Middle East ETF News Older than One Year
National Bank of Egypt ratings affirmed, remain on negative outlook
September 08, 2011--Capital Intelligence (CI), the international credit rating agency, announced that it has affirmed National Bank of Egypt (NBE)'s Financial
Strength Rating (FSR) at BB+. The Support Rating is affirmed at 3 based on the government's full ownership, the Bank's systemic importance and the high likelihood of support. [AMEInfo.com]
Source: AME Info
Profit bookings send Qatar borse slightly lower
September 08, 2011--The QE Index in Doha ended at 8,366.39 or off 0.38% on Thursday. Shares dipped across the board, with Doha Bank (up 2.61% at QR62.80)gaining against the trend. Industrial Manufacturing CO. was the top loser (down two percent at QR54).
Shares of Al Meera posted the largest value increase, closing nine percent higher at QR168. Al Meera's Deputy CEO Mohammed Nasser Al-Qahtani has announced that the Qatar-based company has awarded a contract to Arab Engineering Bureau to build two new shopping malls in Doha, Qatar News Agency has reported. One of the malls will be located in the Ain Khaled area while the other will be at Al Mansoura.
Source: AME Info
Buoyant Kuwait market gains the most after Eid
September 08, 2011--The KSE Market Index added 0.92% to reach 5,962.50 points. Shares advanced across all sectors. National Bank of Kuwait hit a one-month high, as it
reach KD1.100 (up 1.8%). During the first week of trading after Eid holidays, the KSE Market Index surged 3.3%, the highest gain among all GCC indexes.
Source: AME Info
RAK Ceramics is the stock of the day in Abu Dhabi
September 08, 2011--The ADX General Index ended flat at 2,599.64, as RAK Ceramicx (gaining 4.71% at Dhs0.89) was the share of the day, as it was the top gainer and the most
liquid stock. Aldar declined 0.81% to Dhs1.23. Investors booked profits at Methaq Takaful (down 1.96% at Dhs1.50) after the share was among the top performers over the last week.
Source: AME Info
Credit Suisse favours Drake & Scull over Arabtec
September 08, 2011--The Dubai Financial Market (DFM) finished the week with loss of half a percent, closing at 1,480.60 points amid rising trading volumes. The FTSE NASDAQ Dubai UAE 20 Index also lost half a percent,
closing at 1507.95. While bellwether Emaar Properties ended unchanged, Arabtec Construction (off 0.72% at Dhs1.37) weighed on the index. Credit Suisse published a research study today, reiterating the Swiss bank's preference for Drake and Scull International or DSI (up 0.69% at Dhs0.878) over Arabtec. "We forecast DSI's backlog to grow at a compound annual growth rate (2010-2013E) of 12.6% vs. -11.6% for Arabtec. We believe it would be challenging for Arabtec to achieve backlog growth in 2011-2012E due to continued focus on real estate projects (86% of the backlog in Q2 2011), in addition to potential cancellations risks of some projects in outstanding backlog. Accordingly, we forecast Arabtec's earnings to decline by 50% year-on-year," the Credit Suisse research report says. Over the first week of Eid, the DFM gained insignificantly. Some 76.3m shares were traded, valued at Dhs70.3m.
Source: AME Info
Iraq aims to reach inflation of 5% next year
September 08, 2011--Iraq's finance minister has said that his country is aiming to reach inflation of 5% next
year backed by central bank policies to control price growth, Reuters has reported. Iraq's core annual inflation rate quickened to 7.1% in July from 6.4% in June, driven mainly by higher housing rental prices.
Source: AME Info
Stocks in Riyadh gain across all sectors
September 07, 2011--The Tadawul bourse closed one percent higher at 6,124.4 points, as Sabic gained 1.89%,
reaching SR94.50. Insurers were once again the leading advancing shares, with Solidarity Saudi Takaful Co. (up 9.93%) closing as the top gainer. Hundred-and-twenty-five shares added value, while 25 declined.
Source: AME Info
Shares of National Bank of Kuwait recover strongly
September 07, 2011--The KSE Market Index added 0.81%, closing at 5,908.2 points. Abyaar Real Estate and Development Co. was the most liquid share and jumped four percent higher to reach KD0.026.
Global Investment House in Kuwait commented on the country's real estate market earlier today: "In Kuwait, the residential segment maintained its position as the most buoyant segment in Kuwait’s reality market. The private housing segment remained active amounting for 55% of total transactions value in 2Q11, similar to the same share in 1Q11 with a 19% increase in the number of transactions. The increase was associated with a significant 52% increase in transaction value at KD527m up from KD347m in 1Q11." The lagest lender in the northern Gulf state National Bank of Kuwait finished up 3.85% at KD1.080.
Source: AME Info
Qatar market gains 0.67%, as real estate firms edge higher
September 07, 2011--The Qatar Exchange (QE) Index closed at 8,398.28, up 0.67% on Wednesday. Qatar's largest real estate developers United Development Company (UDC) and Barwa Real Estate gained 0.35% and half a percent, respectively.
Earlier in the day, Kuwait-based Global Investment House, "Activity in the Qatari property sales market is still muted due to the large disparity between buyer’s expectations and sellers quoted prices. In the office market, with new projects being delivered, the amount of office space in the market remains abundant and is unmet by the existent demand."
Source: AME Info
Methaq Takaful cracks key resistance level
September 07, 2011--The Abu Dhabi-based exchange ADX declined by 0.15% and closed at 2,601.02 points. The emirate's largest real estate developer Aldar Properties ended 0.82% higher at Dhs1.23.
Islamic insurance company Methaq Takaful was the most liquid stock and jumped two percent, reaching Dhs1.52. With today's move Methaq Takaful has crossed a long-term resistance level at Dhs1.50. Trading volumes remained very low as some 38.3m shares were traded, valued at Dhs58.2m.
Source: AME Info
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