Middle East ETF News Older than One Year
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
DP World advances despite lower throughput in Q1
April 25, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 2,438.86 Thursday, up 18.450 or 0.76% from the previous close.
DP World closed 0.80% higher at $15.60. Earlier in the day, the world's third biggest port operator said it handled 12.8m TEU (twenty-foot equivalent units) across its global portfolio in the first quarter of 2013. DP World chairman Sultan Ahmed Bin Sulayem said "Whilst this was 7.0% lower than the same period last year, when adjusted for the divestments and monetisation across our portfolio, the decline was 3.5% on a like for like basis." Earlier in the day, Dieter Merz, the chief investment officer of MIG Bank, Lausanne, told AME Info he expected the global economy to slightly weaken further in 2013, "as declining demand for commodities and good from the U. S., Europe and China indicate."
Source: AME Info
Qatar General Insurance and Reinsurance Co. reports higher net profit in Q1
April 25, 2013--The QE 20 Index ended one of its longest gaining streaks (the gauge gained the last 8 days) and closed Thursday 0.73% lower at 8,593.26 points investors booked their profits ahead of the weekend.
Qatar General Insurance and Reinsurance Co. closed unchanged at QR40. Earlier in the day, the company said its interim financial statement for the three month period revealed a net profit of QR44.3m in comparison to QR37.7m for the corresponding period in 2012.
Source: AME Info
Taqa gets UK's nod for North Sea field development
April 25, 2013--The ADX General Index gained the fourth session straight Thursday, ending up 1.04% at 3,287.87 points.
But unlike at the Dubai bourse DFM, trading volumes remained low with 102m shares worth Dhs223m changing hands. Food and beverage importing and producing firm Agthia Group (10.69% at Dhs2.90) gained the most. The shares of Abu Dhabi National Energy Co, better known as Taqa, slipped 0.77% to Dhs1.29. Earlier in the day, Taqa said in an e-mailed statement it received green light from the British government to develop the Cladhan oil field in the North Sea. Production shall start in Q1 2015 with an expected output of 17k barrels of oil per day. Taqa, the UAE's biggest energy firm, holds 40.1% in the Cladhan field and considers to increase its share to 52.7%, the company added.
Source: AME Info
Financials fuel Dubai market rally, ENBD soars on Q1 results
April 25, 2013--The DFM General Index gained 1.10% Thursday to close at 2,075.56 points, shaving the upper Bollinger band.
Bank Emirates NBD (up 2.20% at Dhs5.10) was in the focus of today's trading action. The UAE's biggest lender said it earned in the first quarter 31% more year-on-year with the net profit amounting to Dh836.8m ($228m) amid successful cost cutting, while "credit quality remained tightly managed and retail loan portfolio delinquencies during the quarter continued to witness the improving trends evident throughout 2011 and 2012," said Emirates NBD. Five shares were left behind the rally, with Mena logistics giant Aramex (down 4.51% at Dhs2.33) posting the biggest loss. Emaar added 0.40% to close at Dhs5.45. Shares of the DFM, the only Arab bourse listed on a market, jumped 3.45% to close at Dhs1.20. Some 408m shares were traded, valued at Dhs514.5m.
Source: AME Info
Egypt forecasts 3.8% growth
April 24, 2013--Egyptian planning minister has told he upper house of parliament that the country's economy is set to grow by 3.8% in the fiscal year starting in July, Reuters has reported.
The forecast is slightly below the minister's most recent prediction of 4% growth next year, but well above the 2.5% the government expects in 2012-13. Finance minister Al-Mursi alSayed Hegazy detailed proposed tax increases and spending cuts, including plans to save EGP36.3bn ($5.25bn) by rationing the distribution of subsidised fuel using smart cards. The measures will see general sales tax evolve into a value added tax by the start of 2014, widening the tax base to include all services except social services such as healthcare and education, the minister said
Source: AME Info
Tadawul bourse stabilises despite negative market breadth
April 24, 2013--The Tadawul All-Share Index closed Wednesday trading 0.05% higher at 7,127.68 points as Saudi bellwether share Sabic (up 0.27% at SR91.50) and a number of insurance firms prevented the gauge from declining.
51 shares advanced, while 79 declined. Earlier in the day, Marios Maratheftis, Global Head of Macroeconomic research, Standard Chartered Bank said "Countries which have financial and physical resources and are backed by governments willing and able to implement spending and investment plans are outperforming in 2013. The UAE and Saudi Arabia are clear leaders in this regard."
Source: AME Info
Kuwait exchange up and away on banks, real estate shares
April 24, 2013--The KSE Market Index climbed 53.66 points up to reach 7,227.33 points.
Gulf Investment House jumped over 3% to hit KD0.059. Kuwait Finance House, better known as KFH and the country's biggest Islamic bank, advanced 2.43%, ending at KD0.840. KFH said it posted a gross profit of KD66.35m for the first quarter of 2013, of which shareholders' equity was KD23m. Earnings per share in Q1 increased by 16% to 8.1 fils compared to Q1 2012. Shares of Real Estate Asset Management surged 10%, finishing at KD0.110. National Consumer Holding lost the most (off 8.93% at KD0.102.
Source: AME Info
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