Middle East ETF News Older than One Year
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
Jewelry group Damas soars after bidders put their cards on the table
March 28, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1698.390 today, up 1.78%, from the previous close.
Global port operator DP World continued its up-and-down trading and added 1.31% to reach $11.58. Depa Limited, the interior designer firm which was responsible for the inner beauty of the world's tallest tower Burj Khalifa (828m), ended even. Dubai-based jewelry giant Damas International jumped 3.66% to close at $0.425. Earlier in the day, Mannai Corporation of Qatar and Egypt's investment EFG-Hermes made a joint cash bid for Damas, valuing the firm at $445m, The National reported. While Mannai already announced its intention for a takeover in January 10 this year, the offer price of $0.45 per share represents a 45% premium compared to the closing before the aforementioned date.
Source: AME Info
Egypt to offer $3.8bn worth of repurchase agreements
March 28, 2012--Egypt plans to offer a record EGP23bn ($3.8bn) of repurchase agreements today as the government sold more debt than targeted in March amid declining yields, Bloomberg has reported.
The seven-day repos allow holders of government debt to sell them back to the central bank to access funds for a week at 9.75%, according to central bank data. The regulator accepted all EGP19bn of repos last week after receiving bids for EGP22.6bn pounds, the data showed.
Source: AME Info
Saudi Stock Exchange dips slightly after gauge touched upper Bollinger Bands
March 27, 2012--In line with tiny losses at most GCC markets on Tuesday, the Riyadh-based Tadawul All Share Index (Tasi) ended off 0.20% at 7,767.33 points.
On Monday the Tasi touched the upper Bollinger Bands, which indicated an overbought market which is ripe for a correction. Shares of Saudi Kayan Petrochemical Company fell 4.80% to SR19. Earlier in the day, Saudi Kayan announced that it has begun the trial operation of Amine project at its complex in Jubail Industrial City. Market breadth was almost even, as sixty-three shares advanced, while 81 declined.
Source: AME Info
Qatar shares gain across the board, push market index close to year-to-date break-even
March 27, 2012--The QE 20 Index climbed half a percent higher to reach 8,772.96 points. The exchange's bellwether share Industries Qatar gained 0.57%.
Shares of Qatar Islamic Bank or QIB declined 0.39%. Earlier in the day, QIB announced that it had achieved compliance with the PCI DSS (Payment Card Industry Data Security Standard) version 2.0. PCI DSS compliance is required by all merchants and service providers that store, process, or transmit cardholder data and applies to all payment channels, including retail and e-commerce by the Payment Card Industry Council; a consortium of the major card brands i.e. VISA, Master Card, American Express, JCB and Discover. Adhering to the PCI DSS compliance requirements represents a bank’s best protection against card holder data thefts.
Source: AME Info
Abu Dhabi stock market slips as oil prices remain fickle
March 27, 2012--The ADX General Index slipped 0.11% to 2.574.57 points as listed shares anded mixed.
Real estate bellwether Aldar Properties and energy giant Dana Gas from Sharjah closed even, while International Fish Farm Holding or Asmak advanced for the eighth consecutive day (up 9.97%). Ras al-Khaima-based pharmaceutical producer Julphar fell 4.61%. Around 90m shares were traded, valued at Dhs116m.
Source: AME Info
While Emaar rebounds, the Dubai bourse falls the second day straight
March 27, 2012--The DFM General Index slipped 0.18% to 1,652.44 points, as DFM shares (off 1.74%),
Tabreed (down 7.60%) and Islamic home financing firm Tamweel (1.63% lower) weighed on the gauge. Earlier in the day, Tabreed said ita had o postpone its annual general meeting to April 4 "due to a lack of quorum". Market bellwether Emaar Properties gained against the trend (up 0.34%).
Source: AME Info
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