Middle East ETF News Older than One Year
Aldar net profit doubles, shares dive
February 4, 2013--The ADX General Index added 0.33%, ending at 2,890.24 points.
The emirate's biggest developer Aldar Properties fell 4.17% to Dhs1.38. Earlier in the day, Aldar said the net income in 2012 doubled year-on-year to reach Dhs1.34bn. The firm's net asset value was up 15.3% to hit Dhs8.2bn, up from Dhs7.1bn. Last month, the board of directors gave green light to recommend to shareholders to merge with Abu Dhabi's second developer Sorouh Real Estate. Ali Eid AlMheiri, Chairman of Aldar Properties said "shareholders will benefit from both the continued efforts of our employees to realise value from our sizeable asset base and from our proposed merger with Sorouh that will create a significantly stronger platform from which to drive sustainable growth." Shares of developer Eshres were the most liquid securities Monday, closing 3.85% higher at Dhs0.54.
Source: AME Info
Aramex delivers higher net profit, shares edge up
February 4, 2013--After diving over two percent Sunday, the DFM General Index gained 0.90% to reach 1,864.66 points Monday.
Aramex gained 0.92% to reach Dhs2.19 after the Middle East's first logistics and parcel service provider reported a 15% year-on-year increase in net profits for 2012, amounting to Dhs244.1m. Emaar advanced 1.71%, closing at Dhs4.77. Deyaar Properties fell 2.68% to Dhs0.363. Shuaa Capital finished 1.32% higher at Dhs0.616. The Dubai-based investment bank said earlier in the day its asset management had been awarded "UAE Equity Fund of the Year" 2012 for the performance of its Emirates Gateway Fund by MENA Fund Manager. The SHUAA Emirates Gateway Fund outperformed its peers with a performance of 30.94% in 2012. Some 166m shares were traded at the DFM, valued at Dhs330.7m.
Source: AME Info
Egypt keeps interest rates unchanged
February 2, 2013--Egypt's central bank has kept interest rates unchanged, weighing inflation risks against slower economic growth, with both factors driven by investor worries about the country's political crisis, Reuters has reported.
"While the slowdown in economic growth has been limiting upside risks to the inflation outlook, there are possible upward pressures on inflation going forward," the bank said. "Given the mixed balance of risks surrounding the inflation and GDP outlooks and the uncertainty at this juncture, the Monetary Policy Committee judges that the current key Central Bank of Egypt rates are appropriate," it added.
Source: AME Info
DP World shares consolidate above $13
January 31, 2013--The FTSE NASDAQ Dubai UAE 20 Index gained 0.90% Thursday, ending at 2,112.090.
Dubai Ports (DP) World added likewise 0.92%, finishing at $13.12. Earlier in the week, DP World said it handled 56.1 million TEU (twenty-foot equivalent units) across its global portfolio in 2012, a 2.4% increase over the prior year.
Source: AME Info
Bahrain's Al Salam Bank rallies as profits skyrocket
January 31, 2013--The Manama-based Bahrain All-Share Index closed flat at 1,085.14 Thursday.
Year-to-date, the gauge added 1.83%. Shares of Islamic financial institution Al-Salam Bank Bahrain jumped 2.44% to hit BD0.084. Earlier in the day, Al Salam reported that its net profit in 2012 surged 20-fold year-on-year, amounting to BD10.38m. Earnings per share reached BD6.9 over BD0.2 in 2011. The published income statement revealed that total operating income nearly doubled to BD23m, fueled by gains on sale of investment and sukuk. Al Salam Bank Bahrain, whose shares are also listed on the Dubai Financial Market, advanced 127% in the last 12 months.
Source: AME Info
Kuwait Stock Exchange index rises on bullish W-formation
January 31, 2013--The KSE Market Index added 0.06% Thursday, closing at 6,245.11.
The market measure surged 5.23 percent since Jan. 1 2013. The sharp rise in oil prices, triggered by reports of an alleged Israeli aerial attack on a convoy in the Syrian-Lebanese border, gave Kuwait another push as Kuwait generates 95% of its state revenues from oil exports. Oil prices (DME Oman crude) surged 1.21% to reach $110.35. Zain Telecom closed flat at KD0.830. Earlier in the day, Zain said in a statement to the KSA it won at the Court of Cassation an appeal against a discrimination lawsuit filed by Sheikh Khalifa Ali al-Khalifa al-Sabah, a member of the Gulf state's royal Al-Sabah family. The dispute goes back to April 2011, when the ruling family accused Zain of having favored some members of its board of directors. The KSE also said that investment bank shares of Global Investment House will be de-listed from the market on June 19 this year. Global shares had been suspended in Dec. 2011 after the investment bank founded and chaired by Ms. Maha Al-Ghunaim, failed to return to profits in the wake of the financial crisis.
Source: AME Info
ADCB adds slightly, reports lower FY net profit
January 31, 2013--The Abu Dhabi market ended the month on a high note, as the ADXGI closed 0.92% higher at 2,877.36 points.
Since Jan. 1, the gauge gained 9.352%. Abu Dhabi Commercial Bank or ADCB advanced 0.12% to hit Dhs3.55. In 2012, the lender has earned a net profit of Dhs2.810bn, compared to Dhs3.045bn in 2011. The bank's income statement revealed a 32% decline in income from Islamic financing and a slight increase in operating expenses.
Source: AME Info
Dubai market gains 16.06% in January
January 31, 2013--The DFM General Index advanced for the 6th consecutive day Thursday, closing 0.72% higher at 1,887.59.
Arabtec Construction was the most liquid share (up 5.71% at Dhs2.96), while Emaar slipped 0.20% to Dhs4.87. After the market closed trading ahead of the weekend, Emaar said its net income in 2012 reached Dhs2.119bn ($577m), an 18 percent increase over 2011. Emirates NBD closed unchanged at Dhs3.80, however, the share already outperformed the market index as the UAE' first lender gained 34 percent in Jan. Earlier in the day, ENBD said the net profit in 2012 was up 3% to reach Dhs2.6 billion. Excluding the Dhs1.8 billion non-recurring gain on subsidiaries reported in 2011, the year-on-year surge in net income is a whopping 281%. The DFMGI gained 16% YTD. If the old traders' slogan "As January goes, so goes the year", the Dubai bourse's prospects might be bright for 2013.
Source: AME Info
Bahrain's Al Salam Bank rallies as profits skyrocket
January 31, 2013--The Manama-based Bahrain All-Share Index closed flat at 1,085.14 Thursday.
Year-to-date, the gauge added 1.83%. Shares of Islamic financial institution Al-Salam Bank Bahrain jumped 2.44% to hit BD0.084. Earlier in the day, Al Salam reported that its net profit in 2012 surged 20-fold year-on-year, amounting to BD10.38m. Earnings per share reached BD6.9 over BD0.2 in 2011. The published income statement revealed that total operating income nearly doubled to BD23m, fueled by gains on sale of investment and sukuk. Al Salam Bank Bahrain, whose shares are also listed on the Dubai Financial Market, advanced 127% in the last 12 months.
Source: AMEInfo.com
Egypt rating cut by Fitch on unrest
January 30, 2013--Fitch Ratings has downgraded Egypt's debt, citing political violence and budget strains, as the country's bonds fell the most since president Mohamed Mursi was elected in June, Bloomberg has reported.
Egypt's "fiscal position has worsened" and "serious divisions have opened within society, contributing to sporadic outbursts of violence," Fitch said. It lowered the rating by one step to 'B,' five below investment grade.
Source: AMEInfo.com
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