Middle East ETF News Older than One Year
Kuwait Finance House in new move to crack old resistance
January 17, 2013--The KSE Market Index added 0.18 percent to reach 6,139.3 points Thursday, driven by gains in telecoms, real estate and basic materials.
Shares of the country's largest Islamic bank Kuwait Finance House or KFH advanced 1.19%, ending at KD0.850. The shares has gained 4.39 percent since Jan. 1 but tried unsuccessfully to shave the resistance level at KD0.850, which used to be a support level in Nov. 2012.
Source: AME Info
Vodafone Qatar soars on rising revenues, narrowing Q3 net loss
January 17, 2013--The QE Index added 0.51% to reach 8,621.73 points.
Vodafone Qatar shares closed 4.62% higher at QR8.84. Earlier in the day, Qatar's second telecom firm said revenue for the nine-months to Dec. 2012 grew by 20% year-on-year. The third quarter financial results revealed a net loss of QR327m compared to a net loss of QR359m for the corresponding period last year. Vodafone Qatar added it had 1,004,767 mobile customers as of Dec. 31, representing an increase of 26% compared to Dec. 2011.
Source: AME Info
Developers rebound, banks weigh on Abu Dhabi market
January 17, 2013--The ADX General Index slipped 0.19% to 2,764.48 points Thursday.
Aldar and Sorouh, the two largest developers in the sheikhdom closed 1.90% and 3.18% higher, respectively. Both companies closed at Dhs1.62. National Bank of Abu Dhabi and First Gulf Bank fell 3.08% and 0.42%, respectively.
Source: AME Info
Stock market run boosts DFM shares
January 17, 2013--The Dubai Financial Market (DFM) General Index ended the week at a 14-month high, closing 1.93% higher at 1,774.92 points.
Some 392.4m shares were traded, valued at Dhs417.4m. DFM, the only Arab bourse listed to the public, gained the most, ending up six percent at Dhs1.23 Real estate maintenance, water power and property energy specialist Drake and Scull International closed 5.62% higher at Dhs0.808, the highest level since Nov. 8 2012. At the NASDAQ Dubai, DP World shares fell back below $13, finishing off 2.20% at $12.90.
Source: AME Info
Egypt approves sukuk law
January 16, 2013--Egypt's finance minister has said the cabinet has approved a draft law to allow sovereign sukuk, as the government searches for new ways to finance an unsustainable budget deficit, Reuters has reported.
Demand is expected to be strong for the Islamic bonds, said minister Al-Mursi Al-Sayed Hegazy, adding that in recent days the Islamic Development Bank said it could be ready to buy around $6bn of them. "I imagine that Egypt, with its great human and material resources, will attract many investors," said Hegazy, who took up his post as finance minister earlier this month.
Source: AMEInfo.com
ASE Monthly Performance Round-up December 2012
January 16, 2013--The Amman Stock Exchange (ASE) General Index was relatively stable during the first three weeks of December ranging between 1930 and 1919, then at the last trading week of the month the index rose sharply to 1966.58 before dropping to 1957.60
by the end of the month, a 2.2% drop since the beginning of the year.
Source: Zawya
Al Rajhi Bank shares advance on FY earnings report
January 16, 2013--The Saudi Stock Exchange's lead index Tasi ended a three-day losing streak, closing 0.25% higher at 7,036.33 points.
Al Rajhi Bank gained 1.83% to finish the Saudi trading week at SR69.50. The largest Islamic bank in the GCC said Wednesday whilst its fourth quarter net profit improved insignificantly compared to Q4 2011, the full year net income surged 7% year-on-year, amounting to SR2.421bn. Main drivers were a higher net profit of financing and investments (up 5%) and a rise in customer deposits (24% higher).
Source: AME Info
Kuwait bourse consolidates above 6,100
January 16, 2013--The KSE market index added 11.51 points Wednesday to hit 6,128.11.
Islamic financial institution Burgan Bank gained 1.75% to reach KD0.580. After its shares hit a three-week high Tuesday, Mobile Telecommunications Co. or Zain slipped 1.22% to KD0.810.
Source: AME Info
GCC Markets Performance -2012
January 15, 2013--In stark contrast to the emerging markets, which surged in 2012 due to the large influx of liquidity, the GCC markets' performance was lackluster.
The US Fed continued its indefinite bond-purchase program to ensure that long-term interest rates remain low; similarly, the (ECB) embarked on an unlimited bond-buying program to keep interest rates under check in troubled Eurozone countries. While the MSCI World and Emerging Market indices increased 13.2% and 15.1%, respectively, in 2012, the GCC region indices grew between 20% (Dubai) and -7% (Bahrain) during the year. Saudi Arabia, the largest market in the GCC, recorded an increase of 6.0% in 2012. Political unrest in the Middle East continued for a second year and had an adverse impact on the markets in 2012.
Source: Zawya
Kuwait's Al Safat Real Estate soars on minister statement
January 15, 2013--The KSE Market Index added 9.7 points Tuesday to reach 6,116.6 points, mainly driven by banks and telecom firms.
Shares of Al Safat Real Estate Co. jumped 7.70%, finishing at KD0.035. Earlier in the day, Kuwait's Minister of Transportation and State Minister for Housing Affairs, Salem Al-Othaina said at the 16th Housing Exhibition which he opened that a new system would be implemented soon to reduce the waiting time for private real estate investors, Kuwait Times reported. "The automation system that will be made applicable soon will fasten the process of receiving the demands," said the minister. Submitting applications will also be faster through this system. We are not able to meet all the demand currently but we will reduce the waiting period, he pointed out.
Source: AME Info
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