Middle East ETF News Older than One Year
Trading volumes pick up at Dubai Financial Market (DFM)
January 19, 2012--The DFM General Index (DFMGI) lost a quarter per cent Thursday, closing at 1,327.75 points, driven by a fall in bellwether Emaar Properties (down 0.40% at Dhs2.45).
The DFMGI currently fluctuates around the mid-Bollinger Bands. Bollinger Bands are a chart technical overlay based on the 20-day moving average of a share or index chart. Shares of Air Arabia added 0.34% to reach Dhs0.582. Earlier in the week, Air Arabia announced it completed its first indoor maintenance of an Airbus A320 aircraft. Air Arabia started operations in October 2003. The Sharjah-based low-cost carrier currently operates a total fleet of 29 new Airbus A320 aircraft, serving 70 routes from three hubs in UAE, Morocco and Egypt. Trading volumes increased 15% today, as 116.1m stocks were traded, valued at Dhs91.6m.
Source: AME Info
Egypt prepares Islamic bond issue
January 19, 2012--Egypt: Egypt is preparing for a debut sovereign Islamic bond, after the government has been forced to rely on local banks for funds in the wake of last year's popular revolt, Reuters has reported, citing a person familiar with the matter. "Egypt is preparing one," he said.
"But the government is studying a new legal structure that will allow them to issue a sovereign sukuk. They're working on both at the same time." Analysts say Egypt is in desperate need of international support to avert a financial crisis, but any agreement is unlikely to prevent a drop in its currency or see any quick revival of the investment needed to fuel growth. [AMEInfo.com]
Source: AME Info
Sabic shares drop to seven-week low after quarterly results miss forecasts
January 18, 2012--Sabic, Saudi Arabia's first petrochemical and metals producer, fell 0.27% to SR91.75 Wednesday.
On Tuesday, Sabic reported it achieved a net profit of SR5.24bn in the fourth quarter 2011, compared with SR5.81bn in the same period the year before. According to Reuters Thomson, Sabic missed analysts' forecasts.
Source: AME Info
Fourth quarter profit increase drives Saudi Industrial Development Co. share higher
January 18, 2012--The Saudi Tadawul gauge closed 0.13% higher at 6,377.99 points Wednesday, although market bellwether Sabic (Saudi Basix Industries Corporation) slipped 0.27% to SR91.75, hitting a seven-week low. Saudi Industrial Development Company or SIDC jumped 3.44% higher to reach SR19.50. Earlier in the day, SIDC announced that its net profit during the fourth quarter reached SR2.9m compared to net loss of SR10.3m for the same quarter last year.
Net profit during the period of twelve months reached SR24.8m compared to net profit of 100.6m for the corresponding period of previous year, a decrease of 75.3%. SIDC commented on the results: "The reason for increase of company's profit in the fourth quarter of 2011 compared to previous year was due to increase of sales, decrease of operating expenses and low burden zakat. The reason for decrease in net profit for the twelve months compared to the corresponding period of the previous year was to achieve company's net capital gains by SR101.7m during the twelve months of 2010 resulting from the sale of its investments in (petrochemical company) Yansab."
Source: AME Info
Qatar Exchange remains in stutter mode, gauge falls below 8,600 points
January 18, 2012--The QE Index declined half a per cent to 8,555.22 points. Shares lost across all sectors, with insurances underperforming in particular.
Bellwether Industries Qatar fell 1.30%, while the Gulf state's largest lender Qatar National Bank or QNB dipped 0.14%. Earlier in the day, QNB announced it has signed a partnership agreement for the Morocco-based Union Marocaine des Banques (UMB), with plans to acquire a majority stake of its capital.
Source: AME Info
Dana Gas surges over eight per cent on sukuk advisory
January 18, 2012--The Abu Dhabi-based ADX General Index advanced 1.73%, closing at 2,332.72 points Wednesday. Dana Gas from Sharjah posted the second highest gain, ending 8.8% higher at Dh0.37. Dana Gas has said it hired an international firm for advisory on its convertible Islamic bond worth Dhs3.38bn, Gulf News reported.
The sukuk matures in October this year. Only two shares, Abu Dhabi Aviation and Abu Dhabi Islamic Bank lost slightly. Some 106.2m shares worth Dhs94.8m changed hands. It was one of the rare sessions when trading volumes in Abu Dhabi were higher than at the Dubai Financial Market.
Source: AME Info
Dubai Mercantile Exchange Grows Trading Volumes by 19% in 2011
Janauary 18, 2012--The Dubai Mercantile Exchange Limited (“DME”) recorded year-on-year trading volume growth of 19% in 2011, it announced today.
The DME delivered more than 145 million barrels of crude oil during 2011, led by its flagship DME Oman Crude Oil Futures contract (“DME Oman”), but with a series of linked contracts adding to the performance. Within this growth figure is an underlying increase in Average Daily Volume (ADV) to 3,505 contracts per day, peaking at 4,427 per day in July. This represents the highest monthly ADV since the DME began trading in 2007. New records in total volume were also set in consecutive months during July and August, the latter seeing 95,440 contracts traded through the exchange.
Source: Dubai Mercantile Exchange Limited (DME)
Saudi Arabia favours oil around $100 per barrel
January 17, 2012--Saudi Arabia: Saudi oil minister, Ali al-Naimi has said the kingdom favours an oil price of $100 per barrel, identifying an ideal oil price for the first time in more than three years.
"Our wish and hope is we can stabilise this oil price and keep it at a level around $100," al-Naimi was quoted as saying in an interview on CNN.
Source: AME Info
Saudi dairy producer Almarai dips as quarter-on-quarter net profit decreases
January 17, 2012--The Saudi Arabian Tadawul market index Tasi fell 0.80% Tuesday, closing at 6,370.16 points. Almarai Company, one of the largest producers of food and dairy products in the GCC, fell one per cent, finishing at SR98.50.
Earlier in the day, Almarai announced that "for the fourth quarter ended 31 December 2011 Almarai generated an interim consolidated net income amounting to SR285.5m, representing an increase of 0.6%, compared to the same period last year and a decrease of a third compared to the third quarter 2011." The interim net profit for the 12-months period amounted to SR1.3bn, which was 1.1% higher compared to the year 2010.
Source: AME Info
Kuwait Stock Exchange outperforms GCC markets
January 17, 2012--The KSE Market remained buoyant Tuesday, adding 0.46% to reach 5,789.40 points.
During the last week, the KSE was the best performing gauge in the GCC. Banks and investment firms fuel the rebound, as Islamic bank Kuwait Finance House (KFH) closed 1.13% higher at KD0.890. After completing a chart technical w-formation, shares of the largest lender Kuwait National Bank or NBK advanced 1.75% to reach KD1.160.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
