Middle East ETF News Older than One Year
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
Julphar reports higher net profit
February 21, 2013--The ADX General Index gained 0.40% to hit 3,022.48 points.
The UAE's first telecom giant Etisalat was the most liquid share (up 0.10% at Dhs10.20). Julphar shares were not traded, the last closing price stood at Dhs3.05. Earlier in the day the Ras al-Khaima-based pharmaceuticals producer said in 2012 its net profit increased to Dhs200.195m, up from to Dhs170.18m in the year before.
Source: AME Info
Dubai market pinned down at 1,923
February 21, 2013--The DFM General Index closed flat Thursday amid lackluster trading.
Emaar added 0.40% to reach Dhs5.03. Al Salam Bank Bahrain lost the most (off 5.35% at Dhs0.83). Some 163m shares were traded, valued at Dhs312m.
Source: AME Info
Bahrain Bourse stabilises
February 21, 2013--The Bahrain All-Share Index closed unchanged Thursday, at 1,102.80 points.
United Gulf Investment Corp. or UGIC dived 9.50% to BD0.105. UGIC said it earned in 2012 a net profit of BD4.08m, up from BD340,362.
Source: AME Info
Consumer spending drove Egyptian economy growth in H2 2012
February 20, 2013--The Egyptian government has said the country's economy grew 2.4% in the last six months of 2012, citing consumer spending as a main driver for an economy battered by two years of political turmoil, Reuters has reported.
Egypt is seeking a $4.8bn loan from the International Monetary Fund (IMF), though many economists expect a deal will not be concluded until after parliamentary elections due to get under way in April or May. The cabinet said it expected to complete a revised economic programme "within a few days" for presentation to "the Egyptian and international community" and the IMF, but did not say when it would send it to the international lender.
Source: AME Info
Abdullah A. M. Al-Khodari shuts down Dubai branch
February 19, 2013--The Saudi Stock Exchange fell 0.44% to close at 7,025.74 Tuesday.
Sabic, the world's number one in production of petrochemicals lost 0.80% to SR92.50. Construction contractor Abdullah A. M. Al-Khodari Sons Company closed unchanged, at SR25.30. Earlier in the day, the Al Khodari International Contracting Co. said it completed the liquidatation of its Dubai subsidiary where it owned 49% of the capital amounting to Dhs300,000. The decision to liquidate the Dubai branch was taken in Dec. 2011 and approved then by the firm's shareholders. The Department of Economic Development in Dubai issued the trade license cancellation certificate earlier in the day. Al Khodari International Contracting Co. said the liquidation process had no financial impact. "This liquidation reflects the company's direction to restructure its ownership in subsidiaries outside Saudi Arabia in view of enacting laws that allow the Gulf companies to establish fully owned branches in the GCC countries," added the firm.
Source: AME Info
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