Middle East ETF News Older than One Year
Banks extend Zain KSA's 'junior debt', shares rise
April 3, 2013--The Tadawul All-Share Index hit an 11-month high Wednesday, closing at 7,178.1 points.
Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, rose 0.61% to SR8.20. Earlier in the day, Zain KSA said the syndicate of lenders led by Arab National Bank under the long-term borrowing facility or the junior debt amounting to SR2.25bn $600m has unanimously consented to an extension of the maturity date of the junior debt to 01 May 2013. "As it has been announced earlier on Tadawul at 23 April 2011, this financing facility is fully covered with an unconditional and irrevocable guarantee by Zain KSA and it is considered subordinated to the Murabaha financing agreement that amounts to SR9bn ($2.4bn)", said Zain KSA. Further announcements related to this subject will be made in due course. On March 27, the syndicate extended the Murabaha facility for the 8th time to April 30.
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index hits 3-week high
April 3, 2013--The FTSE NASDAQ Dubai UAE 20 Index finished 1% higher at 2245.550 Wednesday.
DP World gained 1.54% to reach $14.48. Interior design firm Depa Limited closed unchanged at $0.40.
Source: AME Info
Najran Cement Co. soars on sales increase in Q1
April 2, 2013--The Tadawul All-Share Index gained 0.21% to reach 7,172.57 points Tuesday.
Sabic ended flat at SR96.75, Najran Cement Company closed 3.70% higher to reach SR23.85. Earlier in the day, Najran said the value of sales for the first quarter was SR216.62m compared with SR187.1m for the same quarter of the previous year, representing an increase of 15.8% year-on-year. Quarter-on-quarter the increase in sales value was up 36.5%, the Najran-based firm (located North of the border to Yemen) said in a statement to the Tadawul market.
Source: AME Info
Kingdom Holding leads Tadawul rebound, Almarai seals SR1.3bn sukuk
April 1, 2013--The Tadawul All-Share Index added 0.45% to reach 7,157.85 points on Monday, support by oil prices which hit a 2-week high at $107.39 (up 0.40%).
Kingdom Holding Company gained the most (up 9.82% at SR18.45). Market bellwether Sabic, the world's 1st producer of petrochemicals, closed 0.80% higher at SR96.75. Dairy food producer Almarai advanced 1.12% to reach SR68. Earlier in the day, Almarai said it successfully raised the remaining amount of a SR1.3bn sukuk on March 31 under the sukuk Programme established by Almarai in 2012 for SR2.3bn, of which SR1.0bn was issued in March last year. "The total order book reached SR2.4bn, i.e. 1.9 times the issuance size. The current issue was made on a floating rate basis (7 and 5 years), and was a private offering to sophisticated investors resident in KSA.
Source: AME Info
Commercial Bank of Kuwait hits 6-week high
March 31, 2013--The KSE Market Index closed the last trading day of Q1 2013 unchanged at 6,721.52 points.
Shares of the Commercial Bank of Kuwait or CBK advanced by KD0.020 to reach KD0.710. The Northern Gulf state's biggest lender National Bank of Kuwait finished even at KD.900. YTD, the KSE Market Index gained 13.26% in value, the second best Arab market behind Abu Dhabi (up 14.975% since Jan. 1).
Source: AME Info
Nasdaq Dubai-listed stocks end mixed
March 28, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed Thursday 1.30% higher at 2216.40.
DP World finished up 0.805 at $14.03. Interior design firm Depa Ltd. declined 2.44% at $0.40.
Source: AME Info
Bank shares keep Bahrain market afloat
March 28, 2013--The Bahrain All-Share Index closed insignificantly higher at 1,086.08 points Thursday.
Bahrain Islamic Bank gained the most (up 9.20%), followed by Gulf Finance House (GFH, 3.57% higher). GFH postponed its annual general meeting to April 4 as the AGM today was unable to meet the required quorum.
Source: AME Info
Capital Intelligence raises Doha Bank outlook
March 28, 2013--The QE 20 Index fell 0.24% to 8,586.26 points Thursday.
Doha Bank slipped 0.32% to QR47.05. The lender said that rating agency Capital Intelligence (CI) has affirmed Doha Bank's financial strength rating at 'A'. CI has assigned a positive rating (upgraded from stable) on Doha bank's foreign currency outlook. "The affirmation of ratings and the positive outlook reflects the bank’s very strong retail franchise, growing international network, improving asset quality, strengthening capital adequacy and sound profitability," said the lender in a statement to the QE. The long and the short term foreign currency ratings were also affirmed at 'A' and 'A2' respectively. The Bank’s support rating was affirmed at '2'.
Source: AME Info
ADIB gains, injects Dhs600m into Manazel Real Estate
March 28, 2013--The ADX General Index advanced 0.41% to reach 3,017.72 points.
Abu Dhabi Islamic Bank or ADIB added 1.10% to hit Dhs3.66. Earlier in the day ADIB said it was providing Dhs600m ($163.62m) to Abu Dhabi-based Manazel Real Estate, a private joint stock company "to fund the firm's financial obligations and capital expenditure." Manazel develops the Capital Mall, the Dunes Village in Dubai and the Alreef Villas in Abu Dhabi, among other projects. Earlier in the day Abdul Aziz Alghurair, chairman of the UAE banking association said lenders in the Gulf states improved capitalisation levels and costs of borrowing have declined. He confirmed having met with the UAE central bank on Wednesday and that the proposal of the UAE BA was on the table to raise the edge of mortage loans for 80% for UAE nationals and to 75% for expats.
Source: AME Info
Dubai market digests Cyprus woes
March 28, 2013--The DFM General Index added 0.45% to reach 1,844.89 points Thursday amid thin trading.
The gauge recovered after it shaved the lower Bollinger Band Wednesday and hit a 2-month low. Emaar as the most liquid share jumped 2.76% to reach Dhs5.21. "Cyprus is too small to matter," said Marc McFarland, CIO Emirates NBD (off 4.02% at Dhs3.82) Private Banking in his weekly economic commentary published earlier in the day, but added that "this isn't over." Capital would flow even more to save haven assets. "data from the US and Emerging Markets continues to emerge in better shape," said the expert. Gulf General Investment Co. or GGICO gained the most (up 5.11% at Dhs0.35).
Source: AME Info
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