Middle East ETF News Older than One Year
Sabic rebound not enough for sluggish Tadawul market
September 5, 2013--The Saudi Stock Exchange's Tasi index dipped 0.37% to 7,634.3 points on Thursday.
This session marked the third consecutive day ending in the red in Riyadh. The world's biggest manufacturer Saudi Basic Industries Corp. or Sabic advanced 0.26% to reach SR95.50. Shares of Abdullah A. M. Al-Khodari Sons Company finished unchanged at SR34.40. Earlier in the day, the contracting firm said it received an award letter from the ministry of municipal and rural affairs in Riyadh for the construction of storm water drainage channels, networks and clearing in Wadi Sulai in 540 days from the date of site transfer. The project is valued at SR52.096m.
Source: AME Info
Kuwait market falls to near 5-month low
September 5, 2013--The Kuwait Stock Exchange Market Index lost 49.86 points on Thursday, finishing at 7,217.96 points.
Kuwait Educational Services Co. gained the most (up 7.81% at KD0.138). Al-Dar National Real Estate Co. dived 8.50% to KD0.054, ending the week as a top loser.
Source: AME Info
Abu Dhabi bourse plummets as IMF warns on emerging markets
September 5, 2013--The ADX General Index dived 3.03% to 3,537.61 points on Thursday. Earlier in the day, the International Monetary Fund warned of a worsening economic cycle in the emerging markets, in particular in the countries of the BRICS.
The share of Ras al-Khaima Cement Company was the only gainer, closing 1.18% higher at Dhs0.86. Abu Dhabi National Energy Co., better known as Taqa, dived 3.15% to Dhs1.23. Earlier in the day, the National reported that Taqa was seeking the green light to pump 30,000 barrels per day from its field in the Kurdish region of Iraq.
Source: AME Info
No let-up in selling pressure at Dubai market
September 5, 2013--The DFM General Index fell for the 4th day straight on Thursday, ending down 2.50% at 2,337.17 points.
Investment company GGICO was one of the lonely three gainers and posted the largest increase (up 2.30% at Dhs0.537). Emaar dived 2.41% to hit a two-month low at Dhs5.27. As more investors ducked amid growing tensions in the Syria crisis, trading volumes fell by half during the week. Some 511m shares were traded, valued at Dhs656m.
Source: AME Info
Bahrain All-Share Index hits 3-month low
September 5, 2013--The sell-out continued at GCC markets on Thursday and sent the Bahrain Bourse in Manama down by 0.35% to 1,180.77 points, the lowest level since June this year.
Islamic bank Gulf Finance House (GFH) plummeted 8% to hit $0.115. Yesterday, GFH said Capital Intelligence's decision to assign its with long- and short-term rating with BB- and B, respectively, reflected "a significant reduction in leverage as a result of debt repayment and increases in equity."
Source: AME Info
Saudi Stock Exchange declines in lockstep with GCC peers
September 4, 2013--Like the market indices in Dubai, Abu Dhabi and Doha, the Riyadh-based Tadawul All-Share Index fell to a 2-month low on Wednesday, approaching the lower Bollinger band.
Signals sent from U. S. congress leaders of Democrats and the GOP that America's lower house might give a nod to Barack Hussein Obama's plans to launch a bombing campaign against the Syrians rose tensions at capital markets worldwide. Earlier in the day, Russian president Vladimir Putin sent a staunch warning to Washington, saying Moscow would oppose a U. S. attack without green light from the United Nations (UN) Securities Council. UN general secretary Ban Ki-moon also said he was opposing a new war in the Middle East. However, gold prices declined below $1,400 per ounce, indicating a de-escalating mood. In Riyadh, Arabian Shield Cooperative Insurance Company lost the most (off 6.42%), while Al Ahlia Insurance Company gained the most (up 7.43%). Sabic, the world's biggest producer of petrochemicals and - increasingly- metals, dipped 1.30% to SR95.25.
Source: AME Info
Lackluster Bahrain Bourse bucks sluggish global trend
September 4, 2013--Against all odds, the Manama-based market index added 0.04% to close at 1,184.92 points.
Trading activity was concentrated on the financial sector. Ahli United Bank advanced 0.74%, while Islamic bank Ithmaar closed unchanged. Al Salam Bank Bahrain dived 5.62%, finishing an unspectacular trading day as a top loser.
Source: AME Info
Missile maneuver drags Saudi market index down
September 3, 2013--The Tadawul All-Share Index closed 1.29% lower at 7,831.76 points on Tuesday.
Earlier in the day, Russia broke the news by saying that two missiles were launched in the Mediterranean Sea. Afterwards, Israel confirmed and said they were part of a joint maneuver with U. S. forces using live rounds. The incident rose tensions again around the civil war in Syria. Last week the U. S. threatened to attack the Syrians with military force. In Riyadh, Sabic closed flat, while Islamic banking giant Al Rajhi fell 0.64% to SR77.50. Islamic insurance operator Aljazira Takaful Taawuni Company jumped 4.76% to reach SR60.50 (top gainer).
Source: AME Info
Selling pressure keeps Doha market at bay
September 3, 2013-The QE 20 Index ended off 0.85% to 9,536.12 points on Tuesday.
Qatar National Bank, the biggest lender in the GCC by assets, finished as a lonely gainer among the financial shares, closing 0.42% higher at QR168. Islamic Holding lost the most, ending down 4.30% to QR39. Gulf Warehousing Company posted the largest increase, ending up 1.75% at QR40.80.
Source: AME Info
Abu Dhabi bourse loses 1.83%
September 3, 2013--The ADX General Index closed 1.83% lower at 3,733.96 points on Tuesday.
Green Crescent Insurance Industry gained the most, closing 6.67% higher at Dhs1.28. Aldar Properties dived 5.81% to Dhs2.43. Market bellwether Etisalat lost Dhs0.25, finishing at Dhs11.50. Around 200m shares were traded, valued at Dhs281m.
Source: AME Info
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