Middle East ETF News Older than One Year
Dubai bourse slips despite Abu Dhabi merger euphoria
March 12, 2012--The DFM General Index edged up higher at the opening Monday but eventually lost steam and closed 0.74% lower at 1,674.14.
Dubai's first developer and market bellwether Emaar Properties, as the most liquid share, added 0.67% to reach Dhs3.02. Emaar, which added surged over three percent at the opening on news that its Abu Dhabi rivals Aldar Properties and Sorouh Real Estate entered merger talk, failed to keep momentum after The National reported that the Abu Dhabi ADX supervision decided to examine 'unusual shareprices movements' prior to the announced merger yesterday, when both shares rose by the same percentage (as they did today). At the DFM, Arabtec Construction gained 1.70% to close at Dhs2.98. Market breadth turned into negative territory as five stocks advanced and 23 declined.
Source: AME Info
Saudi Arabia's February inflation at 5.4%, 14 month high
March 12, 2012--According to data from Saudi Arabia's Central Department of Statistics, the Kingdom's inflation increased to a 14-month high of 5.4% on an annual basis in February, mainly due to higher food and housing costs, state news agency SPA has reported.
On a monthly basis, consumer prices rose by 0.3% after a 0.1% rise in January, the data has shown.
Source: AME Info
Dubai Investments looks to exit some businesses as economy recovers
March 12, 2012--The CEO of Dubai Investments PJSC (DIC) has said that the company is looking to exit some of its businesses as the emirate's economy shows signs of recovery, Bloomberg has reported.
CEO Khalid bin Kalban has added that DIC, which owns stakes in more than 40 companies, has three companies under evaluation or due diligence for private placements and by summer we can decide on exits. The company sold 40% of its private equity unit Masharie LLC for Dhs400m ($109m) in 2008. One of the companies it will divest this year is part of Masharie, Kalban said.
Source: AME Info
UAE economy grew 3.3% last years, says minister
March 12, 2012--UAE's economy minister has said that the country's economy reported an estimated 3.3% growth last year, Reuters has reported.
The UAE which had faced unprecedented regional and global challenges last year, was helped by the rising contribution of non-oil sectors, Economy Minister Sultan bin Saeed Al-Mansouri has added.
Source: AME Info
DGCX February Volumes Rise 147%; Exchange Records Highest Ever Daily Volume during the Month
March 12, 2012--Overall monthly volumes on the Exchange total 519,222 contracts, valued at $21.92 billion
DGCX registers highest ever overall daily volume of 39,034 contracts on 29 February
Indian Rupee futures set monthly and daily volume records
Dubai Gold and Commodities Exchange (DGCX) built on its excellent start to the year with a 147% year‐on‐year rise in monthly volumes in February. Total monthly volumes on the Exchange in February touched 519,222 contracts, valued at $21.92 billion.
Brisk trading during the month saw DGCX setting four all‐time daily volume records on 29 February. Total overall daily volumes of 39,034 contracts registered by DGCX on the day surpassed the previous highest of 35,996 contracts set in September 2011. DGCX also recorded its highest‐ever number of daily trades of 23,950 contracts on 29 February.
Source: Dubai Gold and Commodities Exchange (DGCX)
Qatar plans up to $2bn investment in Sudan for bonds and resources
March 08, 2012--Qatar has announced plans to invest up to $2bn in Sudan, including purchase of government bonds, the Associated Press has reported.
In addition to buying Sudanese bonds, Qatar is also considering investing in the country’s mining, oil and agriculture sectors.
Source: AME Info
Dubai Financial Market rebounds lightly, defends level at 1,600 points
March 08, 2012--The DFM General Index added 0.20% Thursday, closing at 1,610.48 points.
The first trading week in March marked the time in 2012 when the DMF posted a week loss (off 5.4% amid profit booking). While most financial like the DFM (up 7.62%) or Dubai Investment Company (0.35% higher) helped the gauge to defend the important level at 1,600 points, construction, real estate firms and related stocks weighed on the index. Arabtec plummeted 8.90%, after the UAE's first construction company reported a 15% drop in net profits for 2011. Net profits amounted to Dhs260.5m. Islamic home finance provider Tamweel, which is owned 58.25% by Dubai Islamic Bank (up half a percent), lost the most (down 9.63%). Market breadth returned to positive as 22 shares advanced and six declined. Some 397m shares were traded, valued at Dhs484.5m.
Source: AME Info
Abu Dhabi Islamic Bank advances as Abu Dhabi banking sector increases UAE share
March 08, 2012--In line with the general recovery at global financial markets Thursday, the ADX General Index closed 0.33% higher at 2,561.74 points
. Fujairah Cement Industries gained the most (up 9.20%), while First Gulf Bank, as the most liquid shares, dipped slightly. Shares of Abu Dhabi Islamic Bank (ADIB) gained 0.30%. Earlier in the day, National Bank of Abu Dhabi's Chief Economist Dr. Giyas Gokkent said in an eMailed statement, "data from financial statements of listed banks continue to point to a rise in the share of Abu Dhabi based banks in the UAE banking system. Abu Dhabi based banks’ assets are getting closer to accounting for half of the UAE banking system, up from about 34% at the start of 2008." He added that "listed Abu Dhabi based banks’ deposits rose by 8.1% year-on-year in 2011, while top listed Dubai banks’ deposits fell by 3.5% year-on-year in 2011."
Source: AME Info
Kuwait's Jazeera Airways drops on profit booking
March 08, 2012--The Kuwait Stock Exchange (KSE) Market Index fell 0.10% to 6,177.10.
Only industrials and real estat shares advanced slightly. Shares of budget carrier Jazeera Airways closed two percent lower at KD0.480. Jazeera, which was one of the best performing stock in the GCC last year, reported earlier in the week it returned to profit in 2011, as net income amounted to KD10.6m or $38m compared to a loss of KD2.8m in the prior year. Year-to-date, Jazeera Airways advanced eight percent.
Source: AME Info
Aluminium Bahrain advances as AGM approves cash dividend
March 08, 2012--The Bahrain All Share Index gained for the fourth day straight Thursday, closing 0.32% higher at 1,161.11 points.
Aluminium Bahrain or Alba added 1.63%, reaching a three-week high at BD0.63. Earlier in the day the Kingdom's industry leader announced the Annual General Meeting held today approved the distribution of cash dividends amounting to BD94.71m ($252m) equivalent to 67% of the nominal value of the company's shares. Audited financial statements for the fiscal year 2011 were also approved at the AGM where net profit reached $564m, 53% higher to 2010. The Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji said: "2011 is a break-through year for Alba - it will be marked as a year in which the company achieved a sound financial performance underpinned by healthy cash flows as well as the highest metal production in the company's 40-year history."
Source: AME Info
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