Middle East ETF News Older than One Year
Tadawul market slips as Sabic tests SR90-support level
May 1, 2013--The Tadawul All-Share Index declined insignificantly on Wednesday and closed at 7,175.36 points.
Saudi Basic Industries Corp. or Sabic, the KSA market bellwether and world's first petrochemicals producer, declined 0.55% to SR90.75. The shares tested the SR90- level on April 21 and Dec. 30 2012. Emprirical evidence in chart analysis shows that support levels usually weaken the more often they are tested.
Source: AME Info
Aluminium Bahrain shares advance, Chief Support Functions Officer quits
May 1, 2013--The Bahrain All-Share Index in Manama extended its rebound journey on Wednesday by gaining 0.28% to reach 1,104.17 points.
Aluminium Bahrain or Alba advanced 0.85%, finishing at BD0.474. Earlier in the day, Alba said that Basem Al Sharqi is no longer the firm's Chief Support Functions Officer. Alba chief executive Tim Murray will be serving as as acting Chief Support Functions Officer until further notice.
Source: AME Info
Ooredoo falls slightly, telco giant reports higher Q1 profit
May 1, 2013--The Qatar Exchange 20 Index slipped 0.11% to 8,667.85 points.
Shares of the country's first telecom operator Ooredoo fell 0.87% to QR68.40. Earlier in the day, Ooredoo (Arabic for "I want") said its net profit in the first quarter amounted to QR808m, reoresenting a 13.6% year-on-year. The results included the impact of the increased shareholding in Asiacell (Iraq) and Watania (Kuwait). Ooredoo said it witnessed further strong momentum from international operations in Algeria, Indonesia and Iraq. The IPO of Asiacell at Baghdad stock market in Feb. this year raised $1.3bn and was the biggest going public since 2008.
Source: AME Info
Aluminium Bahrain shares advance, Chief Support Functions Officer quits
May 1, 2013--The Bahrain All-Share Index in Manama extended its rebound journey on Wednesday by gaining 0.28% to reach 1,104.17 points.
Aluminium Bahrain or Alba advanced 0.85%, finishing at BD0.474. Earlier in the day, Alba said that Basem Al Sharqi is no longer the firm's Chief Support Functions Officer. Alba chief executive Tim Murray will be serving as as acting Chief Support Functions Officer until further notice.
Source: AME Info
Zain KSA plummets on extension of Murabaha facility for the umpteenth time
April 30, 2013--The Saudi Arabian Tadawul All-Share Index advanced 0.18% to reach 7,179.8 points Tuesday.
Shares of Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, ended down 4.90% at SR8.75. Earlier in the day, Zain KSA said the syndicated Murabaha (Islamic cost plus profit) facility of approximately SR9bn ($2.4bn) has been extended from April 30 to May 29 by the group of financiers, while the "junior debt" worth SR2.25bn ($600m) has been extended from May 1 to June 5 2013. Zain KSA added it currently prepares with the financiers "to finalize the arrangements of the new financing agreements that are intended to replace both facilities and intends to use the extension period to finalise such long-term financing arrangements." In addition, Zain KSA expected "hat the new Murabaha Facility will enjoy 5 years term in addition to lower interest rate."
Source: AME Info
Kuwait market performs steadily
April 30, 2013--The Kuwait Stock Exchange's market index ended little changed at 7,430.54 points Tuesday.
Commercial Bank of Kuwait or CBK (not traded) said earlier in the day it earned in the first quarter 2013 a net profit attributable to shareholders of KD0.8m (1Q2012: KD0.3m). Commercial Bank's total assets at the end of March 2013 reached KD3.8bn (December 2012: KD3.7bn) with shareholders equity of KD555.2m (December 2012: KD552.1m). The capital adequacy ratio at March 2013 is 19.34% which exceeds the minimum 12% required by the Central Bank of Kuwait.
Source: AME Info
Barwa Real Estate earns less as Qatar property market cools down
April 30, 2013--The QE 20 Index surged 0.20% to hit 8,677.10 points Monday mostly driven by gains in the industrials sector.
Industries Qatar, the market heavyweight, gained 1.90% to hit QR172. Barwa Real Estate Company posted the second biggest day-loss, diving 3.44% to QR23.55. Earlier in the day, Barwa said that in the first quarter this year it earned a net profit of QR158.5m in comparison to QR292.5m for the corresponding period in 2012. According to real estate service firm Asteco, property sales activity saw a 2% increase in the total value of transactions recorded in the first three months of the year, "despite a corresponding 2% dip in sales volume across all sectors against Q4 2012 figures." Asteco added in an assessment published Monday, that the total value of transactions for apartment blocks in Qatar fell by 56% in Q1 versus the final quarter of last year.
Source: AME Info
First Gulf Bank falls back on profit booking
April 30, 2013--The Abu Dhabi market index ADXGI closed 0.33% lower at 3,269.22 points Tuesday.
First Gulf Bank (FGB) slipped 0.40% to Dhs14.85 after the UAE's second biggest lender by market capitalisation shaved 5-year earlier in the month. Yesterday, FGB said it generated a net profit of Dhs1.05bn in the first quarter of this year, up 11% year-on-year. Gains in market bellwether Etisalat (up 0.15% at Dhs10.80) failed to mitigate losses in merging developrs Aldar Properties and Sorouh Real Estate which lost 4% and 2.66%, respectively.
Source: AME Info
Dubai market climbs to 3.5-year high
April 30, 2013--The DFM General Index closed Tuesday trading 1.62% higher at 2,135.40 points amid record-high trading volumes.
Tabreed advanced 2.61% to hit Dhs1.57 after the the UAE's first district cooling firm reported a 30% increase in fist quarter net profit, amounting to Dhs47.8m. Dubai Islamic Bank jumped 6.27%, finishing at Dhs2.88, representing the highest level since Nov. 2009. Some 633m shares were traded valued at Dhs642m. 19 shares advanced, while 5 stocks declined. Islamic insurance firm Takaful Emarat lost the most, finishing off 5.61% at Dhs0.639.
Source: AME Info
Bahrain Bourse rebounds on banks
April 25, 2013--The Manama-based Bahrain All-Share Index closed 1.05% to reach 1,097.43 Thursday.
Islamic bank Gulf Finance House posted the biggest increase (3.85% higher). Ahli United Bank, known as AUB, ended up 3.33%, after the lender said Wednesday it earned in the first quarter a net profit of $96.6m, up 12.% year-on-year. AUB said in an e-mailed statement, the key driver to these results was the increase in the operating income of the Group from $214.5m to $224.2m (up 4.5% y-o-y), along with the rise in net interest income by 11.0% to $167.4m (Q1/2012: $150.8m)."
Source: AME Info
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