Middle East ETF News Older than One Year
S &P downgrades Egypt
October 20, 2011--Standard & Poor's has cut Egypt's credit ratings deeper into junk territory, saying the transition to a new government has increased risks to macroeconomic stability, Reuters has reported. S&P cut the country's foreign currency rating to BB-minus from BB. The local currency rating was cut by two notches, to BB-minus from BB-plus.
All the ratings have a negative outlook. The rating agency warned another downgrade is possible if the political transition is less smooth than expected, making it more difficult to finance the government's borrowing requirements or the country's external needs.
Source: AME Info
Kingdom Holding announces third quarter results
October 19, 2011--The Saudi Arabian Tadawul exchange's benchmark index Tasi fell 0.71% to 6,106.74 points.
Shares of Kingdom Holding ended unchanged at SR7.25. During third quarter, Kingdom Holding achieved a net income of SR197.7m compared to the net income of SR160m for the same quarter in 2010, representing an increase of 23.6%, and compared to the net income for the last quarter of SR163.5m, representing an increase of 20.9%.
Source: AME Info
Agility gains on China contract award
October 19, 2011--The KSE Market Index declined 0.22%, closing at 5,884.1 points.
Logistics provider Agility Public Warehousing Co. added 1.31% to reach KD0.385. Earlier in the day, Agility announced that it was awarded a five-year contract by Henkel China to be the exclusive logistics partner for its HUB project named “Project Dragon.” Henke, a leading cosmetics and chemicals producer from Dusseldorf in Germany, aims to increase its operations in China.
Source: AME Info
Qatar Islamic Bank dips, reports higher 9-month profit
October 19, 2011--Investors in Doha sent the QE Index down by 0.28% to 8,376.31 points. Shares of Qatar Islamic Bank or QIB dipped 0.12% to QR79.90.
Earlier in the day QIB announced a net profit of QR1.11bn in the nine months up to September 2011, a surge of 22.5% compared to the same period in 2010. Quarter on Quarter QIB's net profit was QR407.2m, up by 33.6%. The country's largest Islamic financial institution reported that its "Investment Portfolio witnessed very buoyant growth of 174%, increasing from QR6bn last year to QR16.6bn this year, resulting from the risk-free investment in government sukuk."
Source: AME Info
Abu Dhabi bourse closes even
October 19, 2011--The ADX Index finished at 2,445.85 Wednesday. While the two largest property developers Aldar and Sorouh gained 1.02% and 3.37%, respectively, bellwether share Etisalat declined further (off 0.10% at Dhs9.96. Union Cement gained the most (up 3.74% at Dhs1.11).
Earnings were released earlier to day by Finance House and National Bank of Ras al-Khaima or RAK Bank. For the nine months ended 30th September 2011, Finance House PJSC (FH) has announced a net profit of Dhs55.34m. RAK Bank reported a nine-month profit of Dhs906.5m, up 24.21% year-on-year. Both shares were not traded today. Some 44.8m stocks worth Dhs72m changed hands at the ADX today.
Source: AME Info
DP World dives over two percent
October 19, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed unchanged at 1413.220 today. Interior designer DEPA Ltd. closed even at $0.445.
Global maritime port operator DP World plummeted 2.64% to $10.71 amid low trading turnover. No other shares posted a price change at the NASDAQ Dubai.
Source: AME Info
Tadawul market turns a red day into a green day
October 18, 2011--The Saudi Stock Exchange opened lower but eventually gained momentum and ended up 0.31% at 6,150.64 points. Market bellwether Sabic recovered from an 11-month low to SR92.25 (up 0.54%). Sabic's rival Sahara Petrochemicals Co. dived 2.77% to SR19.30.
Earlier in the day Sahara Petrochemicals reported it has achieved a net profit for the third quarter SR97.6m , compared with SR68.7m for the same period in the previous year with increase of 42%, and compared with SR209m for previous quarter, with a decrease of 53.3%.
Source: AME Info
Nakilat struggles with QR17 resistance, reports higher 9-month profit
October 18, 2011--The Qatar Exchange (QE) Index declined to 8,400.04 points (off 0.83%). Qatar Gas Transport Company or Nakilat declined half a percent to QR17.15.
Earlier in the day, Nakilat reported a net profit of QR624.8m for the nine months period ended September 30, 2011 in comparison to a net profit of QR501.8m for the corresponding period last year.
Source: AME Info
Etisalat shares slip as telco giant reports lower 9-month income
October 18, 2011--Shares of the UAE's first telecom provider Emirates Telecommunication Corp. or Etisalat lost 0.10%, closing at Dhs9.97.
Earlier in the day, Etisalat reported a 9-month profit of Dhs5.13bn, down 8.4% compared to the previous year's quarter. Earnings per Share declined to Dhs0.65 from Dhs0.71.
Source: AME Info
Sharjah Islamic Bank reports higher Q3 profit, share ends flat
October 18, 2011--The Abu Dhabi stock exchange ADX fell 0.29% Tuesday, closing at 2,446.78 points. Sharjah Islamic Bank or SIB closed even at Dhs0.88.
Earlier in the day, SIB reported that in the third quarter its net profit amounted to Dhs81.5m compared to Dhs73.13m in the same period the year before. Earnings per Share remained flat at Dhs0.03.
Source: AME Info
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