Middle East ETF News Older than One Year
MSCI: UAE, Qatar still not fit for 'emerging market' upgrade
December 14, 2011--Global index provider MSCI (Morgan Stanley Capital International) delayed its decision for the third time to upgrade the UAE and Qatar to the level of 'emerging markets' from 'frontier markets',
the Geneva-based company announced early on Thursday. However, MSCI will continue to review progress at markets in Dubai, Abu Dhabi and Doha in relation to transparency and foreign investment accessibility and may decide in favor of the two Gulf states in six months time.
Source: AME Info
Kuwait Stock Exchange gauge posts first gain in three days
December 13, 2011--The KSE Market Index added 01.0% to reach 5,842.4 points, as National Bank of Kuwait (NBK) advanced 1.75%, finishing at KD1.160.
Since the end of October, the KSE benchmark ihas been trading in a range between KD1.120 and KD1.180.
Source: AME Info
Saudi market dives just minutes before closing
December 13, 2011--The Tadawul market index Tasi gained slightly during the first hours of trading but started losing ground sharply during the last half an hour of trading, eventually ending down 1.3% at 6,191.51 points.
Sabic dipped 1.31% to close at SR94.25. Qassim Agriculture gained the most, closing 9.83% higher at SR16.20.
Source: AME Info
Can the Qatar Exchange retain its tiny year-to-date gain?
December 13, 2011--The Doha-based QE Index declined 0.39% to 8,763.78 points. With today's drop, the QE's year-to-date advance shrinks to 0.95%. Qatar National Bank or QNB advanced 0.20% to reach QR151.30.
Qatar Islamic Bank or QIB fell 0.71% to QR84.00. Qatar International Islamic Bank or QIIB slipped 0.18%, ending at QR55. Earlier in the day QIIB announced the following: "HE Dr. Khalid bin Thani Al Thani, Chairman of Qatar International Islamic Bank (...) met with Morocco’s new Prime Minister Mr. Abdelilah Benkirane in his office on Saturday, where HE raised the idea of establishing an Islamic bank and an Islamic insurance company in Morocco as a pioneering experience that will benefit Moroccan citizens who will own 51% of the bank shares against 49% for Qataris."
Source: AME Info
Taqa closes even Tuesday, announces result of cash tender for 2012 bonds
December 13, 2011--The Abu Dhabi market ADX added 0.34% to reach 2,448.70 points. Market bellwether Etisalat closed even at Dhs0.52. Abu Dhabi National Energy Company,
known as Taqa, also closed unchanged, at Dhs1.20. Earlier in the day Taqa announced the result of its invitation for purchase or part or all the outstanding $1.5bn notes due October 2012. Taqa accepted for purchase of around $590m in aggregate principal amount of the securities pursuant to the offer.
Source: AME Info
Tadawul market declines 0.24%
December 12, 2011--The Saudi Arabian equity index Tasi closed a quarter per cent lower at 6,273.27 points.
Sabic dived 1.80%, finishing at SR95.50. In line with the market the banking and financial services sector index also lost 0.25% after Standard and Poor's it is reviewing the rating of 25 banks across the GCC.
Source: AME Info
Omani stock market advances steadily, Bank Muscat soars
December 12, 2011--The Muscat Securities Market's MSM 30-Index added 1.05% today, closing at 5,663.86 points. During the last six trading sessions, the MSM 30 advanced 2.29%. Bank Muscat, the largest bank in the Sultanate of Oman,
gained 1.53% to reach OR0.731. Yesterday, Bank Muscat announced the launch of the Bank Muscat S&P GCC Large Cap Index Fund, an index tracking fund which is directed at institutional investors.
Source: AME Info
Qatar Exchange declines slightly ahead of MSCI decision
December 12, 2011--The Qatar Exchange (QE) benchmark index declined 0.10% Monday but remains in the green in relation to its year-to-date performance (up 1.34%).
Index provider MSCI will decide on December 14 whether or not Qatar will be upgraded to 'emerging market' from 'frontier market'. Qatar National Bank declined 0.33% to QR151.00. United Development Company or UDC surged six per cent to reach QR24.50. Earlier in the day Citigroup Senior research analyst Heidy Rehman said in the latest Mena construction projects tracker that at awarded projects worth $8bn, "Qatar is broadly flat year-on-year. We would argue that this market has peaked and that growth will now slow." This complies with the IMF's projection on Qatar real GDP growth which is expected to reach 18.7% this year and six per cent in 2012.
Source: AME Info
Only two banking shares advance at Abu Dhabi bourse
December 12, 2011--The ADX General Index ended down 0.10% at 2,457.12 points. Aldar Properties plummeted two per cent to Dhs0.97, while bellwether Etisalat dipped 0.30% to Dhs9.50.
National Bank of Umm al-Qaiwain or NBQ surged 9.60% to reach Dh1.94, while First Gulf Bank, the fourth largest bank in the UAE, added 1.54%, finishing at Dhs16.50. Some 37.7m shares were traded, valued at Dhs57.7m.
Source: AME Info
Logistics giant Aramex soars, acquires South African Berco Express
December 12, 2011--The Dubai Financial Market (DFM) General Index declined half a per cent Monday, closing at 1,388.19 points. Market bellwether Emaar dived 2.80% to Dhs2.78. Shares of logistics and transportations solutions provider Aramex International posted the second largest gain (up 1.64% at Dhs1.86).
Earlier in the day, Aramex announced today it has completed the full acquisition of Berco Express, a leading South African logistics and transportation company. "Berco Express operates 15 branches throughout South Africa, and employs more than 700 people," according to the media release. Aramex employs more than 9,000 people in 313 locations, across 56 countries. Some 74.8m shares were traded, valued at Dhs104.5m.
Source: AME Info
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