Middle East ETF News Older than One Year
NASDAQ Dubai posts gains
April 7, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1717.430 today, up 20.670, or 1.22%, from the previous close.
DP World shares gained for the thrid day straight, closing up two percent at $0.66. DEPA Ltd. soared 6.17% to reach 58.5 US-Cent. Jewellery trader Damas surged 10% to reach 10.5 US-Cent. Some 7.9m stocks changed hands.
Source: AME Info
Kuwait bourse advances by 0.34%
April 7, 2011--The KSE Market Index closed 0.34% higher at 6,348.3.
First Investment Co. ended up 10%, closing at KD0.110. Menafae Investment Co. was the top loser (down 7.8% at KD0.059). All sector indices landed in the green. The country's largest lender National Bank of Kuwait (NBK) finished flat at KD1.160.
Source: AME Info
Dubai market weakens 0.14%
April 7, 2011--The DFM General Index finished the week slightly lower, closing off 0.14% at 1,555.41.
The advance-decline ratior finished at 11:11 (four stocks remained flat). Dubai Refreshments surged 14.91% to reach Dhs9.48. The sole franchisee and distributor of PepsiCo products in Dubai and Northern Emirates, has opened a distribution centre to meet the growing demand for its products. Emaar edged 1.27% higher, closing at Dhs3.20. Dubai Islamic Bank lost four percent, finishing at Dhs2.15. Over the week the DFM closed unchanged.
Source: AME Info
Barclays cuts Bahrain, Oman growth forecasts
April 7, 2011--Barclays Plc has said growth of the economies of Bahrain and Oman will be less than previously forecast this year as uprisings in the two Arabian Gulf states take a toll on industries such as financial services and tourism, Bloomberg has reported.
Bahrain's real gross domestic product will expand 1.4%, down from a previous forecast of 4.3%, while Oman's economic growth was downgraded to 4.5% from 5.2%, Barclay's Capital senior economist Alia Moubayed said in an e-mailed report yesterday. In countries where "severe unrest occurred, primarily in Bahrain and to a lesser extent in Oman, non-hydrocarbon growth is likely to slow despite the expected increase in government spending and support from neighbouring GCC states," the report said.
Source: AME Info
Oil could hit $200-300 if unrest in Saudi - ex-minister
April 6, 2011-- Former Saudi oil minister, Sheikh Zaki Yamani has said that if serious political unrest hits Saudi Arabia oil prices could skyrocket to between $200 and $300 a barrel, Reuters has reported.
"I don't expect this for the time being, but who would have expected Tunisia?" he said. Asked whether the United States was likely to succeed in cutting its dependence on Saudi oil, he said: "From the 1950s, American presidents have been saying this."
Source: AME Info
Tadawul bourse gains 0.4% as oil prices rise further
April 6, 2011--As in Dubai, the Saudi Arabian Tadawul market started modestly on Wednesday, but eventually gained pace and ended 0.4% higher at 6,574.63. Saudi Basic Industries Corp.,
known as Sabic, finished half a percent up at SR107.25. Oil prices continued to rally on Wednesday, with Nymex-quoted Light Crude reaching 108.6 US-Dollar (up 0.46%).
Source: AME Info
Qatar National Bank gains on rising net profit
April 6, 2011--The QE Index closed 1.12% to reach 8,591.77.
Qatar Islamic Bank jumped 2.47% to reach QR83. Al Khaleej Takaful dipped 3.7%, closing at QR43.00. Qatar National Bank (up 0.87% at QR139.20) disclosed an interim net profit for the first quarter 2011 of QR1.7bn in comparison to QR1.3bn for the corresponding period in 2010. The Earnings per Share (EPS) amounted to QR3.4 as of March 31, 2011 versus QR2.5 of the same period in 2010.
Source: AME Info
Abu Dhabi bourse remains stuck at 2,590 points
April 6, 2011--Wednesday marked another lacklustre trading day in Abu Dhabi. The ADX General Index closed 0.06% higher at 2,591. Shares of developer RAK Properties closed unchanged at Dhs0.39.
Earlier in the day RAK Properties announced that it intends to hand over the 43-storey RAK Tower on Al Reem Island in Abu Dhabi "soon". The tower consists of 212 residential apartments. ADX Heavyweights Aldar Properties and Dana Gas also closed unchanged at Dhs1.50 and Dhs0.66 respectively. National Marine Dredging Co. was the top gainer (up 9.17% at Dhs10.00), while National Bank of Fujairah (down 9.92% at Dhs3.18) posted the largest loss. Some 99.7m stocks worth Dhs145.46m were traded.
Source: AME Info
Dubai market recovers 1.30%
April 6, 2011--Thanks to a strong "home run" during the last hour of trading, the DFM General Index closed 1.30% higher at 1,557.64. On Tuesday, five-year credit default swaps for Dubai sovereign bonds decreased to 380 basis points, the lowest level since November 2008.
Aabtec Construction surged 3.61%, closing at Dhs1.72%. Shuaa Capital ended flat at Dhs1.12. Earlier in the day the Dubai-based investment bank that its Chief Financial Officer David Deards stepped down on April 5th with a successor yet to be appointed. In 2010 Shuaa halved its losses to $61m from $144.2m in 2009. Shares of Emaar Properties dipped 0.32%, finishing at Dhs3.16. Some 101.38m stocks valued at Dhs164.1m changed hands. Seventeen stocks gained, seven closed lower and two closed flat.
Source: AME Info
Egypt economic growth now expected to be 2.5%
April 6, 2011--Egypt's finance minister, Samir Radwan has sharply revised down earlier estimates of the country's economic growth rate to 2.5%, the Associated Press has reported.
The budget deficit could widen to 8.5% from earlier estimates of 7.9%. The deficit could expand further, hitting 9.5% in fiscal 2011-2012, the minister said. Egypt would seek to broaden its "fiscal landscape" by trying to secure aid and reaching out to the oil rich Gulf countries, Radwan said.
Source: AME Info
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