Middle East ETF News Older than One Year
Qatar Exchange loses insignificantly
February 1, 2011--The QE Index in Doha closed 0.05% lower at 8,740.74. While industry shares recovered from Sunday's "Nile-Crash", banks and insurers weighed on the market after Credit Suisse's resaerch downgraded emerging markets equities have to "neutral" from "overweight" on increasing geopolitical risks in the Middle East and North Africa region and increased uncertainty over oil prices, Reuters reported.
Qatar National Bank lost 3.82% to close at QR148.70. Vodafone Qatar was on the top gainers as the country's second telecom operator surged 3.15% to reach QR8.20.
Source: AME Info
Abu Dhabi market gains half a percent
February 1, 2011--.The ADX General Index finished 0.49% higher at 2,599.34. Shares of the sheikhdom's largest lender National Bank of Abu Dhabi (NBAD) closed flat at Dhs11.50.
Earlier in the day NBAD reported a 21.99% higher net profit for 2010 of Dhs3.68bn (around $1bn). Earnings per share stood at Dhs1.44 or Dhs0.23 higher than in 2009. Abu Dhabi National Energy Co., known as Taqa, dived 2.13% to close at Dhs1.37 as fears spread that the Suez Canal might be closed due to the crisis in Egypt.
Source: AME Info
DFM: Announces full readiness to introduce “Delivery versus Payment” before the end of Q1 2011
Essa Kazim: DvP represents phase one of DFM’s drive to develop local financial markets in collaboration with the UAE Securities and Commodities Authority
“Short Selling” and “Securities Borrowing and Lending” to follow later this year
January 31, 2011--: Dubai Financial Market announced today its full readiness to introduce the new settlement mechanism “Delivery versus Payment” (DvP). DFM has completed all the technical requirements to apply DvP in coordination with custodians and brokerage firms. The exchange is poised to be at the forefront of regional markets to adopt DvP before the end of the first quarter 2011.
This development is phase one of DFM‘s drive to implement international best practices, whilst continuing to respond to the UAE Securities and Commodities Authority (SCA) future regulations and closely cooperating with SCA in its efforts to develop the financial markets in the UAE. Phase two will include getting DFM geared up for the introduction of “Short Selling” and “Securities Borrowing and Lending” later this year.
Source: Dubai Financial Market (DFM)
Bank Of America Merrill Lynch Joins NASDAQ Dubai’s Equity Derivatives Market
Market’s first derivatives General Clearing Member will provide vital post trade clearing services promoting further growth.
January 31, 2011--Bank of America Merrill Lynch has joined NASDAQ Dubai’s equity derivatives market as its first General Clearing Member (GCM). This enables Bank of America Merrill Lynch to clear the trades of other brokers as well as its own, injecting liquidity into the fledgling market
Brooks Stevens, Head ofEMEA Futures and Derivatives Clearing Services for Bank of America Merrill Lynch, said: “As the first GCM on the UAE’s only on-exchange equity derivatives market, we look forward to playing a leading role in facilitating increased trading capacity within the region. NASDAQ Dubai’s equity derivatives platform provides investors with unique tools to hedge their exposure to shares of the UAE and other Middle East companies.
Source: Dubai City guide
Egypt ratings lowered due to unrest
January 31, 2011--Moody's Investors Service has cut ratings for Egypt's government bonds, the first such action since unrest began in the country, Bloomberg has reported.
Moody's cut the bonds to Ba2, two levels below investment grade, from Ba1, and changed the outlook to negative from stable. It also downgraded the country's ceiling for foreign currency bonds to Baa3 from Baa2, and the ceiling for foreign currency bank deposits to Ba3 from Ba2.
Source: AME Info
Tadawul market dips one percent
January 31, 2011--The Saudi Arabian Tadawul bourse remained volatile on Monday, closing at 6,358.03.
SABIC closed again belowe SR100.00 (off 1.73% at SR99.25). The Kingdom Holding Co. was the main gainer, reaching SR8.85 (up 3.51%).
Source: AME Info
Kuwait market closes 0.55% higher
January 31, 2011--The KSE Market Index closed at 6,859.2 on Monday. Banks and industry shares were the main gainers of the market's recovery.
Islamic insurance operator First Takaful Insurance Company posted the largest advance (up 7.14% at KD0.075). Islamic bank Kuwait Finance House missed the recovery and closed 1.61% lower at KD1.220.
Source: AME Info
Qatar shares gain across the board
January 31, 2011--The Doha-based QE Index added 0.41% to reach 8,745.14 points. Insurance firms in particular helped the index to recover territory from Sunday' regional slump. The country's largest lender by assets Qatar National Bank (QNB) closed unchanged at QR154.60. Earlier in the day QNB announced the following two resolutions, among others, of the Ordinary and Extraordinary General Assembly Meetings held on Sunday, January 31, 2011.
Shareholders approved the proposal of the Board of Directors to distribute to shareholders a cash dividend at the rate of 50% of the nominal value of share capital, representing QR5 per share, and distribute bonus shares equivalent to 30% of the share capital. The assembly approved further the transfer of necessary funds to the legal reserve so that it would be equal to 100% of the capital.
Source: AME Info
Abu Dhabi market adds one percent
January 31, 2011--Abu Dhabi-listed real estate shares helped the market to recover from Sunday's mini-crash. The ADX General Index closed one percent higher at 2,586.75 points.
RAK Properties (up 2.56% at Dhs0.39), Sorouh Real Estate (1.50% higher at Dhs1.34) and Aldar Properties (gaining 1.21% at Dhs1.63) were the driving forces behind the market's advance. Shares of Dana Gas closed ended flat at Dhs0.62, despite the energy firm reporting earlier an 80% increase in net profit for 2011. "The resulting full year net profit for Dana Gas in 2010 was Dhs158m compared to Dhs88m in 2009." Seventeen shares advanced, 11 declined and seven closed even.
Source: AME Info
Aramex recovers slightly on 11% net profit increase
January 31, 2011--While most GCC markets recovered on Monday after the one-day Egypt-Crash on Sunday, the DFM General Index finished 0.56% lower at 1,534.40, as some key financial shares re-gained territory, but real estate-related firms remained under selling pressure. "We regard yesterday's mini-crash definitely as a buying opportunity", Pascal Duval, Executive Managing Director EMEA at Russell Investments told AMEinfo.com today.
Emaar (down 1.93% at Dhs3.05) was the top loser in relation to turnover, Arabtec Construction closed 1.20% lower at Dhs1.64. Bank Emirates NBD added 1.04% to reach Dhs2.91, while Shuaa Capital finished 3.48% higher at Dhs1.19. Logistics provider Aramex gained 0.49% to reach Dhs2.04. Earlier in the day, Aramex under its CEO Fadi Ghandour reported a 11% increase in net profits reaching Dhs204 for 2010. Traded value declined 60% to Dhs155.25m as 109.79m changed hands.
Source: AME Info
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