Middle East ETF News Older than One Year
Dubai bourse falls 1.30%
February 24, 2011--The DFM General Index could not sustain the rebound from Wednesday and finished the week again at the six-month low 1,479.61 (off 1.30%).
Gulf General Investment Co. known as GGICO, posted the largest decline, closing at DHs0.39 (down 9.30%). Logistics provider Aramex surged 3.16% to reach Dhs1.63. Emaar was the most liquid share, finishing 1.35% lower at Dhs2.92. Some 54.1m shares worth Dhs76.68m.
Source: AME Info
Energy shares support Abu Dhabi market
February 24, 2011--The ADX General Index closed 0.20% higher at 2,613.50 on Thursday. Energy heavyweights Taqa (up 4.38% at Dhs1.44) and Dana Gas (gaining 1.61% at Dhs0.61) supported the second straight advancing day in Abu Dhabi.
The real estate sector still showed no sign of a recovery as bellwether Aldar Propeties ended down 4.38% at Dhs1.51). Shares of Abu Dhabi Ship Building Co. (ADSB) plummeted by 9.86% to close at Dhs2.56. Earlier in the day, ADSB announced that it signed an MoU with Egypt-based DeBirs Yachts in order to "to explore collaboration opportunities in high-growth luxury yachts and boats segment."
Source: AME Info
Qatar Exchange gains on financial shares
February 24, 2011--The Doha-based QE Index closed on Thursday 0.20% higher at 8,211.27, as the insurance segment saw significant advances.
Qatar Insurance was one of the top geiners, closing up 4.92% at QR61.90. Shares of Islamic Insurance, on the other hand, dived 6.44%, ending at QR39.25.
Source: AME Info
Kuwait market adds 0.22% as real estate firms soar
February 24, 2011--The KSE Market Index ended 0.22% higher to reach 6,481.1 as rising oil prices support the market sentiment. Kuwait's federal budget is based 90% on oil revenues.
Union Real Estate (up 7.2% at KW0.118) posted the second largest gain. The country's largest lender National Bank of Kuwait closed flat at KD1.400.
Source: AME Info
Tel Aviv Stock Exchange: Revisions To Tel Div-20 Index Rules And Enhancement To Tel-Div Index
February 23, 2011--At its 17 February 2011 meeting, the Tel Aviv Stock Exchange (TASE) Board of Directors approved revisions to Tel Div-20 index methodology. Under the current rules, the index includes the 20 companies with the highest dividend yields. The primary objective of the revisions, which entail an expansion of the index’s constituent base, is to improve the representativeness of the index, which will now include major actively traded companies with a consistent, but comparatively modest, dividend policy.
By broadening the index, TASE also seeks to stabilize constituency changes and mitigate price fluctuations that occurred following index review and update dates.
Since its launch in July 2006, the Div-20 index has steadily gained popularity and currently serves as the underlying asset for 6 ETNs with a combined market cap approaching NIS 1 billion (appx. US $275 million).
The key changes can be summarized as follows:
1. The number of constituent companies will not be limited and the index will include all shares meeting threshold criteria.
2. The index will include shares, which distributed dividends of at least 2% in 2 of the previous 3 years. (This will enable companies with a stable long-term dividend policy to be included in the index even if in a year of economic crisis dividends were not distributed).
Source: Tel Aviv Stock Exchange (TASE)
Dubai market rebounds 1.33%
February 23, 2011--After more than week of declining amid civil unrest in Bahrain and North Africa, the DFM General Index followed the positive GCC trend and finished 1.33% higher at 1,499.04 points.
Emaar Properties added 1.37% to reach Dhs2.96. Logistics provider Aramex surged 4.64% to close at Dhs1.58. Earlier in the day, Aramex announced the acquisition of Ireland-headquartered liner agent and freight forwarder Aquaship Agencies. Telecom provider Du dipped 0.33%, closing at Dhs3.05. At the NASDAQ Dubai, port operator DP World recovered 4.75% on high trading volumes, reaching 52.9 US-Cent. Trading volumes and values at the DFM weakened by a third as some 88.07m stocks worth Dhs123.85m changed hands.
Source: AME Info
Abu Dhabi bourse joins regional recovery
February 23, 2011--The ADX General Index closed 1.12% higher at 2,608.06, despite conituing losses among the real estate heavyweight Aldar (down 1.25% at Dhs1.58) or RAK Properties (off 2.56% at Dhs0.38).
Abu Dhabi Commercial Bank, known as ADCB, surged 3.69% to reach Dhs2.25. The UAE's first telco firm Etisalat added 0.46%, closing at Dhs10.85. Sixteen shares advanced, nine declined and three ended flat.
Source: AME Info
Kuwait Stock Exchange rises on financial sector gains
February 23, 2011--The KSE Market or Price Index climbed 0.76% on Wednesday amid a general market recovery in the GCC, closing at 6,466.6. Banks and investment companies in particular lifted the market.
Global Investment House gained three percent to reach KD0.049. Earlier in the day, Global announced it was awarded it has received the "Best India Deal" Award from FinanceAsia "for playing the role of Regional Lead Advisor for Bharti Airtel in acquiring telco provider Zain Africa (excluding Morocco and Sudan) in a deal worth $10.7bn", Global's statement to the KSE says.
Source: AME Info
Qatar market weakens slightly
February 23, 2011--The Doha-based Qatar Exchange failed to jump on the recovery bandwagon in the GCC on Wednesday as its benchmark declined to 8,176.74 (off 0.10%).
The Gulf state's second bank Commercial Bank of Qatar, known as CBQ, declined 1.99% to close at QR74.00. Earlier in the day, CBQ announced that it has signed a Letter of Intent for a strategic outsourcing partnership with Tata Consultancy Services "to set-up a regional shared services centre which will deliver integration and efficiencies for the Bank." Under this partnership, Tata will manage the IT platforms and back-office processing services with the objective to reduce operational costs for CBQ. The outsourcing arrangement is subject to regulatory approval from the Qatar Central Bank.
Source: AME Info
Indian Rupee Futures Volume Hits Another Record Daily Volume on February 22, 2011
February 23, 2011--Trading activity on DGCX's Indian Rupee/US Dollar futures continues to grow rapidly, with a new daily volume record of 12,499 contracts achieved on February 22nd, 2011, with a value of USD 551.55 million. The previous record was achieved on January 5th, 2011 with 11,968 contracts.
The contract is attracting increased interest and participation globally, as market players wishing to seek exposure to the Indian economy or hedge the Indian Rupee become aware of its unique offering as the only Indian Rupee futures contract outside of India. The contract also has the added benefit that it is cash settled based on the US Dollar reference rate published by the Reserve Bank of India on the last day of trading.
Source: DGCX
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