Middle East ETF News Older than One Year
Qatar's UDC with lower net profit, shares dip
February 7, 2013--The QE 20 Index closed 0.13% at 8,757.59 points.
Over the week, the Doha-based market measure edged up by 0.37%. United Development Company or UDC, the real estate firm behind the man-made The Pearl Qatar declined 1.66% to QR17.80. Earlier in the day, UDC said its net profit in 2012 fell to QR730.3m, down from QR3.7bn. The shares of Qatar Electricity and Water declined 0.66% and finished at QR141.40. The utility giant said its 2012 net profit rose to QR1.436bn up from QR1.299bn. The company’s EPS amounted to QR14.36 in 2012 compared to QR 13.0 in 2011. The company’s board said it recommends the distribution of a 73% cash dividends of the share’s par value or QR7.3 per share).
Source: AME Info
Eshraq consolidates above alltime-high
February 7, 2013--The ADX General Index gained 0.38% to hit 2,908.77 points.
During the first week of Feb., the gauge surged by 2.2%. Eshraq Properties advanced the most, closing up 5.45% at Dhs0.58. Arkan Building Materials posted the largest decline, ending off 2.70% at Dhs0.72.
Source: AME Info
Dubai bourse falls amid lack of catalysts
February 7, < 2013--A lackluster Dubai market DFM closed Thursday 0.59% lower at 1,869.56 points.
Over the week, the DFM lost half a percentage point. Emaar slipped 042% to Dhs4.74, Arabtec closed down one percent to Dhs2.95. Al Salam Sudan gained the most, closing up 3.17% at Dhs1.95. DFM shares ended off 0.82% to Dhs1.21. Earlier in the day, the DFM said the market capitalization increased at the end of Jan. by 11.9% month-on-month amounting to Dhs203.6bn.
Source: AME Info
Dubai bourse falls amid lack of catalysts
February 7, 2013-A lackluster Dubai market DFM closed Thursday 0.59% lower at 1,869.56 points.
Over the week, the DFM lost half a percentage point. Emaar slipped 042% to Dhs4.74, Arabtec closed down one percent to Dhs2.95. Al Salam Sudan gained the most, closing up 3.17% at Dhs1.95. DFM shares ended off 0.82% to Dhs1.21. Earlier in the day, the DFM said the market capitalization increased at the end of Jan. by 11.9% month-on-month amounting to Dhs203.6bn.
Source: AME Info
Arab Banking Corp. president and ceo to retire in July
February 7, 2013--The Bahrain All-Share Index closed off 0.10% at 1,088.08 Thursday.
Shares of Arab Banking Corp., known as ABC, finished trading unchanged at $0.37. Earlier in the day, the lender said its president and chief executive Hassan Ali Juma will retire in July and will hand over to his day-to-day management responsibilities to his deputy Dr. Khaled Kawan at the AGM end of March. Juma has been serving ABC as president and ceo since April 2008. In a statement to the Bahrain Bourse, Juma thanked the board of directors and all shareholders and stakeholders for their support during his tenure.
Source: AMEInfo.com
Saudi Arabia's eXtra reports higher net profit
February 6, 2013--The Tadawul All-Share Index slipped 0.14% to 6,982.89 points.
Sabic lost another fell by a percentage point, the fourth day-loss in a row. United Electronic Company, known as eXtra, dived 3.18% to SR106.50. After the market closed, the IT and consumer electronics retailer said it earned in 2012 a net profit of SR158.6 m, representing an increase of 20.1 % compared to 2011. The surge in profits was mainly driven by the increase in all categories sales, the same stores positive growth, coupled with the increase in the number of the stores from 24 to 29, said eXtra. The company expects growth around of 20% in sales and profits in 2013. For the last month, eXtra shares have been trading in a narrow range between SR105 and SR112.
Source: AME Info
Egypt rating hinges on elections: Fitch
February 6, 2013--Fitch has said Egypt's credit rating could be further downgraded if the country does not manage to hold parliamentary elections that are accepted by most political factions, Reuters has reported.
Last week, the ratings agency cut Egypt to 'B' from 'B-plus', taking it deep into 'junk' territory, and warned it might cut further. "For us the key event is the parliamentary elections," said Paul Gamble, director and Fitch's primary analyst on Egypt, noting there was no "proper guidance" on the timing of the elections. "An inconclusive or contentious election programme will extend political uncertainty. While there is some tolerance of Egypt's rating level for such political risk, it's not unlimited," Gamble said.
Source: AME Info
Tadawul bourse falls below 7,000
February 5, 2013--The Saudi Stock Exchange's market index Tasi closed 0.47% lower at 6,992.52 Tuesday.
The gauge has been trading sideways since mid-January. Sabic fell the third day straight to SR92.50. Wataniya Insurance Co. dived 1.67% to close at SR117.50. Earlier in the day, Wataniya Insurance Co. said that Standard & Poor's has maintained Wataniya's rating at investment grade BBB with a stable outlook.
Source: AME Info
Arab Banking Corp. profit rises slightly, shares surge
February 5, 2013-- The Bahrain All-Share Index gained 1.31% to close at 1,099.59 points Tuesday.
Shares or Arab Banking Corp. or ABC jumped 5.41%, closing at $0.39. Earlier in the day, ABC said its net profit in 2012 reached $205m, up from $204 in the previous year. The lender added in a statement that the total operating income amounted to $816m as against $818m in 2011, "despite the severe impact of the stronger dollar in translating the revenues of subsidiaries in 2012." ABC said further that "strong revenues from our subsidiaries in MENA, Europe and Brazil, as well as from our wholesale banking and treasury operations" boosted the group's earnings. Operating expenses plummeted by $11m to $403m.
Source: AMEInfo.com
Saudi Arabian Amiantit Co. soars, publishes annual results
February 4, 2013--The Tadawul All-Share Index slipped 0.11% to 7,025.44 points Monday.
Sabic declined 0.80% in value and finished trading at SR93. Saudi Arabian Amiantit Co. jumped 3.44% to hit SR15.05. Earlier in the day, the producer of pipes, tanks and related accessories said the net income for 2012 amounted to SR111.3m, representing a decrease of 26% compared to the previous year. The firm said income for the year declined due to decrease of sales by 3% year-on-year. "The management adopted the policy of containing the sales knowing that this would result in declining sales growth because of the notable increase of the outstanding receivables and the willingness of the management to control and decrease the growth of the receivables by way of controlling the credit sales," it added. Other reason of declined profits is the share of the company in the net losses of Associates amounting to SR39.3m compared to SR11.4m for the prior year. However, operating expenses decreased by 8% year-on-year.
Source: AME Info
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