Middle East ETF News Older than One Year
Kuwait Stock Exchange weakens 0.29%
February 10, 2011--Kuwait's local stock market shows no signs of a sustainable stabilisation as the KSE Market index lost 3.11% since the start of 2010, the largest year-to-date decline among all GCC markets.
On Thursday, the KSE market finished at 6,738.9 (off 0.29%). Argan International Real Estate was the main gainer, surging by over ten percent to close at KD0.202. Investors booked profits at Islamic bank Kuwait Finance House or KFH (down 1.62% at KD1.200). KFH was a top performer in Kuwait during the second half of 2010.
Source: AME Info
Demand for exchange-traded funds grows:
February 10, 2011--Demand for exchange-traded funds (ETFs) globally has surged and although still modest there are 16 ETFs with assets worth $400m that are invested in Mena region equities which includes Qatar.
These equities are either listed in London or New York essentially and as part of their underlying components hold Qatari equities. These equities are in the GCC ex-Saudi Arabia index. However, so far ETFs are not traded in the Qatar ExchangeQatar Exchange.
"The global ETF industry grew on all major dimensions during 2010 and we expect this to continue in 2011," says Robert Broadwell (pictured), Vice-President of iShares, the world's leading ETF provider.
Source: Zawya
Qatar market weakens a quarter percent
February 9, 2011--The QE Index lost 0.26%, closing at 8,917.29 points. Shares of Qatar National Cement Co. dipped half a percent and finished at QR119.50.
. Earlier in the day Qatar National Cement Co. has disclosed a net profit of QR467m in 2010 compared to QR417m in 2009. Al Khalij Commercial Bank jumped 2.74% to reach QR20.27.
Source: AME Info
Kuwait Stock Exchange stabilises
February 9, 2011--The KSE Market or Price Index closed 0.09% higher at 6,758.8 points.
Insurance firms in particular recovered some territory lost in the vague of the Egypt crisis. Kuwait Insurance Co. jumped six percent to reach KD0.435. National Bank of Kuwait, known as NBK, dipped 1.4% to close at KD1.400.
Source: AME Info
Abu Dhabi adds 0.19%, Aldar and Taqa shares trade in opposite ways
February 9, 2011--In Abu Dhabi, the ADX General Index gained 0.19% to reach 2,709.13. Abu Dhabi National Energy Co., known as Taqa, gained 2.86% to reach Dhs1.45 while Aldar Properties lost 3.21% to close at Dhs1.82.
Both blue chip firms reported 2010 results earlier in the day. Aldar Properties announced a loss of Dhs1,357.7 million (before impairments and fair value losses). "The loss for the year, after recognizing the impairment and fair value losses, was Dhs12,658.4m compared to a 2009 profit of Dhs837.4m." Taqa reported an unaudited profit for 2010 of Dhs937m compared to Dhs182m in 2009.
Source: AME Info
Jordan ratings downgraded due to political unrest
February 9, 2011--International credit agencies Moody's and Standard and Poor's have revised their outlook on Jordan's foreign and local currency to negative from stable, AFP has reported.
Moody's lowered the outlook on Jordan's "Ba2" foreign currency government bond rating and downgraded the government's local currency bond rating to Ba2 with a negative outlook from Baa3, due to the political turmoil in the Arab world. The credit ratings agency also downgraded Jordan's local currency ceilings to Baa1 from A3.
Source: AME Info
Egypt stock market to reopen on February 13
February 9, 2011--The Egyptian stock exchange has announced is to reopen at the start of next week, February 13, the Daily News Egypt has reported.
The stock market has been closed since January 27, after the main EGX 30 index closed 10.52% lower to reach 5,646.5 points, the bourse's second sharpest drop.
Source: AME Info
Investment, industry shares halt Kuwait exchange's decline
February 8, 2011--After falling for three consecutive trading days, the Kuwait Stock Exchange Market Index surged 0.28% to reach 6,752.9. Al Safat Real Estate Co. was the top gainer, closing 13.88% higher at KD0.0205.
Most banks ended flat with Kuwait Finance House (up 1.63% at KD1.240) outperforming the market.
Source: AME Info
Tadawul bourse dips 0.22%
February 8, 2011--With oil prices heading lower while Egypt heads back step by step to normality, the Saudi Stock Exchange closed 0.22% lower at 6,602.15 points.
Shares of Rabigh Refining and Petrochemical Co., known as Petro Rabigh, bucked the overall weak trend in the petrochemical sector by gaining 2.94% (at SR24.55). Herfy Foods posted the largest decline (off 4.13% at SR87). Sixty-six shares gained, 54 declined and 25 remained even.
Source: AME Info
Dubai market fails to sustain early rally
February 7, 2011--The DFM opened bullish today but eventually transformed itself into a tricky territory, closing 0.03% up at 1,606.43. Drake and Scull International, a Dubai-based contractor with growing operations in Egypt, recovered further on Monday, reaching Dhs1.08 (up 1.89%).
Telecom operator Du was the most liquid share, gaining 0.94% to close at Dhs3.21. Eleven shares declined, among them investment bank Shuaa Capital (down 3.25% at Dhs1.19). Logistics provider Aramex dipped half a percent to finish at Dhs1.94. Earlier in the day, Aramex announced that it has resumed deliveries from and to Egypt on Monday, following their temporary suspension due to civil unrest. Twelve stocks gained while three remained flat. Some 94.27m shares (up 10%) worth Dhs141.67m changed hands.
Source: AME Info
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