Middle East ETF News Older than One Year
Qtel shares end flat on third quarter results
October 21, 2010--The local Qatar stock market saw its QE Index adding 0.07% to close at 7,728. Shares of state-controlled Qatar Telecom (Qtel) closed unchanged at QR177. Qtel reported Q3 profits today on October 21st of QR651.9m, down 8.3% on a year-on-year basis.
During the first nine months Qtel earned QR2.43bn or 3.7% more than during the corresponding period in 2009. Qtel announced further that its customer base surged 30.6% to 68.9m. Qtel added that it benefits from strong momentum in the foreign markets of Indonesia, Iraq and Algeria where the firm operates.
Source: AME Info
Ras al-Khaima shares losses weigh on Abu Dhabi bourse
October 20, 2010--After hitting a six-month high Tuesday, the ADX General Index dipped 0.76% on Wednesday, closing at 2,786.40. Union National Bank (UNB) gained two percent to reach Dhs3.57. Earlier in the day, UNB reported for the third quarter an unaudited interim income attributable to shareholders of Dhs459.2m ($125.1m), up 28% from the same period in 2009. Shares of firms based in Ras al-Khaima (RAK) performed less successful,
as RAK White Cement (off 3.36% at Dhs1.15) and RAK Properties (down 2.13% at Dhs0.47) landed among the top five losing shares.
Source: AME Info
Kuwait Stock Exchange falls below 7,000
October 20, 2010--Ahead of the release of the US Beige Book on the overall economic activity, the KSE Market index dipped 0.30% to close at 6,997.70. Since the start of the third week in October, the index lost 1.1%. Shares of Global Investment House (Global) declined today 1.8% in value, closing at KD0.054.
Global announced that it has made a principal repayment of $72.5m in relation to its bank debt value 21 October 2010. To date the total principal repayments to the lending banks has reached $151.4m representing 8.8% of the total debt to banks and financial institutions. CEO Bader Al-Sumait: "To date we have made principal repayments of $151.4m and interest payments of $31.9m, despite the continued market turbulence in GCC and rest of MENA markets where primarily Global has its principal investments book. This reflects our ability and commitment to honour the terms of restructured debt agreement."
Source: AME Info
Qatar shares lose across the board
October 20, 2010--The Doha-based QE Index declined 1.31% on Wednesday to close at 7,722.51. Doha Bank lost 1.83%, closing at QR53.90. Doha Bank
CEO Raghavan Seetharaman plans to issue a $500 million bond in January, he told Thomson-Reuters on Tuesday.
Source: AME Info
Saudi Stock Exchange dips 0.53%
October 20, 2010--Saudi shares posted losses across alll sectors, sending the Tadawul bourse down 0.54% to close at 6,230.15. Saudi Cable Company ended plummeted 9.93%, finishing at SR13.15.
Red Sea Housing posted the highest gain (up 4.36% at SR40.70) among the 23 gaining shares.
Source: AME Info
DGCX & Dow Jones Indexes Sign License Agreement To Launch New Futures Products
Dow Jones Indexes and Dubai Gold & Commodities Exchange Sign Agreement pursuant to which DGCX aims to Launch New Futures Contracts on Dow Jones-branded Indexes
October 19, 2010--Dow Jones Indexes, a leading global index provider, and Dubai Gold & Commodities Exchange (DGCX), have entered into a license agreement pursuant to which DGCX aims to list futures contracts on Dow Jones-branded indexes including the Dow Jones Islamic Market Titans 100 Index.
The license agreement represents the commitment and collaboration between the two companies for DGCX to bring futures trading in regional and Islamic blue-chip indexes to the Middle East and for Dow Jones Indexes to make those indexes readily available in that market. The first product expected to launch on DGCX is the Dow Jones Islamic Market Titans 100 Index Future, which is subject to regulatory approval. The Islamic index represents the top 100 blue-chip, Shari’ah compliant stocks globally.
“This agreement with DGCX reflects growing investor interest in the Middle East generally and in Islamic finance, which in turn is increasing the demand for unique concepts and products in passive investing,” said Michael A. Petronella, president, Dow Jones Indexes. “The Dow Jones Islamic Market Titans 100 index is an ideal tool for measuring the performance of the largest 100 Shari’ah-compliant companies globally. Our Islamic index family is recognized worldwide as the standard in Shari'ah compliant investing," Petronella added.
“We are delighted to collaborate with Dow Jones Indexes and to license indexes for new product launches in Dubai. The relationship represents an exciting time for DGCX as it looks to expand its reach and product suite across the region and internationally,” said Eric Hasham, chief executive officer, DGCX. “Since inception, DGCX has pioneered the development of the derivatives market in the Middle East. The world’s first Indian Rupee futures contract launched on DGCX in 2007 and in 2008, the exchange brought futures trading in the global energy benchmarks WTI Light Sweet and Brent Crude Oil to the region. The agreement with Dow Jones Indexes demonstrates that DGCX is once again developing new and innovative trading opportunities for its membership and customer base,” said Hasham.
Source: Dubai Gold & Commodities Exchange (DGCX)
Fniancial shares losses weigh on Kuwait market
October 19, 2010--The KSE Market Index dipped 0.38% Tuesday, ending at 7,018.8 points. Shares of Burgan Bank, which surged 57% since July, weakened 1.02% to finish at KD0.485. Shares of Zain Telecom lost 1.40%, closing at KD1.400.
. Its rival Etisalat from the UAE said today that no agreement has been reached as yet to buy 46% in Zain for the price of KD1.70 per share.
Source: AME Info
Qatar Exchange wipes out week losses
October 19, 2010--The Doha-based Qatar Exchange gained 0.52%, wiping out almost the entire losses it accumulated since the start of the week.
The QE Index ended at 7,824.86. Banks and services in particular lifted the market, e. g. Commercial Bank of Qatar, the number two in the Gulf state, which added 0.12% to finish at QR86.10. Insurers weighed on the market, such as Qatar Insurance (down 0.36% to close at QR83.40)
Source: AME Info
Bahrain bourse adds 0.27%
October 19, 2010--The Bahrain All Share Index closed 0.27% up at 1,465.56. Ahli United Bank posted tha largest gain, closing two percent higher at $0.765.
Al Salam Bank, on the other hand, plummeted 6.25%, ending at BD0.075.
Source: AME Info
Derayah launches the first unified trading platform
October 18, 2010--Derayah Financial, the first investment supermarket in the Middle East, has launched the first unified equity trading platform that allows investors in the Middle East to trade in the same day across the most important local, regional
and international financial markets in the same day, through a single platform and using a single cash account.
Source: AME Info
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