Middle East ETF News Older than One Year
Banks rebound at Kuwait Stock Exchange
June 21, 2011--The KSE Market Index gained for the first time since June 15, closing up 0.41% at 6,276.00 points.
After the Euro states set up a $780bn rescue fund for debt-laden Euro-countries like Greece, Portugal and Ireland, some pressure on bank shares was eased on financial securities worldwide. National Bank of Kuwait recovered 1.72% to reach KD1.180. Gulf Finance House lost the most, diving 6.25% to KD0.075.
Source: AME Info
Taqa dips, awards Dutch company multi-million Euro contract
June 21, 2011--The Abu Dhabi bourse ADX ended 0.92% lower at 2,731.84 points. Shares of the mostly state-owned Abu Dhabi National Energy Co., known as Taqa, closed off 0.79 at Dhs1.25. Earlier in the day,
Taqa announced it has awarded the Dutch company, Frames Process Systems B.V. (Frames), a multi-million Euro contract for the delivery of the Dew Point Correction Units (DPCU) for Bergermeer Gas Storage in the Netherlands. Bank of Sharjah gained the most (up 5.45% at Dhs1.75). Six stocks gained, 15 lost and ten finished even. Around 56.5m shares valued at Dhs95.7m changed hands.
Source: AME Info
Business counts the cost of Arab Spring
June 23, 2011--Six months on from the start of the Arab Spring*, businesses around the world are counting the cost of unrest in the Middle East and North Africa.
The latest research from Grant Thornton’s International Business Report (IBR) reveals that as the region continues to experience major political change, globally, more than a fifth (22%) of privately owned companies say that the unrest has had a negative impact on their business.
This figure is highest in North America where a quarter (26%) of businesses report a negative impact. However, when asked if the situation is affecting their plans to do business in the region, only 10% globally said they are now less likely to do business there. Grant Thornton believes that, despite the upheaval, the region should be viewed by businesses as one with real opportunities for the future.
Source: Grant Thorton
UAE Investment Map to create level playing field for investors
No plans to raise 49% foreign ownership limit for listed firms
June 20, 2011--The UAE Ministry of Economy Monday unveiled the UAE Investment Map, a federal-level initiative to attract private sector investment.
"The initiative will promote the sustainable and balanced development of the UAE, and contribute to the GDP growth by stimulating the investment environment and attracting investment and technology that drive the knowledge economy in addition to reducing the dependence on oil by diversifying revenue streams," said Mohammad Ahmad Bin Abdul Aziz Al Shehhi, undersecretary in the Ministry of Economy.
The programme will provide equal opportunities for all seven emirates to attract investments based on each one's competitive advantages.
International investors
The new move is aimed at introducing international investors to the investment opportunities in all sectors of the UAE economy.
Al Shehhi said the UAE Investment Map is in line with the strategic plans of the ministry for 2011-2013 to enhance the investment environment and the competitiveness of the national economy.
Although all efforts will be made to increase foreign investment, Al Shehhi said there were no plans to raise the 49 per cent foreign ownership limit for listed firms.
Source: Gulf News
Greece worries weigh on Tadawul market
June 20, 2011--Due to global worries about a possible default of Greece, Saudi investors followed global and regional investors and dumped bank-, insurance- and investment shares in particular, sending teh Tadawul market down one percent to 6,377.71 points
Malath Insurance dived 4.20% to SR15.95 while Saudi Industrial Investment Group declined 1.81%, finishing at SR21.65. Sixteen shares gained, 124 declined and five ended even.
Source: AME Info
National Bank of Kuwait dives 3.33%
June 20, 2011--The Kuwait Stock Exchange closed at 6,250.5 points (off one percent) on Monday.
Amid worries about a possible default of Greece, investors worldwide sold financial shares. Market bellwether National Bank of Kuwait declined over three percent to finish at KD1160. Islamic bank Ithmaar from Bahrain bucked the trend by closing 2.1% higher at KD0.024.
Source: AME Info
Qatar investors dump bank shares
June 20, 2011--The QE Index in Doha declined 1.41%, ending at 8,217.32 points.
The two largest banks in the country, Commercial Bank of Qatar (down 2.58% at QR68) and Qatar National Bank (off 2.07% at QR137.00) weighed on the market index. Islamic Holding posted the largest advance (up seven percent at QR27.85.
Source: AME Info
Dubai bourse DFM falls 1.65%
June 20, 2011--Real estate-related shares and the DFM share itself weighed on the Dubai market on Monday, ahead of the U. S. central bank's open market committee meeting which kicks off on Tuesday.
The DFM General Index ended off 1.65% at 1,572.46 points. Emaar plummeted 2.17% to Dhs3.15. The DFM stock dived 4.58%, finishing at Dhs1.25. Logistics specialist Aramex bucked the trend by closing half a percent higher at Dhs1.85. Trading volumes remained stable as 101m shares were traded, valued at Dhs130.34m. Five stock gained and 22 lost.
Source: AME Info
Abu Dhabi's Insurance House jumps on debut
June 20, 2011--The ADX General Index lost 0.66% to 2,757.12 points.
Shares of Insurance House were the only gaining securities as the real estate and insurer marked its first day of trading. Insurance House almost doubled to Dhs2 during the first hours of trading, Bloomberg reported, and eventually closed at Dhs1.05. With its IPO in March, Insurance House raised $18m. Aldar dived 2.14% to Dhs1.38.
Source: AME Info
Abu Dhabi Shares Rise to 7-Month High on Bets of MSCI Upgrade This Week
June 20, 2011--Abu Dhabi’s benchmark stock index advanced to the highest since November on speculation the United Arab Emirates will be upgraded to emerging market status by MSCI Inc. (MSCI) this week. Egypt’s stocks increased.
Abu Dhabi Commercial Bank PJSC (ADCB) climbed 1.9 percent after it said it will make a profit of about 1 billion dirhams ($272 million) from the sale of its stake in RHB Capital Bhd. Emirates Telecommunications Corp., the U.A.E.’s biggest phone company, gained for a 10th day, the longest winning streak since 2005. The ADX General Index (ADSMI) climbed 0.5 percent to 2,775.44, the highest since Nov. 1, at the 2 p.m. close in Abu Dhabi. Dubai’s DFM General Index (DFMGI) fell 0.1 percent after rising 2.8 percent last week.
Source: Bloomberg
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