Middle East ETF News Older than One Year
Saudi Industrial Export Co. gains as firm swings back to profits
July 13, 2011--The Saudi Arabian Tadawul bourse added 0.29% Wednesday, closing at 6,508.80 points. Saudi Industrial Export Co. soared 1.87% to SR27.30.
The company's net profit during the six months was SR7.50m compared to a loss of SR1.90m for the same period last year. "The reason for the increase in sales and profit during the second quarter of 2011 is due to increase in export volume and profit margin of raw material for fertilizer manufacturing for China market," the company said in a statement. Sabic added half a percent to reach SR103.75. ACE Arabia Cooperative Insurance Co. dived 5.52% to SR39.40.
Source: AME Info
Kuwait Stock Exchange gains for the first day in four
July 13, 2011--The KSE Market or Price Index added 0.18% to reach 6,175.9 points, in line with the general rebound at GCC markets on Wednesday. Gulf Glass Manufacturing posted the largest gain, closing 7.35% higher at KD0.730.
Dar Al Thuraya Real Estat declined by 7.2% to KD0.064. According to Kuwait's Global Investment House (up 2.77% at KD0.036), the KSE had one of its worst first half performances since the 1H1998. "It started in 1Q2011 when all MENA markets including Kuwait witnessed selling pressure due to political sitution in the region," Global says in a study published earlier today.
Source: AME Info
Barwa Real Estate gains after Asteco says Qatar property market remains stable
July 13, 2011--The QE Index in Doha ended half a percent higher at 8,468.57 points.
Shares of Barwa Real Estate gained 0.66%, finishing at QR30.70. Earlier in the day, real estate services company Asteco said the Qatar property market remains stable. "Based on our latest residential market report, the outlook for Qatar's residential property market is positive. This can be attributed to its stable political environment, its strong economy, and the developments planned in preparation for the FIFA World Cup in 2022, which will transform the face of Qatar," said Elaine Jones, CEO, Asteco Property Management.
Source: AME Info
Methaq Takaful jumps, says prices increase is market driven
July 13, 2011--The Abu Dhabi market ADX closed 0.05% higher at 2,714.76 points. Islamic insurance company Methaq Takaful posted the second largest advance (up 5.56% at Dhs1.73) amid high trading volumes.
Methaq said in a statement to the ADX, that the recent price surge was purely market driven, after the bourse requested a reaction from the firm on the recent price increase. First Gulf Bank, known as FGB, closed flat at Dhs17.75. Earlier in the day, FGB said denied media reports which claimed the UAE's fourth largest bank by assets offered its unit in Libya for sale. FGB also reported a net profit for the first half-year of Dhs1.76bn, an increase of 3.4% compared to the corresponding period in 2010. Aldar Properties closed up 0.78% at Dhs1.31.
Source: AME Info
Tamweel soars as firm launches two new products
July 13, 2011--The DFM General Index rebounded by 1.35% on Wednesday and closed at 1,553.56 points. Islamic home financing specialist Tamweel jumped 7.17% to Dhs0.912, posting the largest advance among the 20 gaining shares. Earlier in the day, Tamweel launched two new products.
According to the company's statement, "the Non-residents Programme will make home finance available to select overseas investors looking to purchase residential property in the UAE," while "Tamweel's Home Refinance Program for fully paid properties is designed to help owners unlock the value in their homes." Tamweel claims, that with these new products, the firm became the only local finance company to cater to non-residents. Dubai Islamic Bank (up 1.50% at Dhs2.05) holds a 57.33% stake in Tamweel. Emaar added 1.68%, closing at Dhs3.03. Kuwait's Almadina Investment posted the largest decline (off 1.47% at Dhs0.47). Only three shares lost and three ended flat. Around 52.4m shares were traded, valued at Dhs62.08m.
Source: AME Info
Euro shockwaves still felt at Dubai market
July 12, 2011--The Dubai Fianancial Market (DFM) General Index fell for the second day straight, closing off 1.02% at 1,532.92 points. Globally, investors were still puzzled about whether Itay faces a Greece-style det crisis.
Consequently, financials declined, such as Dubai Islamic Bank (down 1.46% at Dhs2.02) or the DFM itself (0.84% lower at Dhs1.18). Credit Suisse analyst Mohamad Hawa commented on MENA banks earlier in the day, saying that "UAE banks are yet to experience the peak in their Non-Performing-Loans (NPLs) (to 8.4%, on our estimates for 2011E) and will have to adjust to stricter regulatory measures mainly on consumer lending and fees." Aman Insurance posted the largest advance (up 2.69% at Dhs0.649). Around 67.32m shares were traded, valued at Dhs95.3m. Three stocks gained, 20 fell and three ended unchanged.
Source: AME Info
First Gulf Bank dips, as Credit Suisse reduces target price
July 12, 2011--The Abu Dhabi bourse ADX saw its General Index declining by 0.44% to 2,713.30 points. Weak performing real estates and financial shares weighed on the market.
Shares of First Gulf Bank, known as FGB, lost 1.39% and closed at Dhs17.75. Earlier in the day, Credit Suisse's research said UAE banks are yet to experience the peak in their Non-Performing-Loans (to 8.4%, on our estimates for 2011E) and will have to adjust to stricter regulatory measures mainly on consumer lending and fees. Credit Suisse analyst Mohamad Hawa concluded: "Thus our target price downgrade of the bank most exposed to consumer lending, FGB to Dhs25 from Dhs28. We maintain FGB as an 'Outperform', but now prefer National Bank of Abu Dhabi (NBAD) on a relative basis." NBAD today declined 0.90% to Dhs11.05. Etisalat rebounded 0.46% to Dhs10.85 after the telecom giant said the Indian regulator's accusations against its Indian unit Etisalat DB Telecom India of manipulating a 2G licencing process in the country were 'baseless. As in Dubai, only three shares gained, 21 lost and two ended flat. Around 40.4m shares changed hands, valued at Dhs70.02m.
Source: AME Info
Kuwaiti banks stabilise after Monday's shock
July 12, 2011--The KSE Market Index ended 0.30% lower at 6,165 points as European debt worries continue to spoil the GCC markets' positive start into the second half of the year.
National Bank of Kuwait and Gulf Bank of Kuwait ended flat at KD1.140 and KD0.530, respecively. Ahli United Bank jumped 4.76% to reach KD0.880.
Source: AME Info
Stocks listed in Doha retreat across the board
July 12, 2011--The QE Index ended off 0.85% at 8,424.79 points on Wednesday.
Banks and insurers in particualr weighed on the index. General Insurance dived 4.22% to QR43.10. Qatar Islamic Bank declined 1.13%, closing at QR79.00.
Source: AME Info
Credit Suisse bullish on Saudi banks
July 12, 2011--The Tadawul bourse lost for the second day straight, closing at 6,490.23, as petrochemicals retreated further. Sabic ended 1.20% lower at SR103.25.
Shares of Saudi Hollandi Bank outperformed, ending up one percent at SR29.70. Credit Suisse confirmed Saudi Hollandi's 'neutral' rating, but increased the target price to SR34 from SR35. The Swiss bank is bullish on Saudi banks in general. Credit Suisse analyst Mohamed Hawa wrote in his latest statement: "Our new sector average target price suggests 30% upside potential. We believe the GCC banking sector is at varying stages of the credit recovery cycle, with Saudi banks the most advanced."
Source: AME Info
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