Middle East ETF News Older than One Year
Investors unimpressed by Emaar results
July 22, 2010--The Dubai Financial Market (DFM) ended 0.16% lower at 1,528.97 points. Market bellwether Emaar reported a net profit of Dhs802bn ($218m) for the second quarter, a 6% increase over the first quarter of the year. But Emaar shares closed unchanged at Dhs3.37.
Nevertheless, investors can look at an encouraging week, with the DFM stabilizing above 1,500 points, a lesser volatile market and overall positive second quarter company results. Traded value decreased in Thursday by 12% to Dhs132.91m, while some 103.474m stocks changed hands, 20% more than on Wednesday. Interior designer Depa posted the largest loss, ending 4.29% lower at $0.67.
Source: AME Info
Standard & Poor's fund services assigns first rating to Saudi based fund
July 21, 2010--Standard & Poor's Fund Services announced today that it has assigned an A fund management rating to SAIB GCC Equity Fund, the first Gulf Cooperation Council (GCC) equities fund managed out of Saudi Arabia to receive an S&P fund management rating.
Launched in July 2004, the fund is managed by Sohail Hayyan, who took over the management of the fund in March 2008 and who works closely with Sethuraman Narayanan, assistant manager. The team is overseen by two experienced individuals, CEO Radi Al Haddad and CIO Fazal Seyyed, who have successfully set up a healthy working environment and improved stability within the team.
Source: Standard & Poors
Tadawul bourse defends 6,000-level
July 21, 2010--The most liquid stock was Aabar Investments as it extended it rally by 2.12% and finished at Dhs1.93. Real estate bellwether Aldar Properties ended flat at Dhs2.57.
Petrochemical industry leader edged up by two percent and closed at SR86. As in Qatar, insurance firms led the rebound, with Gulf General Cooperative Insurance Company posting the second largest advance, finishing 7.77% higher at SR44.40.
Source: AME Info
Abu Dhabi investors take profits, sent ADX 0.29% lower
July 21, 2010--The ADX General Index ended at 2,536.10 points (down 0.29%). Losses at the emirate's largest banks National Bank of Abu Dhabi (NBAD) (1.81% lower at Dhs11.30) and First Gulf Bank (FGB) (off one percent at Dhs14.30) weighed on the market.
The most liquid stock was Aabar Investments as it extended it rally by 2.12% and finished at Dhs1.93. Real estate bellwether Aldar Properties ended flat at Dhs2.57.
Source: AME Info
Dubai market gains 1.43% amid fresh optimism
July 21, 2010--After UAE Vice President, Prime Minister and Dubai ruler HH Sheikh Mohammed Bin Rashid Al-Maktoum declared in a CNN interview (to be aired on Friday) that the recession was over investors went on a buying spree at the DFM, sending the main index 1.43% higher to 1,531.36 points.
"There is a new kind of optimism in the UAE. Investors, however, do not look anymore for fast gains, but for quality and sustainability", Imad Ghandour, Executive Director, Private Equity at Gulf Capital in Abu Dhabi told AME Info. Emaar was the most liquid stock, surging by three percent to Dhs3.37. The emirate's leading real estate developer was topped by construction firm Arabtec, advancing 3.9% to Dhs1.86. Traded value increased by a fifth to Dhs150.19m while 86.53m stocks changed hands, up by a quarter compared to Tuesday.
Source: AME Info
Mena private equity activity declined in 2009 but set to rebound in 2010
July 20, 2010--Private equity in the Middle East witnessed a decline in 2009, with fund managers raising only $1.06bn compared to a near-record $5.4bn in 2008 according to the 4th annual Private Equity& Venture Capital in the Middle East report released by the Gulf Venture Capital Association (GVCA) in collaboration with KPMG and Zawya.
Private equity investments have also regressed from $2.72bn in 2008 to $561m in 2009. Private equity investments globally as well as regionally were affected by the cautious investment environment as a result of the continued recession in 2009.
However, private equity firms in the Middle East and North Africa raised $1.25bn in the first quarter of 2010, an 18% increase over all of 2009, as regional economies recovered and investor appetite returned.
Source: AME Info
Saudi market declines by one percent
July 19, 2010--Profit taking and stuttering oil prices triggered the Saudi Tadawul bourse to weaken by one percent. Oil prices lost 58 US-Cent as of the close of trading in Riaydh on Tuesday, as the price declined below the level of $76 per barrel. The lead index Tasi closed at 6,068.65 points.
Shares of market bellwether Sabic, the world's largest petrochemical firm, eased 3.42% to SR84.75. A number of Insurance firms bucked the fickle trend in Riyadh, such as The Company for Cooperative Insurance, also known as Tawuniya, which surged 4.65% to SR89.75. Tawuniya operates 100% on the basis of Islamic Law or Shari'ah and the firm has the only Standard and Poor's 'A'-rating among rated Takaful operators in the region.
Source: AME Info
Bahrain exchange stabilises above 1,400 points
July 20, 2010--The Bahrain All Share Index advanced to 1,404.47 points, as only 954,524 stocks changed handes, the lowest trading volume in the GCC on Tuesday.
Shares of Ahli United Bank (AUB) extended their recovery. AUB, the second largest bank in the Kingdom of Bahrain, gained 1,49%, closing at$0.68.
Source: AME Info
Qatar bourse adds 0.16%
July 20, 2010--As on Monday, the QE Index gained slightly, closing 0.16% higher at 6,935.42 points. Shares Shares of Doha Bank ended flat at QR44.10. Doha Bank reported a second quarter net income of QR300m, down 5.4% on a year on year basis and 4.9% quarter on quarter.
Credit Suisse research analyst Mohamad Hawa commented the result: "We think the operating results for Qatari banks in general are far from ideal as the significant growth in nominal GDP is not yet being filtered into the balance sheets of local banks - we thus highlight marginal (5%) downside risk to our full year estimates for Doha Bank. Nevertheless, we remain constructive on the stock on a/ continuous government support as shown in QIA relinquishing the right to receive dividends and b/ attractive valuations: on our current estimates, the stock is trading at 2010E PE of 7.2x, and yielding 6.6% in dividends." Credit Suisse maintains its outperform rating on Doha Bank and target price of QR64 per share. Volumes remained low as some 2.7m shares changed hands in Doha.
Source: AME Info
NASDAQ OMX and the MICEX Group Announce Market Data Partnership
July 20, 2010--Abu Dhabi's securities market ADDX added 0.36%, closing at 2,543.36 points. Shares of Aabar Investments jumped 9.88% to the level of Dhs1.89. Aabar sent out an invitation letter to its shareholders regarding an extraordinary general meeting in order to transform the investment firm, which is a 9.1% shareholder at Daimler AG, into a joint private stock company.
International Petroleum Investment Company (IPIC), a 70% shareholder of Aabar, was told at the beginning of the week by the UAE market regulator SCA to raise its Dhs1.45 share takeover by 34.5% to Dhs1.95. The sheikhdom's largest real estate firm Aldar Properties declined by three percent and finished at Dhs2.56. National Bank of Ras al-Khaima (RAKBank) ended unchanged at Dhs4.10. Rak Bank has reported a net profit of DHs468.3m for the six months ended 30th of June 2010, reflecting a 36.2% growth compared to the same period in 2009. Energy stock ended on a mixes note. Dana Gas advanced 2.78% to Dhs0.74, while shares of Abu Dhabi National Energy Co., dubbed Taqa, closed flat at Dhs1.14.
Source: AME Info
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