Middle East ETF News Older than One Year
Kuwait bourse aims to delay government sale plan
June 13, 2011--Hamed al-Saif, director and head of the Kuwait Stock Exchange has said the bourse is seeking to slow government plans to sell the country's bourse, on concern it remains too weak three years after the credit crisis triggered a $5bn bailout of financial companies, Bloomberg has reported.
The government must sell 50% of the exchange by the end of this year under the terms of a law approved in February 2010. The remainder is to be sold to Kuwaitis in an initial public offering, al-Saif said. "I'm against the way it is to be privatized," he told the news service.
Source: AME Info
Sabic gains on Sukuk asset purchase plans
June 13, 2011--The Tadawul market in Riyadh added 0.54% on Monday and closed at 6,584.58 points. Shares of Saudi Basic Industries Corporation (Sabic) finished half a percent higher at SR103.25.
Earlier in the day, Sabic announced its intention to purchase the assets of its first Sukuk amounting to SR3bn which was issued in July 2006, "in accordance with the terms and conditions of the Sukuk," Sabic said in a statement to the Saudi Stock Exchange. The Capital Market Authority (CMA) announced on Sunday, June 12, 2011 its approval for Saudi International Petrochemical Company (Sipchem) to issue its debut Mudaraba Sukuk. "The Mudaraba Sukuk will be in registered form in denominations of SR100,000, subject to a minimum initial subscription amount of SR1m. Sipchem shares ended 0.93% lower at SR21.35.
Source: AME Info
Banks, real estate shares lift Kuwait Stock Exchange
June 13, 2011--In Kuwait City, the KSE Market Index closed up 0.18% at 6,317.6 points. Budget carrier Jazeera Airways gained further, rising by 1.9% to KD0.214.
According to Bloomberg, KSE director Hamed Al-Saif opposed government plans to sell 50% of the exchange until the end of the year. A law which was passed in February 2010 demands the 50% sale after the government had to bail out a number of financial institutions in the wake of the financial crisis.
Source: AME Info
Qatar market gains, loses and ends flat
June 13, 2011--The Qatar Exchange (QE) Index finished Monday trading session even at 8,285.67 points. Ship transporting company Nakilat (up 1.35% at QR17.99) outperformed the market.
Nakilat has been trading within a range between QR20 and QR16. Industries Qatar declined 0.79% to QR137.70 as the shares failed to crack the resistance barrier at QR150 four times during the last 12 months.
Source: AME Info
Abu Dhabi market gains slightly amid dull trading
June 13, 2011--The ADX General Index added 0.38% to reach 2,709.56 points. RAK Ceramics was the most liquid share (up 3.49% at Dhs0.93). Dana Gas fell 1.59% to Dhs0.63%.
Real estate giant Aldar ended flat at Dhs1.32. Eleven stocks gained, nine lost and eight closed unchanged while 41.51m stocks worth Dhs67.95m changed hands.
Source: AME Info
Ajman Bank rises, launches ladies banking 'Mahra'
June 13, 2011--The Dubai Financial Market (DFM) closed 0.38% higher at 1,557.60 amid thin trading.
Emaar Properties was lifted by 0.65% to Dhs3.10. Ajman Bank jumped 2.71%, reaching Dhs0.909. Earleir in the day Ajman Bank, an Islamic bank founded in 2007, launched Mahra Ladies Banking, which will be headed by Maryam Al Shorafa. Budget flyer Air Arabia dipped 0.72% to Dhs0.69. Air Arabia announced today that it had signed a memorandum of understanding (MoU) with the Telecommunications Regulatory Authority (TRA) that will lead to enhanced online security. At the DFM, 16 shares gained, 10 closed lower and three ended flat. Around 68.77m shares were traded, valued at Dhs77.56m.
Source: AME Info
DGCX Weekly Market Comentary -June 12, 2011
June 12, 2011--Economic Data Overview
The June 13 week is packed with first-tier US economic data, and comes shortly in advance of the next FOMC meeting. Thus, the Committee will have some fresh information to gauge conditions at the mid-point in the second quarter 2011. The current batch of softer data is expected to give way to stronger growth in the second half of the year, but policymakers are still characterizing the recovery as sluggish or sub-par.
The May data on retail and food sales on Tuesday leads off the major reports for the week. The numbers are likely to look soft due to slowing rises in gasoline prices that will moderate the pace service station sales, and the declines in motor vehicle sales that were in part from limited inventories of the most sought-after models. Other types of retailers may have a somewhat better performance. At this time of year sales generally increase for building materials and gardening equipment. Warm weather probably means that seasonal merchandise did well at department and apparel stores. The release of some new games for the most popular consoles should have helped at electronic specialty stores. Slow activity in housing probably restrained sales of household appliances and furniture.
The May Producer Price Index will be released on Tuesday and the Consumer Price Index is set for Wednesday. The back-to-back inflation reports will be influenced by the same factors. Moderation in some food prices and for fuels will likely mean that the headline numbers will see smaller increases this month after some fairly sharp rises in March and April. Outside of food and energy, gains in other commodities will be less visible as well. There may be some upside risks to prices for motor vehicles as demand for fuel-efficient passenger cars was higher even as supplies were smaller.
The release of the June preliminary Reuters/University of Michigan Consumer Sentiment Index on Friday may signal some improvement in
Source: DGCX
DP World fails to benefit immediately after LSE dual listing
June 9, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1683.75, down 0.31% from the previous close.
Shares of DP World fell 1.56% to $12.60, the port operator started trading depositary interests on June 1st at the London Stock Exchange (LSE). Interior designer Depa Ltd. closed unchanged at $0.55.
Source: AME Info
Gulf Franchising Holding tops Kuwait Stock Exchange
June 9, 2011--The KSE Market Index finished on Thursday flat at 6,306.7 points.
Shares of Gulf Franchising Holding gained the most, closing 7.8% higher at KD0.025. Gulf Bank of Kuwait advanced 1.85%, finishing at KD0.550. Ob erthe first complete trading week of June, the KSE dipped by half a percent.
Source: AME Info
Qatar bourse recovers 1.13%
June 9, 2011--Advances in the industrial sector helped the Qatar bourse to advance to 8,276.27 points (up 1.13%). Industries Qatar soared 3.73% to reach
QR139.00. Barwa Real Estate added 2.27%, closing at QR29.30. Over the week, the QE Index added 0.43%.
Source: AME Info
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