Middle East ETF News Older than One Year
Saudi bourse to open to foreigners
August 22, 2013--A long-awaited opening of Saudi Arabia's stock market to direct foreign investment appears near, industry executives and fund managers say-a reform that could give equity investment in the Gulf its biggest boost for years.
Hopes have been raised and dashed several times over the last few years. While the Saudi government has long considered the reform and has been making technical preparations, it has never set a date for opening the market.
Source: AME Info
Saudi bourse dips amid muted trading
August 22, 2013--The Tadawul All-Share Index closed down 0.27% at 8,192.39 points on Thursday.
As many Saudi families are still on their annual leave during the ultra-hot summer months in the kingdom, trading turnover was low. Sabic closed unchanged at SR99. Jazira Takaful jumped 10% to SR66. Wafa Insurance lost the most, finishing the week 3.30% lower at SR80.50.
Source: AME Info
Qatar bourse shaves 10,100 points, lenders advance
August 22, 2013--The QE 20 Index closed 0.44% higher at 10,109.50 points on Thursday, a near 5-year high.
Banks were once again on the top of the buying list, with Qaatar Islamic, CBQ and International Islamic Bank advancing 2.36%, 0.43% and 4.56%, respectively. Zad Holding Co. declined by 1.78% to QR66.40. Doha Bank added 0.18% to reach QR55.90. Earlier in the day, the lender announced that its wholly owned subsidiary, Doha Bank Assurance Company LLC (DBAC), has been affirmed Counterparty Credit and Insurer Financial Strength Rating of BBB with a Stable Outlook, by Standard and Poor's (S&P). Dr. Raghavan Seetharaman, Doha Bank Group CEO said, "We are very pleased that S&P continues to recognize the performance of Doha Bank Assurance Company and its unchanged rating constitutes an independent assessment and encouragement of our ongoing progress."
Source: AME Info
Abu Dhabi market index eyes 4,000 points
August 22, 213--The ADX General Index gained 0.72% to reach 3,949.26 points, With only three shares ending in the red, the gauge reached the highest level since Sep. 21 2008, six days after Lehman Brothers filed for bankruptcy under chapter 11.
Shares of Aldar Properties rebounded by 0.70% to reach Dhs2.86. RAK Bank and Abu Dhabi Commercial Bank advanced by 7.14% and 2.51%, respectively. Trading volumes have remained low as only 105m stocks were traded, valued at Dhs165.3m.
Source: AME Info
Union Properties hits 3.5-year high, Arabtec flat as it denies merger talks
August 22, 2013--This trading session marked the first time sinece Nov. 6 2008 that the gauge closed above 2,700.
Dubai's second developer Union Properties surged 10.37%' closing as a top gainer at Dhs0.543. Arabtec was the most liquid stock and ended even at Dhs2.65. Earlier in the day, the construction giant denied media reports that it was in merger talks with either Kuwait's contractor Combined Group Contracting or with Saudi Oger. Nevertheless Arabtec was continuing to review opportunities in Saudi Arabia and Kuwait. Arabtec "will disclose any development in line with the regulations of the Dubai Financial Market," said the statement. Around 780m shares were traded, valued at Dhs810m.
Source: AME Info
Bank of Sharjah secures $200m club loan
August 21, 2013--Like its sister market in Dubai, the Abu Dhabi bourse edged up slightly on Wednesday and closed 0.52% higher at 3,921.00 points.
The market was mostly driven up by banks and consumer staples. Shares of Bank of Sharjah closed unchanged at Dhs1.70. Earlier in the day, BoS said it signed a 2-year club term loan facility worth $200m. The proceeds will be used for general business purposes. The group of banks consists of National Bank of Abu Dhabi (as coordinating lender), Commercial Bank of Dubai, First Gulf Bank, Germany's Commerzbank and Wells Fargo.
Source: AME Info
Kuwait Stock Exchange retreats slightly
August 21, 2013--The KSE Market Index lost 20 points on Wednesday, ending at 8,080.38 points.
Losses in the oil and gas sector weighed on the gauge. National Bank of Kuwait, the biggest lender in the country in relation to market value and total assets, closed even. Al Safat Energy Holding Company fell 5% in value.
Source: AME Info
DP World extend trading below mid-Bollinger Band
August 21, 2013--The FTSE NASDAQ Dubai UAE 20 Index advanced 0.32% to close at 2918.49 points on Wednesday.
The gauge measures the performance of blue chips listed on the UAE's lcoal markets DFM in Dubai and ADX in Abu Dhabi and the NASDAQ Dubai. The shares of DP World declined 1.30% to $15.40. Several attempts by the DPW stock chart to cross the central Bollinger Band failed in recent days. Earlier in the day, DP World CEO Mohammed Sharaf welcomed Argentina vice president Amado Boudou who toured the world's third biggest port operator's headquarters at Jebel Ali free port. Argentina and the UAE have inceased their trade relations in recent years in the field of oil, food and alternative energies. DP World operates Terminales Rio de la Plata (TRP), the largest container terminal in Argentina, located in the heart of downtown Buenos Aires. The terminal handles container and general cargo, and cruise vessels.
Source: AME Info
Saudi Arabia's Mobily, GO rise as telcos update market on possible tie-up
August 21, 2013--The Tadawul All-Share Index closed 0.43% higher at 8,214.85 points on Wednesday.
Shares of telecom operators Etihad Etisalat Company, better known as Mobily, and Etihad Atheeb Telecommunication Co. or GO gained 0.87% and 1.28%, respectively. Earlier in the day, the two firms updated shareholders on the MoU Mobily signed on July 1st on acquiring a controlling interest in loss-making GO from certain founding shareholders. GO said in a statement to the Riyadh-based bourse, it received green light from some of the founding shareholders that Mobily's subsidiary Bayanat has signed MoU on Aug. 20 2013 with certain of its founding shareholders, namely Atheeb Trading Company, Al Nahla for Trading and Contracting Company, Traco Group for Trading and Contracting and the Saudi Internet Company. However, a possible buy-in by Mobily is subject to certain conditions being fulfilled prior to Nov. 30, 2013 "including required regulatory approvals including the Communication and Information Technology Commission, completion of a (commercial, financial, technical and legal) due diligence exercise satisfactory to Bayanat and the parties executing definitive agreements for the proposed transaction," said GO.
Source: AME Info
Kuwait Stock Exchange retreats slightly
August 21, 2013--The KSE Market Index lost 20 points on Wednesday, ending at 8,080.38 points.
Losses in the oil and gas sector weighed on the gauge. National Bank of Kuwait, the biggest lender in the country in relation to market value and total assets, closed even. Al Safat Energy Holding Company fell 5% in value.
Source: AME Info
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