Middle East ETF News Older than One Year
Jordan H1 budget deficit up 55%
August 18, 2011--The Jordanian Ministry of Finance has announced that the country's budget deficit increased 55% in the first six months of 2011 from a year earlier due to higher energy bills, Reuters has reported.
The latest preliminary figures have shown that the shortfall rose to JD259.9m ($366m) compared with JD167.2m in the same period of 2010. The authorities hope to keep the deficit to 5.5% of GDP despite higher social spending and a soaring oil bill after the disruption of Egyptian gas imports that support 80% of the country's electricity generation. This forced the kingdom to switch to much more expensive imported diesel to cover its electricity needs.
Source: AME Info
Saudi Tadawul market defies regional downtrend
August 17, 2011--The Saudi Stock Exchange added 0.57% to reach 6,088.25 points. Shares advanced across almost all sectors, as market bellwether Sabic recovered 1.85%, closing at SR95.60.
“The Euro zone is the new epicentre of the world's fears,” says Gary Dugan, Chief Investment Officer Private Banking at bank Emirates NBD in Dubai. "As the dust settles on problems in the United States (at least for the moment) investors have come to recognise the Euro zone as the weakest link in the global economy," he adds. Consequently, banks and financials ended almost flat, and shares of Saudi Hollandi Bank (off 3.25% at SR26.80) were among the top losers.
Source: AME Info
Bahrain Islamic Bank gains for the second day straight
August 17, 2011--Like the ADX in Abu Dhabi, the Bahrain Bourse ended even at 1,266.26 points. Shares of Bahrain Islamic Bank jumped two percent, closing at BD0.101.
BIB still benefits from its merger talks it started with its local rival Alsalam Bank.
Source: AME Info
Qatar Telecom dips, publishes corporate governance report
August 17, 2011--The Doha-based Qatar Exchange gained for the second day straight as the QE Index closed 0.82% higher at 8,203.35 points. The Gulf state's second lender Commercial Bank of Qatar soared 3.40% to reach QR76.10. Qatar Telecom, better known as Q-tel, ended off 0.20% at QR148.00.
Earlier in the day, Q-tel published its half-year report on measures to improve corporate governance. "Corporate Governance is the key to attractting foreign direct investment and to lifting the competitiveness of GCC companies globally," says Dr. Nasser Saidi, Chief Economist of the Dubai's DIFC Authority and Head of External Relations and also founder and Executive Director of the Institute for Corporate Governance Hawkamah.
Source: AME Info
Abu Dhabi stocks finish on a mixed note
August 17, 2011--The ADX General Index ended flat at 2,584.98 points while trading turnover was close to a meltdown. The UAE's first telecom firm Etisalat ended likewise flat, at Dhs0.54.
Investors shunned shares of the emirate's real estate bellwethers Aldar and Sorouh, which closed both down 0.85% at Dhs1.19 and Dhs1.16, respectively. Only 27m shares were traded, valued at Dhs51.4m.
Source: AME Info
Arabtec shares surge on new Nakheel contract
August 17, 2011--Despite increasing worries over a contagion Eurozone crisis, the DFM General Index turned a red day into a small plus (up 0.04% at 1,467.15 points).
Arabtec Construction was the most liquid stock in relation to value and trading volumes, closing 1.48% higher at Dhs1.37. Earlier in the day, Arabtec announced it has received a contract from Nakheel to execute and complete Jumeirah Village Circle Project. The Jumeirah Village in Dubai is located between Emirates, Al Khail and Al Barsha Roads. State-owned real estate developer Nakheel is currently preparing a new $1.13bn Sukuk, scheduled to launch n August 25th, in order to restucture its $13bn debt. Consumer staples giant Gulfa lost the most (down 4.91% at Dhs2.52). Emaar recovered 0.71%, finishing at Dhs2.82. Eight shares gained, seven lost and eight ended even. Trading turnover remained low as some 39m shares changed hands, valued at Dhs53.9m.
Source: AME Info
Bahrain Islamic Bank gains for the second day straight
August 17, 2011--Like the ADX in Abu Dhabi, the Bahrain Bourse ended even at 1,266.26 points.
Shares of Bahrain Islamic Bank jumped two percent, closing at BD0.101. BIB still benefits from its merger talks it started with its local rival Alsalam Bank. [AMEInfo.com]
Source: AME Info
Qatari banks lift QE Index slightly higher
August 16, 2011--The Doha-based QE Index added 0.28%, closing at 8,137.00 points. Shares of Qatar Islamic Bank was the top gainer among the financials, advancing by 1.56% to reach QR77.90. The country's second largest lender Commercial Bank of Qatar (CBQ) ended up 1.10% (at QR73.60).
Salam International dipped 1.85%, closing at QR11.14. Earlier in the day, the investment company announced The reviewed financial statements for the second quarter of 2011 revealed a net profit of QR81.151m in comparison to QR68.771m for the same period last year.
Source: AME Info
Abu Dhabi blue chip shares close unchanged
August 16, 2011--The ADX General Index dipped half a percent on Tuesday, closing at 2,585.80 points. The ADX heavyweights Etisalat, Aldar Properties and Sorouh Real Estate ended flat.
United Insurance Co. (UIC) closed even at Dhs4. Earlier in the day, UIC announced a net profit for the second quarter of Dhs492,193 compared to a loss of Dhs647,000 in the same period last year. Dana Gas was the most liquid shares and finished 1.79% lower at Dhs0.54. Five shares gained, 17 lost and seven ended flat.
Source: AME Info
Dubai market declines amid lack of catalysts
August 16, 2011--While European governments are undecided whether common Eurobonds should be issued to tackle the debt crisis in the Eurozone, global stock markets remain in a stutter mode. Dubai's DFM General Index ended down 0.27% at 1,466.50 points.
Gulf General Investment Co. advanced the most (up 2.77% at Dhs0.297). Emirates NBD, the UAE's largest lender by assets, dived 1.97% to close at Dhs3.99. Earlier in the day, Fitch Ratings affirmed ENBD's 'A+' rating, but removed the bank from Rating Watch Negative. Six stocks gained, 13 lost and two ended flat. Around 48.32m shares were traded, valued at Dhs71.64.m.
Source: AME Info
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