Middle East ETF News Older than One Year
IMF against GCC single currency
December 10, 2011--The International Monetary Fund (IMF) has said the costs of having a single currency in the Gulf may outweigh the benefits, The National has reported.
"Without a higher degree of synchronisation in business cycles the cost of monetary union may outweigh its benefits," wrote Serhan Cevik, an IMF economist. To make a union work, GCC states would need to trade more with each other and invest in each others' economies, Cevik said.
Source: AME Info
Saudi market advances after Euro zone tightens fiscal discipline
December 10, 2011--The Saudi Tadawul bourse closed 0.89% higher at 6,302.84 points. Bellwether shares Sabic climbed to a six-week high, finishing at SR97.50 (up 1.36%).
Shares of Wataniya Insurance Company declined 4.10% to SR64.25.
Source: AME Info
Shuaa regains some ground, DFM Index dips
December 08, 2011--The Dubai market DFM dipped 0.14% to 1,384.37 points. Earlier in the day the HH Sheikh Ahmed Bin Saeed Al-Maktoum, Chairman of Dubai's Supreme Fiscal Committee denied speculative reports by the Financial Times that the emirate may plan to restructure part of its debt in 2012
again. Bahrain's Shari'ah- comlpiant Gulf Finance House was the most liquid share, gaining 5.41% to reach Dhs0.565. Investment bank Shuaa Capital added 0.20% to close at Dhs after posting heavy losses earlier this year. Trading volumes declined, as 39.7m shares were traded, valued at Dhs46.2m.
Source: AME Info
Investors unimpressed by Etisalat's Group CFO apointment
December 08, 2011--The ADX General Index ended insignificantly lower at 2,442.13 points, finishing unchanged week-on-week. Aldar Properties weighed on the index by losing one per cent, closing at Dhs0.98.
ADX bellwether Etisalat fell half a per cent, ending at Dhs9.52. Earlier in the day, Etisalat said it appointed Serkan Orkandan as Group Chief Financial Officer. Some 24.5m shares were traded, valued at Dhs35.7m.
Source: AME Info
Qatar Exchange closes at 8,808.44 points
December 08, 2011--The QE Index gained 0.33% Thursday, extending its year-to-date gain to 1.46%. Qatar National Bank added 0.66% to reach QR151.50. Doha Bank advanced 0.92%, reaching QR65.50.
Doha Bank, which is mostly expanding its retail banking operations in the GCC, has advanced by 30% during the last six months.
Source: AME Info
Al Rai Media Group Company soars 7.9%
December 08, 2011--The Kuwait Stock Exchange closed even at 5,867 points. National Bank of Kuwait ended flat, while Al Rai Media Company extended its rally posted the largest advance.
Trading was more than lacklustre as all eyes remain on the EU summit on December 9th. Gary Dugan, Chief Investment Officer Private Banking at Emirates NBD in Dubai said in his latest commentary: "All of the ECB measures are about buying time for the politicians to bring more longterm structural reforms structural reforms(...)To be fair these are extraordinary times requiring extraordinary events to overcome the crisis; however we doubt that Euro zone countries will be able to ditch their nationalism in favour of doing things for the greater good of the Euro."
Source: AME Info
DP World, Depa Ltd. gain at NASDAQ Dubai
December 08, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1468.880 today, up 11.340, or 0.78%, from the previous close.
Maritime port operator DP World gained 1.64% to reach $10.55. DP World-shares stabilised this week after the company announced on its intention to expand flagship port Jebel Ali in the UAE by creating an additional 4 million TEU (twenty-foot equivalent unit)capacity, resulting in total capacity at Jebel Ali reaching 19 million TEU by 2014. Jebel Ali is currently operating 14 million TEU, with an additional 1 million TEU becoming operational in 2012. This further addition of 4 million TEU will take total capacity to 19 million TEU. "DP World will be investing around $850m over three years adapting 1,860 metres of quayside and 70 hectares of yard from an existing general cargo berth into a new container terminal within the existing container port," DP World said in a e-mailed statement. While jewelry trade Damas ended flat, interior designer Depa Ltd. jumped 4.82% to reach $0.435.
Source: AME Info
Dubai market adds a quarter per cent
December 07, 2011--Emaar rebounded 1.50% to reach Dhs2.76.
Claims by the Dubai Holding arm it will be able to repay a $500m bond on time, helped the market sentiment. The UAE's largest bank Emirates NBD declined 1.50%. closing at Dhs3.25. Some 48.9m shares were traded, valued at Dhs62.7m.
Source: AME Info
Aldar, Dana Gas close flat in lacklustre Abu Dhabi trading
December 07, 2011--The ADX General Index ended down 0.32% Wednesday, closing at 2,443.08. Gulf Cement Company surged 2.60% to reach Dhs079.
Eshraq Properties plummeted 3.70% to Dhs0.27. Trading volumes remained unbelievably low, as21.5m shares were traded, valued at Dhs35.6m.
Source: AME Info
Qatar bourse defends its year-to-date advance
December 07, 2011--The Qatar Exchange gained 0.34%, reaching 8,779.20, as shares advanced across the board. Qatar Islamic Bank added 1.43% as the deadline for conventional to give up
their Islamic window approaches. General Insurance jumped 7.82%, finishing at QR51. Year-to-date, the QE Index advanced by 1.12%.
Source: AME Info
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