Middle East ETF News Older than One Year
Batelco reports nine-month results
October 23, 2012--The Bahrain All-Share Index added a quatrer percent to reach 1,062.46 points.
Bahrain Telecom, known as Batelco, jumped 2.38% to close at BD0.43. Earlier in the day, Batelco said its net profit for the nine-month profit fell by 25% year-on-year to reach BD42.6m. Bahrain Islamic Bank posted the largest decline, closing 6.67% lower at BD0.084.
Source: AME Info
KSA's real GDP to grow 5.3% this year: Jadwa
October 22, 2012--Jadwa Investments has said the Saudi economy is projected to grow by around 3.8% in current prices to hit an all-time high this year, amid swelling oil prices underpinned by robust public and private sectors, Saudi Gazette has reported.
From around SR2.136trn in 2011, nominal GDP is projected to climb to a record high of SR2.245trn in 2012, the Riyadh-based investment firm said. Nominal growth in 2012 will be far below the 28% rate achieved in 2011, one of its largest increases in Saudi history. It is also below the 19.7% growth in 2010, but in contrast with a 20.9% contraction in 2009, when oil prices slumped by nearly 50% to $60 a barrel and Saudi Arabia slashed crude output by about one million barrels per day to 8.2 million bpd.
Source: AME Info
Kingdom Holding Company advances on higher Q3 profit
October 22, 2012--The Tadawul All-Share Index fell the fourth day straight Monday, ending down 0.56% to hit 6,741.82 points.
Kingdom Holding Company, the investment vehicle mostly owned by H. H. Prince Al-Waleed Bin Talal Al-Saud, added 1.30%, closing at SR15.60. Earlier in the day, Kingdom Holding said the net income in the third quarter was SR217.8m compared to the net income of SR197.7m for the same quarter in 2011, representing an increase of 10.2 %, and compared to the net income for the last quarter of SR178.9m, an increase of 21.7%. Commenting on the results, the holding said "The increase in net income for the third quarter is due to income of real estate investments, dividends from investments in financial markets, improvement of performance from associate companies and reversal of impairment loss despite the low performance of international hotel companies as a result of current events in the Middle East."
Source: AME Info
Al Baraka Banking Group plummets, nine-month net profit advances
October 22, 2012--The Bahrain All-Share Index declined by a quarter percentage point Monday, ending at 1,059.89 points.
Islamic bank Ithmaar closed unchanged at $0.17 after the lender said that it will merge with one of its Bahrain-based associates, First Leasing Bank. "The announcement, which follows the approval of the shareholders of both banks during separate Extraordinary General Meetings, is subject to final regulatory and legal approvals," Ithmaar said in an e-mailed statement. Its rival Al Baraka Banking Group dived 6.70% to $0.70. Earlier in the day, the Al Baraka said its net profits after tax reached about $39.92m compared to about $29.62m in the same period in 2011. In September, Standard & Poors rating services reaffirmed its long and short term credit ratings on Jordan Islamic Bank (JIB)at "BB/B" with a negative outlook.
Source: AME Info
Al Baraka Banking Group plummets, nine-month net profit advances
October 22, 2012--The Bahrain All-Share Index declined by a quarter percentage point Monday, ending at 1,059.89 points.
Islamic bank Ithmaar closed unchanged at $0.17 after the lender said that it will merge with one of its Bahrain-based associates, First Leasing Bank. "The announcement, which follows the approval of the shareholders of both banks during separate Extraordinary General Meetings, is subject to final regulatory and legal approvals," Ithmaar said in an e-mailed statement. Its rival Al Baraka Banking Group dived 6.70% to $0.70. Earlier in the day, the Al Baraka said its net profits after tax reached about $39.92m compared to about $29.62m in the same period in 2011. In September, Standard & Poors rating services reaffirmed its long and short term credit ratings on Jordan Islamic Bank (JIB)at "BB/B" with a negative outlook.
Source: AME Info
Bahrain market index remains GCC's trouble child
October 18, 2012--The Manama-based Baharain All-Share Index slipped 0.16% Thursday, finishing a dull week of trading at 1,066.84.
Bahrain Telecommunications or Batelco gained half a percentage point, while Islamic bank Ithmaar closed even. But losses at lenders Salam Bank (4.44% lower) and Ahli United Bank (off 0.93%) weighed on the gauge. Year-to-date, the Bahraini gauge dived 6.72%, the worst performance among all GGC markets.
Source: AME Info
Mannai Corp. nine-month profit soars, so does its share price
October 18, 2012--The QE 20 Index added 0.10% to reach 8,542.14 points.
Multi-industrial group Mannai Corporation jumped four percent to hit QR99.80. Earlier in the day, Mannai Corp. said its interim financial statements revealed a net profit of QR258.4m for the nine months period ended September 30, in comparison to a net profit of QR203.6m for the corresponding period last year. In March this year, Mannai bought Dubai-based jewelry trading firm Damas for $445m. Danas shares were consequently de-listed from the NASDAQ Dubai.
Source: AME Info
Gulf Pharmaceutical Industries posts slightly higher nine-month profit
October 18, 2012--The Abu Dhabi market measure ADX General index fell 0.13% to 2,652 Thursday.
Shares of Gulf Pharmaceutical Industries or Julphar from the emirate of Ras al-Khaima, closed even at Dhs3.01. While Julphar's third quarter profit stagnated, its nine-month profit climbed to Dhs153.3m, up from Dhs143.9m. Like at the Dubai market, turnover was low at the ADX on Thursday.
Source: AME Info
Positive foreign trade figures from July push Dubai market higher
October 18, 2012--The DFM General Index closed 0.66% higher at 1,654.42 points amid dull trading activity.
Earlier in the day, the Dubai statistics center revealed that the sheikhdom's non-oil trade soared to Dhs99bn in July. The UAE posted a 10.5% growth in trade during the first half-year of 2012. Telecom provider Du gained the most (up 2.75% at Dhs3.74). Commercial Bank of Dubai or CBD, the 9th largest lender in the UAE, fell 1.70% to Dhs2.95. Earlier in the day, CBD revealed a net profit for the third quarter of Dhs254m, which means the Q3 result stagnated year-on-year. The nine-month profit fell to Dhs739.5m, down from Dhs777.2m. Emaar gained 1.36% to hit Dhs3.73.
Source: AME Info
Bahrain market index remains GCC's trouble child
October 18, 2012--The Manama-based Baharain All-Share Index slipped 0.16% Thursday, finishing a dull week of trading at 1,066.84.
Bahrain Telecommunications or Batelco gained half a percentage point, while Islamic bank Ithmaar closed even. But losses at lenders Salam Bank (4.44% lower) and Ahli United Bank (off 0.93%) weighed on the gauge. Year-to-date, the Bahraini gauge dived 6.72%, the worst performance among all GGC markets.
Source: AME Info
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