Middle East ETF News Older than One Year
Abu Dhabi exchange adds slightly amid lacklustre trading
March 21, 2012--The ADX General Index advanced a by a quarter percent to close at 2,593.25.
Telco giant Etisalat closed even. Earlier in the day, the annual general meeting approved the distribution of dividends of 35% of the nominal value of the share. First Gulf Bank and Abu Dhabi Commercial Bank regained some territory, while Sorouh Real Estate, as the most liqud share fell 2.30%. Some 56.1m shares were traded, valued at Dhs90.2m.
Source: AME Info
Kuwait bourse gains, after EFG Hermes said 7,000 points-lvel is possible in medium-term
March 21, 2012--The Kuwait Stock Exchange (KSE) Market Index closed 0.33% to reach 6,249.4 points, as shares gained across the board.
Investmentbank EFG Hermes said Tuesday, "We continue to hold the 6540 +/- [new 52 week high] as medium term forecast with potential hike towards the 7000 mark." Dubai-based Emirates NBD's CIO Private Banking Gary Dugan said in his weekly commentary, investors shall "enjoy the rally as long as it lasts." Year-to-date, the KSE has gained 7.50%.
Source: AME Info
Batelco, Al Baraka Banking Group push higher at Bahrain Bourse
March 21, 2012--The Bahrain All Share Index closed 0.06% higher at 1,147.65 points Wednesday.
Islamic bank Al Baraka Banking Group advanced 1.90%, while Bahrain Telecom or Batelco added half a percent. Earlier in the day Al Baraka announced its Annual General Meeting of Al Baraka Banking Group approves cash dividend payouts and bonus shares to shareholders of $175.36m. Shares of Aluminium Bahrain slipped 0.90%, weighing on the Manama-based gauge.
AME Info
Emaar falls below three Dirham, as profit booking at Dubai market continues
March 20, 2012--The DFM General Index fell 1.48% Tuesday, closing at 1,643.31 points, as market bellwether Emaar ended off 2.62% at Dhs2.97.
Gulf General Investment Co. or GGICO added 2.86%. Ten shares advanced, while 19 declined. Some 250m shares were traded, valued at Dhs303m.
Source: AME Info
NASDAQ Dubai's primary listed shares post losses
March 20, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1642.850 today, down 1.81%, from the previous close. Jewelry trader Damas International lost the most (off 2.56%), while interior designer Depa Limited dived 2.17%.
Earlier in the week, The National reported, quoting sources 'familiar with the issue' Depa might de-list its shares in order to list them at another 'more liquid market', mentioning the exchange in Singapore or the DFM in Dubai. Asked by AMEinfo.com. on these rumors, a NASADAQ Dubai spokesman declined to comment. Shares of global maritime port operator DP World fell back to $11 (down 1.35%).
Source: AME Info
Arcapita shockwaves weigh on Saudi bank shares
March 20, 2012--The Saudi Arabian Tadawul market fell 1.28% to 7,518.66 points Tuesday. After Bahrain-based investment bank Arcapita filed for bankruptcy under chapter 11 New York on Monday, Riyadh-listed banks posted losses as a direct reaction.
Alinma Bank, as the most liquid share fell 3.70%, while Al Rajhi Bank slipped 0.32%. Arab National Bank ended 1.24% lower. Dairy producer Sadafco gained 0.45%. Earlier in the day, Sadafco announced in a statement to the Tadawul market, it decided to renew the existing Murabaha deposit of 150 million Saudi Riyals maturing on 29 March 2012, with United Gulf Bank in the Kingdom of Bahrain.
Source: AME Info
UAE economy growth seen at nearly 4% in 2012
March 20, 2012--The UAE's economy is likely to expand nearly 4 percent this year, the Gulf country's Economy Minister Sultan bin Saeed al-Mansouri said on Tuesday.
"The UAE economy is expected to grow by almost 4 percent in 2012," he told a conference in the UAE capital. "This is an estimate; by the end of the year it could be better."
Last November, Mansouri had said Europe's debt crisis and weakness in the US economy might slow the UAE's growth to around 3 percent in 2012.
Source: Arabian Business
Abu Dhabi bourse falls the fourth day straight on lower oil prices
March 20, 2012--The ADX General Index declined 0.70% to 2,586.53 points. The exchange correlates with oil prices, because around seven percent of the world's known global reserves are located in the sheikhdom.
Oil prices declined slightly Tuesday, after Saudi Arabia said it aims to drag prices down by pumping more quantities of the 'back gold' into the world market, the Financial Times reported. Gulf Cement Company posted the largest decline (off 8.50%). National Marine Dredging Co. gained the most (up 9.62%). Around 86m shares were traded, valued at Dhs129m.
Source: AME Info
Jazeera Airways gains, while Kuwait Airways staff strike continues
March 19, 2012--The Kuwait Stock Exchange closed down 0.04% at 6,231 Monday, as investment and real estate firms weighed on the gauge.
Jazeera Airways, the northern gulf state's budget carrier, advanced one percent, as its state-owned rival Kuwait Airways had to ground flights due to a strike by ground staff and airline employees who demand higher wages. The strike entered its third day on Monday. Earlier last week, Jazeera Airways announced it had secured flight rights to the Iraqi city of Al-Najaf. Jazeera plans to launch direct flights to Al-Najaf within the next six months. The airline under its CEO Stefan Pichler will be the first Kuwaiti carrier operating flights to the northern neighbouring country..
Source: AME Info
Merger candidates Aldar Properties, Sorouh Real Estate regain some ground
March 19, 2012--The Abu Dhabi market measure ADXGI closed insignificantly lower at 2,604.74 points Monday.
Developers Aldar and Sorouh, which started merger talks at the beginning of last week, advanced 0.75% and 0.77% respectively. Market bellwether Etisalat added slightly, whereas losses in the banking and industrial sector weighed on the market index. Some 73m shares were traded, valued at Dhs112.
Source: AME Info
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