Middle East ETF News Older than One Year
Regional banks push for share of Islamic product marketplace
September 21, 2011--Foreign and local banks are intensifying their struggle for the for the region's high net worth clients by expanding their Islamic Wealth Management services.
In wealth management there is no such thing as an "invisible hand", which economist Adam Smith described as the growth-driving result of a free market economy in his "Inquiry into the Nature and Causes of the Wealth of Nations", published in 1776. In fact, private bankers must work hard to lure High net worth individuals (HNWI) and Ultra-HNWI (clients with over $1m and over $30m at their disposal).
Source: AME Info
Saudi investors prefer to wait-and-see
September 21, 2011--The Saudi Tadawul index closed unchanged at 6,142.26 points, despite a bearish advance-decline ratio of 52 to 72.
Sabic dipped half a percent to SR92.50. Saudi Fisheries advanced the most, gaining 9.94% to reach SR38.70. Petro Rabigh bucked the trend (up 3.93% at SR25.10).
Source: AME Info
Bahrain Tourism Company surges 2.60%
September 21, 2011--The Bahrain Bourse ended flat at 1,256.50 points on Wednesday. Shares of Bahrain Tourism Company soared 2.60% to reach BD0.316,
as the Kingdom recovers from the turmoil during the Arab Spring. Islamic bank Al Baraka Banking Group dipped 0.88% to $1.12.
Source: AME Info
Kuwaiti investors dump Global Investment House shares
September 21, 2011--The Kuwait Stock Exchange returned to the bearish mode, as the KSE Market Index finished 0.35% to close at 5,955.9 points.
Shares of Global Investment House, known as Global, dived 5.9% to reach KD0.0395. Earlier in the day, National Bank of Umm al-Qaiwain (NBQ) has said that the Dubai Supreme Court will deal with its appeal that NBQ has raised against a ruling from April 25th, when the court in Dubai ordered NBQ to pay $250m plus $54.6m interest to Global. The dispute goes back to the year 2008 when both financial institutions agreed to issue a convertible bond. Shares of National Petroleum Services Co. advanced the most on Wednesday (up 8.2% at KD0.330).
Source: AME Info
Abu Dhabi exchange closes unchanged
September 21, 2011--The ADX General Index ended even at 2,557.99, as gains in the real estate sector were neutralised by losses at banks and consumer staples.
RAK Properties posted the largest advance (up 2.94% at Dhs0.35), while Ras al-Khaima Cement Co. fell by 1.18% to Dhs0.83. Some 44m shares were traded, valued at Dhs61.8m.
Source: AME Info
DSI rises as Kuwait branch wins $73m MEP contract
September 21, 2011--The DFM General Index closed 0.45% higher at on Wednesday at 1,472.65 points. Shares of Drake and Scull International (DSI) gained one percent to reach Dhs0.859.
DSI announced earlier in the day that DS Kuwait secured a contract to execute and coordinate the complete Mechanical, Electrical and Plumbing (MEP) contract for works for an administrative block and mosque for a public sector client in Kuwait. The deal is valued at $73m. Arabtec (up 0.74% at Dhs1.37) was the most active share by volumes. The Dubai-based, internationally operating construction giant announced that its board elected Mr. Ibrahim Belselah as the Chairman of the Board of Directors to replace Sheikh Butti Bin Maktoum Bin Juma Al Maktoum who served since the firm's public listing. Deyaar Development, which finances its real estate project solely in line with Islamic Law or Shari'ah, lost 1.14%, finishing at Dhs0.261. Deyaar said today it will showcase its projects, especially those in Dubai's Business Bay, at the Cityscape Global fair and exhibition next week from September 27 to 29. Around 47.2m shares were traded, valued at Dhs48m.
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index adds slightly
September 20, 2011--At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1471.28, up 0.04%, from the previous close. The exchange's bellwether DP World dipped 0.72% to close at $9.67.
Earlier in the day DP World reported in a statement that cooperation and ongoing projects were at the centre of talks on September 19 between DP World Chairman HE Sultan Ahmed Bin Sulayem and UK Minister for Trade and Investment, Lord Stephen Green, at the company's Head Office in Jebel Ali. "The visiting UK Minister for Trade and Investment expressed interest in the advanced technology-driven operational efficiencies of Jebel Ali Port and the close relations between Britain and the UAE that underpin iconic DP World investments such as the London Gateway project," the port operator said in a statement. Dubai Gold Securities dived 2.33% to $176.19. "Trading of Dubai Gold Securities on NASDAQ Dubai rose to 6,075 securities in August 2011, a 230% increase from 1,840 in July, and up from 636 traded in the whole of the first half of the year," a spokesperson told AMEinfo.com.
Source: AME Info
Kuwait Stock Exchange finds bottom
September 20, 2011--After declining for four days straight, the KSE Market Index closed unchanged at 5,977 points.
Advances were mostly registered in the investment and industrial sector. National Bank of Kuwait (off 1.85% at KD1.060) retreaded further after hitting a one-month high last week.
Source: AME Info
Qatari bank shares stabilise as loan growth booms
September 20, 2011--In Doha, the QE Index gained on Tuesday by 0.46% to reach 8,444.67 points.
Bank shares gained further ground, with Qatar National Bank, Doha Bank and Al Ahli Bank ending flat. Qatar Islamic Bank (up 0.87% at QR80.90) and International Islamic Bank (advancing 1.66% at QR55) helped lifting the market index. According to National Bank of Abu Dhabi (NBAD) research, loans to the private sector in Qatar grew 2.2% month-on-month in August, while personal loans advanced 20.6% year-on-year. Qatar banking sector assets were estimated by NBAD at $167.5bn, up 19.9% year-on-year and -1.6% month-on-month.
Source: AME Info
Aldar, Arkan shares fail to lift Abu Dhabi market
September 20, 2011--The ADX General Index (off 0.28% at 2,556.93) was the only losing GCC Index on Tuesday.
Aldar Properties (up 0.84% at Dhs1.21) and Arkan Building Materials (gaining 5.30% at Dhs1.40) were the most liquid shares, but were outnumbered by losing stocks in the finacial stocks. Trading volumes picked up to 63m shares which were traded, valued at Dhs91.7m.
Source: AME Info
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