Middle East ETF News Older than One Year
Arabtec plummets over 9 pct, names new CEO
February 28, 2013--The DFM General Index closed Thursday trading 0.61% lower at 1,927.10 points.
The UAE's first construction firm Arabtec was in the focus, ending off 9.80% at Dhs2.67. Earlier in the day, Arabtec said it has appointed Hasan Ismaik to replace Riad Kamal as chief executive officer, and said it plans to raise Dhs6.4bn ($1.74bn) through a rights issue and a convertible bond, Bloomberg has reported. Kamal resigned as CEO, the company said, without providing details. Arabtec plans to issue 3.18 billion shares at Dhs1.5 each, the company. It will sell $450m in convertible bonds and pay no dividend for 2012. The funds will be used to fund internal growth, acquisitions and joint ventures, it said. Gains in market heavyweights Emaar (up 1.34%) failed to lift the sentiment at the DFM, where 10 shares advanced, while 20 declined.
Source: AME Info
Banks weigh on Bahrain bourse
February 28, 2013--The Bahrain All-Share Index declined 0.67% to 1,089.94 points Thursday.
Nass Corp. gained the most (up 1.83%). Khaleeji Commercial Bank dived 7.50% to BD0.037. Islamic banks Salam Bank Bahrain (off 4.90%) and Ithmaar Bank (2.94% lower) also dragged the Manama-based gauge down. [AMEInfo.com]
Source: AME Info
Zain KSA extends $2.4bn Murabaha facility for the umpteenth time
February 27, 2013--The Saudi Stock Exchange finished Wednesday trading 0.15% higher at 6,998.33 points.
Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, dived 2.89% to SR8.40. Earlier in the day Zain KSA said the syndicate of financiers of the Murabaha Facility of approximately SR9bn ($2.4bn) has extended the maturity date of its syndicated facility to 27 March 2013, from Feb. 27. "The company is currently negotiating a new long-term financing arrangement that is intended to replace the Murabaha Facility and intends to use the extension period to conclude negotiations and finalise such long-term financing arrangement. Subject to the further consent of the Financiers, the maturity date may be further extended," said Zain KSA in a statement to its shareholders. Further announcements will be made in due course, added the telecom firm.
Source: AME Info
Bahrain market knocks at 1,100 points
February 27, 2013--The Manama-based Bahrain All-Share Index finished 0.11% higher at 1.097.26 points Wednesday.
Gulf Finance House surged 8% to reach $0.135. Arig Insurance Group fell 2.70% to $0.36. Al Salam Bank Bahrain ended off 2.38% at BD0.082. Earlier in the day, Al Salam Bank said it recently distributed first quarterly returns to its investors who participated in the restricted wakala investment. The restricted wakala investment relates to sale and leaseback of a new Boeing 777-300ER to Emirates in Nov. 2012. The quarterly returns translate into an annual net cash yield of 9%.
Source: AME Info
Kuwait market little changed amid global Italy shock
February 26, 2013--The KSE Market Index advanced insignificantly on Tueday, ending at 6,409.04 points.
Asian and European euquity bourses fell sharply on the Italian power deadlock following head-to-head results in the parliamentary elections yesterday. National Bank of Kuwait or NBK added KD0.10 to reach KD1.000. Al Eid Food Co. dived 14.29% to KD0.120.
Source: AME Info
Saudi market falls below 7,000 points
February 26, 2013--The Tadawul Al-Share Index declined by 0.77% Tuesday, closing at 6,988.19 points.
Al Alamiya for Cooperative Insurance Co. gained the most (up 6.40% at QR79). Sabic fell 1.35% to SR91.50. Saudi Hotels & Resort Areas Co. dived 2.21% to close at SR26.60. Earlier in the day, the tourism and hospitality firm that it has awarded on Feb. 25 the contract of finishing works of Future Homes villas project phase II in the Diplomatic Quarter Riyadh to Al Hashimyia contracting Co. The cost of the contract will be SR41.5m for 27 residential villas with execution period of 8 months, the contractor already started the work. It is expected that the project will enhance the companys revenue from the beginning of 2014.
Source: AME Info
Qatar Exchange sayd goodbye to old town, moves to Doha's Corniche
February 26, 2013--The QE 20 Index declined 0.93% to finish at 8,572.37 points.
Earlier in the day, the Qatari bourse said that Thursday Feb. 28 will be the last day of work in its current building in Grand Hamad Street, and that the work in the new headquarters in Al Dana Tower, West Bay, opposite to City Center will start (soft launch) on Monday, March 4, 2013, following banks holiday on Sunday, the 3rd of March. QE will occupy floors from the 1st to the 5th of the main tower along with levels of the annex adjacent to the main building. A temporary hall in the first floor of the tower will be ready on Monday to host the investors. It is to be noted that most of the licensed brokerage companies will gradually open offices in the 1st floor of the main tower to provide regular services to QE investors.
Source: AME Info
Saudi Public Transport net profit, share price rise
February 25, 2013--The Tadawul All-Share Index finished Monday trading 0.03% lower at 7,042.42 points.
Sabic closed likewise even at SR92.75. Saudi Public Transport Co. gained 0.30% to reach SR16.65. The firm said the net income for 2012 was SR73.8m, representing an increase of 13.1% year-on-year. "The reason for the increase in net income for the year 2012 is due to the improvement of the operational performance during the seasonal period of Ramadan and Hajj season 1433H," said the firm.
Source: AME Info
QNB receives green light for SocGen Egypt takeover
February 25, 2013--The Qatar Exchange 20 Index declined 0.46% to 8,653.07 Monday.
The Middle East's largest bank by assets Qatar National Bank lost 0.46% to close at QR129.40. Earlier in the day, the lender said it has obtained the necessary approvals from regulatory authorities in Qatar and Egypt to acquire up to 100% of National Société Générale Bank-Egypt (NSGB) through a Public Tender Offer (PTO) covering Société Générale’s stake and all other shareholders’ stakes. The PTO starting and closing dates are 26 February 2013 and 25 March 2013 respectively.
Source: AME Info
Qatar's Al Meera Consumer Goods soars on new hypermarket
February 21, 2013--Due to the negative input from Asia and the U. S., where profit takings and Fed's hint to a possible end of Quantitative Easing weighed, the QE 20 Index lost 0.76% Thursday, closing at 8.734.56 points.
Losses occurred in the financial sector Shares of Al Meera Consumer Goods Co. jumped 2.74 to reach QR149.90. Earlier in the day, Al Meera said hypermarket it opened the first Géant hyper market at Hyatt Plaza, Doha, last Sunday, Feb. 24. Al Meera said in an e-mailed statement "The opening of Géant hypermarket follows an agreement signed between Al Meera Consumer Goods Company and French retailer Casino to develop a network of hypermarkets and supermarkets under the Géant banners in selected Middle East countries."
Source: AME Info
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