Middle East ETF News Older than One Year
Saudi Arabia moves to keep oil prices above $100
January 11, 2013--Saudi Arabia has cut oil production substantially,, moving to defend prices well above $100 a barrel and fend off a growing overhang in world oil supply, Reuters has reported.
The world's largest oil exporter produced 9.025 million bpd in December, down from 9.49 million bpd in November and 9.72 million in October and over 10 million bpd earlier in the year. Major customers of state oil company Saudi Aramco said the cuts were driven by lower demand. "It's nothing sinister. The call on Saudi Arabia's crude is much less and they are responding to that," said a major customer of state oil giant Saudi Aramco. "Whatever we ask for, we get - Aramco is not making the cuts."
Source: AME Info
40% growth in settlement window volumes on DME in 2012
January 10, 2013--United Arab Emirates: DME announced that average daily volumes (ADV) in the settlement window on the Exchange grew by 40% in 2012 reaching 1407 compared with 1003 in 2011.
November saw record levels of activity with a window AVD of 1,696 contracts and the Exchange's highest ever single day window volume on November, 15th at 2,545 contracts.
Source: AME Info
Lacklustre Bahrain bourse sheds 0.34%
January 10, 2013--The Manama-based Bahrain All-Share Index closed at 1,061.66 points Thursday.
Khaleej Commercial Bank gained the most (up 2.22%), while Islamic financial institution Al Salam Bank Bahrain fell on profit takings, closing down 9.30%. United Gulf Bank or UGB said in a statement to the Bahrain Bourse that its shares were delisted from the Kuwait Stock Exchange. UGB whose shares were no traded today will continue to be listed on the Bahrain Bourse.
Source: AME Info
Qatar's top lender soars, expands to China
January 10, 2013--The QE 20 Index added one percent to reach 8,781.70 Thursday amid a general bullish sentiment at global stock exchanges.
Qatar National Bank, known as QNB, gained 2.86% to hit QR140.40. Earlier in the day, the bank said it obtained the necessary approvals to open a representative office in China. This step is in line with QNB Group’s strategy to expand in selected countries, said the lender. "By entering the Chinese market, the number of countries in which the group operates will increase to 25 countries spread across the continents of Asia, Europe and Africa." QNB follows similar moves by the UAE's two largest banks Emirates NBD and National Bank of Abu Dhabi which opened representative offices in Beijing and Shanghai last year. Since the year 2000, exports from China to the GCC have increased more than seven-fold, while GCC exports to China have increased five-fold. The consulting group McKinsey and Company forecasts that trade flows between China and the Middle East will reach between $350bn and $500bn by 2020.
Source: AME Info
Dana Gas jumps after board approves annual budget
January 10, 2013--The ADX General Index advanced 0.42% to reach 2,728.27 points Thursday.
Shares of Dana Gas gained the most, ending up 4.08% at Dhs0.51. Earlier in the day, the Sharjah-based oil and gas company said its board of directors approved the annual budget for the year 2013. Dana Gas reached a restructuring agreement with creditors in mid-November in regards to a $920m Islamic bond it failed to settle upon maturity on Oct. 31 following payment delays from clients in Iraq's Kurdistan and in Egypt. Abu Dhabi National Energy Co. or Taqa closed 1.50% higher at Dhs1.36. Earlier in the day, Taqa said it bought 50% in a in the Lakefield wind project located in the U. S. federal state of Minnesota from a subsidiary of utility giant Électricité de France. The electricity is sold to Indianapolis Power and Light Company, a subsidiary of the AES Corporation, under a 20-year power purchase agreement. Under the terms of the agreement Électricité de France will continue to provide operation, maintenance and related services.
Source: AME Info
Dubai market shaves key resistance, Emaar slips
January 10, 2013--The DFM General Index gained 0.63% to reach 1756.22 points, breaking through the old resistance level from March 2012 and Oct. 2010.
Market bellwether Emaar Properties fell 0.24% to Dhs4.13. Earlier in the day, the DFM revealed that in 2012, the real estate and construction sector stood for 48% of the distribution of traded value at the market. Amid ongoing solid trading turnover, shares of the DFM, the only Arab market listed to the public, surged 3.60%, finishing at Dhs1.15. Some 566m shares were traded, valued at Dhs671.6m.
Source: AME Info
DP World extends gaining streak, hits 8-week high
January 9, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 1967.21 today, up 0.25%, from the previous close.
Althoigh DP World already gained 8.5% from since the New Year's start to Jan. 8, the global maritime port operator added another 0.80% Wednesday, ending at $12.79
Source: AME Info
Saudi Stock Exchange closes at 4-month high
January 9, 2013--The Saudi Arabian equity index Tasi gained the third day straight Wednesday, closing 1.04% higher at 7,126.71 points.
The gauge rose amid a general bullish sentiment at global markets after U. S. aluminum giant Alcoa started the earnings season with better than expected results. Market bellwether SABIC hit likewise a 4-month high, ending 2.16% higher at SR94.75. Insurers performed overall weaker. Amana Cooperative Insurance Co. dived limit down to SR99.50.
Source: AME Info
Qatari banks, industrials lift stock market
January 9, 2013--The QE 20 Index bounced back 0.44%, finishing at 8,693.89 points.
The country's first lender Qatar National Bank added half a percentage point, Qatar Islamic surged 0.66% while Commercial Bank of Qatar, the second largest lender, closed 1.22% higher. Market bellwether Industries Qatar added 0.30%. Earlier in the day, AFP has reported that Qatar has signed eight accords with Algeria, including one for the construction of a steel plant. The two Opec countries, both major producers and exporters of natural gas, also signed a memorandum of understanding for the production and marketing of fertiliser.
Source: AME Info
Al Salam Bank Bahrain hits 2.5-year high on Emirates Airline aircraft lease
January 9, 2013--The Bahrain All-Share Index closed Wednesday unchanged at 1,065.31.
Islamic bank Al Salam Bank Bahrain jumped 8.86% to reach BD0.086, the highest level since June 2010. Earlier in the day, Al Salam said it acquired equity stake in two brand new B777-300ER planes on long term lease to Emirates Airline. The planes have been delivered to Emirates Airlines in June and November 2012. The bank had previously acquired in 2007 a Boeing 777-200ER on lease to the Malaysian Airlines. Emirates Airline, the Dubai-based state-owned carrier ordered at the last Dubai Airshow in Nov. 2011 50 planes of that type, worth $18 billion. It was the largest order by value in Boeing's history.
Source: AME Info
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