Middle East ETF News Older than One Year
Abu Dhabi bourse rises slightly
December 23, 2010--The ADX General Index closed 0.23% higher at 2,706. Main drivers were the industrial and construction sector.
Gulf Cement Co. surged 8.97% to reach Dhs1.59. Investment company Waha Capital was the main loser, closing 2.63% lower at Dhs0.74. Ten shares advanced, seven ended flat and nine declined.
Source: AME Info
Banks weigh on Qatar Exchange
December 23, 2010--The QE Index declined 0.30% to end at 8,628.35. Financial shares mostly suffered losses.
Qatar National Bank (QNB) weakened 0.92% to finish at QR182.80. Investors also booked profits at Khalij Commercial Bank (off 2.22% at QR17.60) after the share reached a six-month high yesterday on progress in its merger plas with International Bank of Qatar (IBQ).
Source: AME Info
National Bank of Kuwait gains 1.43%
December 23, 2010--The KSE Market or Price Index added 0.23% to reach 6,881.9. Alargan International Real Estate was the main gainer, ending 23.81% higher at KD0.208.
Kuwait's largest lender National Bank of Kuwait added 1.49% to finish at KD1.340. Islamic bank Boubyan also climbed higher (up 1.61% at 0.630)
Source: AME Info
Kuwait bourse may launch over-the-counter market
December 22, 2010--Hamed al-Saif, director of the Kuwait Stock Exchange, has said the bourse is considering launching an over-the-counter market in 2011 mainly for troubled listed firms, Reuters has reported.
This market will be set up for companies that trade below 100 fils per share, he said, adding that the bourse will filter the firms based on certain criteria including their financial results and core business. "The management of the bourse will submit this proposal to the bourse committee in January (2011) ... and God willing it could be set up in 2011."
Source: AME Info
Abu Dhabi exchange gains insignificantly
December 22, 2010--The ADX General Index ended up 0.05% to close at 2,699.73 points, as slight losses in the construction and real estate sector were offset by gains in the industrial segment.
Ras Al Khaimah White Cement jumped 9.66%, ending at Dhs1.59. The cement producer was only topped by Abu Dhabi-based Finance House (up 10% at Dhs5.50). The firm has revealed plans to relocate to a 22-story tower in Capital Centre, Gulf News reported.
Source: AME Info
DP World jump 6.31% on new Australia partnership
December 22, 2010--The Nasdaq Dubai FTSE UAE 20 Index gained 1.38% to reach 1,789.23. Shares of container port operator DP World jumped 6.31%, closing at $0.64, a new 2010 high.
Earlier in the day DP World and Citi Infrastructure Investors (CII), together with one of CII's major investors, have today formed a strategic partnership to invest in, operate and manage DP World's five marine terminals in Australia. DP World Australia operates container terminals in Brisbane, Sydney, Melbourne, Adelaide and Fremantle with capacity to handle in excess of 3.5m TEU per annum, approximately 50% of the total Australian container market. For the twelve months to 31 December 2009, DP World Australia generated equity-adjusted EBITDA of A$96m. Interior designer Depa Ltd. ended flat at $0.70.
Source: AME Info
Al Khalij Commercial Bank touch six-month high
December 22, 2010--The Doha-based QE Index dipped 0.11% to close at 8,654.57. The country's largest lender by assets and market capitalisation Qatar National Bank, known as QNB, declined 0.81% to end at QR184.50.
Al Khalij Commercial Bank surged 9.76% to reach a six-month high at QR18 after the lender revealed progress in its merger talks with International Bank of Qatar (not listed).
Source: AME Info
Kuwait bourse recovery continued
Decemeber 22, 2010--The KSE Market Index closed Wednesday at 6,865.8 points. Ajwan Gulf Real Estate Co. topped the charts by closing 12.5% higher at KD0.090. National Bank of Kuwait (NBK) ended even at KD1.340 as well as blue chip and telecom provider Zain (flat at KD1.520).
The UAE's first telecom firm Etisalat revealed recently that it still working on becoming a majority shareholder in Zain. Year-to-date, the KSE lost 1.99%.
Source: AME Info
Saudi stock investors slow down year-end rally
December 22, 2010--Despite oil prices hitting $90 per barrel for the first time since Q3 2008, the Tadawul market added just 0.06% to reach 6,609.53 points. Nevertheless energy and utilities shares were outperforming. Saudi Electricity surged 1.43% to close at a two-month high SRR4.20. Commenting on the Kingdom's budget for 2011,
Kuwait's Global Investment House said in an analysis today, that "the Saudi government continues to show its commitment towards enhanced public spending with budgeted government expenditure showing an annual increase of 7.4% to reach SR580bn ($154.7bn), and deficit of SR40bn ($10.7bn) in 2011." The study adds that "the oil revenues for Saudi Arabia contribute more than 85% to the government revenues and thus relatively higher oil prices and production levels in 2010 supported the revenues. In the challenging global economic environment, Saudi Arabia's generous government spending and various initiatives facilitated its economic expansion. KSA is estimated to record real GDP growth of 3.8% and nominal GDP growth of 16.6% in 2010. We forecast the economic expansion in KSA to record real GDP growth in the range of 4.0% to 4.5% in 2011." Year-to-date, the Tadawul market posted among the GCC countries the second highest rate of return of 7.97% after the exchange in Qatar which gained 24.41%.
Source: AME
Abu Dhabi Council for Economic Development launches dynamic economic model for the Emirate
December 21, 2010-- The Abu Dhabi Council for Economic Development (ADCED) launched a state-of-the-art economic modeling platform, developed in partnership with leading modelling network ECOMOD, today in the presence of representatives from the government and private sector and media representatives.
The new model, ADMOD, is meant to provide impact results for various economic policies taking into consideration different economic sectors, population segments and the overall economy of the emirate.
Source: AME Info
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