Middle East ETF News Older than One Year
Emaar, Arabtec dip and drag Dubai market down
September 16, 2013--Despite backwind from Asian markets, the DFM General Index fell by 0.52% on Monday to close at 2,646.10 points amid volatile trading.
Market bellwether Emaar Properties declined by 1.16% to Dhs5.95. Arabtec Holding fell 1.20% to Dhs2.47. Drake and Scull International or DSI gained 1.70% to reach Dhs1.21. Earlier in the day, DSI said it has secured a construction contract worth Dhs1.28bn ($350bn) in Algeria. DSI Chief Corporate Affairs Officer Zaina Tabari said further details on the project would be given shortly. As of June 30 2013, DSI has built up a record backlog of Dhs11.7bn ($3.19bn). Market breadth turned bearish at the DFM as 7 shares advanced, while 20 declined in value.
Source: AME Info
Batelco expands network services in Europe
September 16, 2013--The Bahrain All-Share Index gained 0.45% to reach 1,191.01 points on Monday.
Bahrain Telecom or Batelco closed 0.60% higher at BD0.34. Earlier in the day, Batelco said it established a direct interconnection with Epsilon's Global Network Exchange in London and Paris. "With Batelco preconnected, Epsilon can offer its customers network connectivity to the Middle East via the Batelco network as well as carrying Middle Eastern telecoms traffic globally. Customers of Batelco in turn have access to Epsilon's 500+ preconnected network operators around the world," said the firm in a filing to the market in Manama.
Source: AME Info
Tadawul market regains momentum
September 12, 2013--Like the Kuwaiti equity index, the Tadawul All-Share Index closed 0.50% higher on Thursday, reaching 7,893.67 points.
Market breadth switched back to the bullish mode as 117 advanced, while 23 declined in value. Sabic, the world's biggest producer of petrochemicals and a local and regional bellwether, added 0.26% to hit SR97.50. ACE Arabia Co-operative Insurance Company jumped 2.14%, finishing at SR59.75. Earlier in the day, ACE said it received approval for the renewal of its accreditation of the council of cooperative health insurance.
Source: AME Info
Kuwait market joins GCC rebound mood
September 12, 2013--The KSE Market Index gained 0.51% to hit 7,587.21 points on Thursday.
National Bank of Kuwait or NBK added one percent, closing at KD0.920.
Source: AME Info
Qatar market advances 0.33 pct
September 12, 2013-The QE 20 Index closed slightly higher at 9,619.84 points on Thursday.
Qatar Insurance gained the most (up 3.45% at QR60). General Insurance lost 3.41% to QR51, finishing as the top declining share. Qatar National Bank, known as QNB, finished flat at QR160.80. On Wednesday, Standard and Poor's affirmed QNB's 'A+/A-1' rating "despite weaker credit profile from overseas expansion". The outlook is stable.
Source: AME Info
Abu Dhabi blue chips regain ground
September 12, 2013--The ADX General Index rose by 1.10% to reach 3,719.83 points on Thursday.
Market bellwethers Etisalat (the biggest UAE telecom firm) and Aldar Properties advanced 0.85% and 2.50%, respectively. As falling prices of gold and oil indicated new market trust into a diplomatic solution of the Syrian crisis, investors cautiously re-entered stock markets in East Asia and the Middle East.
Source: AME Info
Union Properties rise to near 4-year high
September 12, 2013--The DFM General Index gained 0.27% to 2,538.56 n Thursday.
Over this most volatile trading week, the Dubai market measure gained 7.9% after a Russian initiative to solve the Syrian crisis triggered a relief rally on Tuesday. Shares of district cooling specialist Tabreed gained the most (up 3.03% at Dhs2.38), while Union Properties added 2.13% to reach Dhs0.672, the highest level since Jan. 2010. Earlier in the week, global real estate consultant Knight Frank said Dubai property prices rose most in the world in the period from June 2012 to June 2013, advancing by an an average of 21.7%. Emaar remained "nailed" at Dhs5.75, the second day straight that the UAE's first developer ended even. Around Dhs480m worth Dhs600m changed hands.
Source: AME Info
Al Salam Bank snatches stake in Saudi education company
September 11, 2013--The Bahrain All-Share Index declined by 0.11% to 1,183.59 points on Wednesday.
Al Salam Bank-Bahrain lost 2.15% to BD0.091. Earlier in the day, the Islamic bank said it acquired an equity stake in the Education Experts Company for Education & Training, one of the fastest growing education companies in the Kingdom of Saudi Arabia. Mr. Abdullah bin Mansour Al Qahtani, Chairman of the Education Experts Company expressed pleasure in partnering with the Bank, saying that "we endeavor, with Allah's guidance, to position the Company as the most trustworthy and professional expert centre in planning and implementing education and training projects in the Gulf and the Middle East."
Source: AME Info
CMA to authorise exchange traded funds
September 11, 2013--Egypt’s Capital Market Authority (CMA) stated Wednesday its goal to authorise exchange traded funds during the last quarter of the current fiscal year, in an attempt to to increase liquidity and attract new investors onto the local market.
Sharif Sami, Chairman of the Egyptian Financial Supervisory Authority (EFSA), said in a phone interview with Reuters: "I don’t think it will take more than two or three weeks to activate exchange traded funds on the Egyptian market; however our stated goal is to do so during the fourth quarter of the current fiscal year, if no unforeseen events prevent us from doing so."
Source: Daily News Egypt
DP World shares rise to 3-week high
September 11, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed on Wednesday 0.40% higher at 2712.19 points.
Shares of market bellwether DP World surged 2.83% to hit $16. After the market's closure, DP World chairman Sultan Ahmed Bin Sulayem said at the ongoing 3rd UAE counter-piracy summit in Dubai, DP World would be ready to invest in Somalia "if there is any help on the ground in need". DP World has been running operations in Somalia's northern neighbor Djibuti since 2000. The company has been supporting the fight against piracy since the summit's inception in 2011. According to Bin Sulayem due to the end of the civil war in Somalia and because of international efforts to fight piracy, attacks on ships have declined by 80 percent off the Somali coast in the last two years. The two-day summit will run through Thursday.
Source: AME Info
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