turmoil effects.
Source: AME Info
Masraf Al Rayan eases as Islamic bank enters agreement with Alijarah Holding
March 29, 2012--The QE 20 Index closed even on Thursday at 8,790.73. Qatar National Bank added 0.10% to reach QR135.10, while Dlala dived 4.28%.
Islamic bank Masraf Al Rayan dipped 0.72%. Earlier in the day, Alijarah Holding QSC declared the signing of an agreement with Masraf Al Rayan concerning the increase of capital through rights issue. Mr. Adel Mostafawi, Group CEO of Masraf Al Rayan has praised the agreement as it supports the Bank's approach to cooperate productively with the major companies in Qatar to offer the best banking services.
Source: AME Info
Kuwait Stock Exchange gains six percent in first quarter 2012
March 29, 2012--The tiny decline of 0.35% at the KSE Market Index Thursday changed little in the bourse's good first quarter performance.
The KSE Market Index ended today at 6,165 points, 6.03% higher compared to January 1. National Bank of Kuwait or NBK and Jazeera Airway closed unchanged.
Source: AME Info
Abu Dhabi food giant Agthia Group's net profit dives 25%, shares close flat
March 29, 2012--The Abu Dhabi Securities Exchange General Index (ADXGI) fell half a percent to close at 2,553, ending the first quarter 2012 with a gain of 6.22%.
Agthia Group closed even, after the food and beverage producer announced sales in 2011 soared 14% year-on-year, while net profit dived 25% to Dhs86m. But during Q1, Agthia outperformed the ADXGI, as the share increased its value by a fifth. Market breadth ended even as 14 shares advanced and 13 declined.
Source: AME Info
Sabic shares take a dip, Tadawul market gears up
March 29, 2012--The Saudi Stock Exchange saw its market gauge rising 0.2% on Wednesday, closing at 7,782. 84 points. Market bellwether Sabic, the global petrochemicals and metal producer, slipped 1.15% to SR107.50.
Atheeb Telecom soared 10%, closing at SR19.80. Saudi Electricity dipped 0.63% on profit bookings, finishing at SR15.80. The share has gained 13.50% since January 1, mainly due to its success in placing a sukuk worth $1.75bn at global markets last Tuesday. The Islamic bond is considered a proxy for for the Saudi sovereign, IFIS reported.
Source: AME Info
Kuwait spending may be unsustainable, warns World Bank
MArch 28, 2012--The World Bank has said Kuwait is probably going to struggle to sustain its level of government spending in the medium term because oil prices may fall, warning that the Gulf state's economic development plans were also at risk because of the indifference of the private sector, Reuters has reported.
The average price of various types of crude oil could fall by 10%-15% from current levels to around $85 per barrel by 2020, which would put pressure on the oil exporter's state finances, especially given a series of public sector wage hikes over the past six months, said Bassam Ramadan, country manager for Kuwait at the World Bank. "This country has put its development plan and its spending pattern basically at a price of $85 per barrel," he told reporters on the sidelines of a Euromoney conference in Kuwait.
Source: AME Info
Qatar Exchange reaches year-to-date break-even on strong industrials and services
March 28, 2012--The QE 20 Index added 0.20%, finishing at 8,790.22 points and bringing its year-to-date gain also up to 0.20%.
With today's gain, the Qatari bourse is on a good way to finish its sluggish first quarter with a small happy-end. Market bellwether Industries Qatar added 0.12%, while the country's first lender Qatar National Bank closed even, the same applied to Al Ahli Bank and General Insurance. Mannai Corporation advanced 0.33%, after the firm, together with Egypt's investment bank EFG Hermes made a joint-cash offer for Dubai-based jewelry trader Damas International, valuing the firm at $445m. The bid represents a 45% premium compared to the closing price before January 10, when Mannai announced its intention to take over Damas.
Source: AME Info
Abu Dhabi blue chip-banks fail to lift market index
March 28, 2012--The ADX General Index slipped 0.30% Wednesday, closing at 2,566.92 points.
While National Bank of Abu Dhabi and First Gulf Bank advanced slightly, real estate heavyweights Aldar and Sorouh lost 3.7% and 2.5%, respectively. Earlier in the day, Gulf News reported two Aldar beachfront residential developments at Al Raha Beach, namely Muneera and Al Zeina, will be handed over to owners and tenants by the end of the second quarter. Around 62m shares were traded, valued at Dhs87.6m.
Source: AME Info
Dubai market starts quarter-end rally
March 28, 2012--After world shares touched an eight-month high Tuesday on dovish remarks made by Fed chairman Ben Bernanke,
the Dubai Financial Market (DFM) General Index gained 1.86% to reach 1,683.18 points. Emaar (up four percent at Dhs.09) was the most liquid share, while Dubai Islamic Bank closed unchanged. Mazaya lost the most (off 9.40% at Dhs1.35). Around 208m shares were traded, valued at Dhs332m.
Source: AME Info
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