Middle East ETF News Older than One Year
Qatar bourse finishes 0.26% lower
May 12, 2011--The Doha-based QE Index dipped 0.61% to 8,711.49 points, as shares ended mixed in Thursday. Al Ahli Bank (up 5.26% at QR68.00) was one of the top performers.
Qatar Islamic Bank declined 1.58% at QR81.00. All sectors ended in the red with the exception of the insurance segment. Qatar Insurance closed even at QR83.50
Source: AME Info
DGCX 2011 volumes cross one million contracts mark
1 million mark crossed in 91 trading days
YTD 2011 volume represents value of US $49.1 billion
52% increase on YTD volume compared to 2010
May 12, 2011--The Dubai Gold and Commodities Exchange (DGCX) today announced that its 2011 year-to-date (YTD) volume surpassed one million contracts on May 11, 2011, the
earliest it has surpassed this milestone in any year since launch. The earliest DGCX had previously crossed one million contracts was on July 18, 2010.
Year?to?date volume on the Exchange stood at 1,005,841 contracts at the close of trading on May 11, 2011. The volume reflects a total value of US $49.1 billion and a 52% increase on the YTD volume of 660,968 contracts achieved by the same date last year. Year?to?date average daily volumes also rose 51% to 11,053 contracts.
Source: DGCX
UAE banks to be hit by US tax act
May 12, 2011--Financial experts have warned that a US tax law that was passed two years ago could cost banks in the UAE millions of dirhams, Gulf News has reported.
To be implemented from January 2013, the US Foreign Account Tax Compliance Act (FATCA) requires foreign banks and financial institutions to disclose the nationality of their account-holders or investors and any bank or institution that does not comply will face a 30% withholding tax on US source income.
Source: AME Info
Arabtec dips as Credit Suisse cuts target price
May 11, 2011--The DFM General Index ended 0.11% higher at 1,608.49 points. Construction giant Arabtec ended 1.41% lower at Dhs1.40.
Earlier in the day Credit Suisse analyst Ahmed Badr said the Swiss bank maintained Arabtec's 'neutral' rating but cut the share's price target to Dhs1.48 from Dhs2.08 "as we reduce our backlog and earnings estimates (2011E-2013E) and adjust for the 4:1 bonus issue", Mr. Badr writes. On Tuesday Arabtec reported an 80% net profit decline for the first quarter of Dhs134.5m. Badr adds: "We expect margins to deteriorate further on the back of increased competition in the GCC and potential contract renegotiations." Cooling specialist Tabreed gained the most (up 4.44% at DhsDhs1.41). Emaar Properties declined 0.61% to Dhs3.24. The advance-decline ratio stood at 13 to 12, while two shares closed even. Some 169.23m stocks valued at Dhs186.51m changed hands.
Source: AME Info
Taqa shares lose slightly on weak first quarter results
May 11, 2011--The Abu Dhabi bourse ADX added 0.19% to reach 2,675.79 points. Abu Dhabi National Energy Co., known as Taqa, declined 1.43% to Dhs1.38.
Earlier in the day, Taqa disclosed a net profit for the first quarter of Dhs152m, down 47% compared to the same period in 2010. Earnings per share amounted to Dhs0.025, down from Dhs0.047. Higher costs of finance weighed on the result. "The increase in total income tax expense was primarily due to tax legislation changes in the United Kingdom imposing a 12% supplementary tax on oil and gas profits", Taqa said in a statement to the ADX. Shares of RAK Properties surged 2.56% to close at Dhs0.39. Its rival Aldar dipped 0.67% to Dhs1.49.
Source: AME Info
Stock prices, turnover surge at Qatar Exchange
May 11, 2011--The Qatar bourse QE closed 1.15%, finishing at 8,765.14 points. Qatar National Bank soared 2.37%, ending at QR146.90, while Islamic insure Al Khaleej Takaful 2.98% to reach QR48.40.
Barwa Real Estate declined 0.46% to QR32.40. Some 13.3m shares valued at QR614.44m changed hands.
Source: AME Info
Kuwait market loses 0.18%, Zain plummets
May 11, 2011--The KSE Market index ended at 6,511.2 Wednesday. Shares of telecom operator Zain plummeted 5.1%, finishing at KD1.100 after Abu Dhabi's Etisalat ruled out bidding again for Zain,
The National reported. Budget carrier Jazeera Airways surged 7.24% to reach KD0.148. Jazeera benefits slightly from Wataniya Airways' termination of operations in mid-March this year.
Source: AME Info
Egypt Stock Exchange Plans ETFs, Short Selling to Spur Trading Amid Unrest
May 10, 2011--Egypt’s stock exchange plans to start exchange-traded funds and allow short-selling this year to boost trading and give investors greater access to local markets, Chairman Mohamed Abd El Salam said.
The Egyptian Exchange will introduce “same-day” short selling and lift a restriction on intraday trading this month, the bourse’s Abd El Salam said in an interview in Dubai yesterday. Intraday trades have been suspended since March when the bourse opened following a two-month closure during the uprising that ousted President Hosni Mubarak in February.
Source: Bloomberg
Islamic finance to drive trade and investment flows between Asia and Middle East
May 10, 2011-Islamic finance has emerged as one of the most rapidly expanding sectors in the global financial system and is evolving into an industry with an increasingly significant global footprint.
There are estimated to be over 430 Islamic banks and financial institutions operating in more than 75 countries, and around 191 conventional banks that have Islamic banking windows.
Source: AME Info
Tamweel shares resume trading as Dubai market rebounds
May 10, 2011--Strong recoveries in the construction and real estate sector lifted the DFM Index by 1.8% to 1,606.78 points. Emaar surged 4.15% to reach Dhs3.26. Islamic home financer Tamweel resumed trading of its shares today and closed 10% lower at Dhs0.891.
"Undoubtedly, this step represents a positive development for investors, particularly that Tamweel has a large investor base with more than 55,000 shareholders," said the DFM's Managing Director and CEO Essa Kazim. Union Properties posted the largest gain (up 7.07% at Dhs0.424). 142.43m stocks valued at Dhs178.56m changed hands.
Source: AME Info
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