Middle East ETF News Older than One Year
Saudi bourse soars ahead of U. S. presidential race
November 6, 2012--The Riyadh-based Tadawul All Share Index advanced 1.11% to reach 6,919.17 amid strong gains in the petrochemicals and real estate development sector.
The world's largest petrochemicals producer Sabic jumped 2.25% to hit SR91. Shares of Dar Alarkan Real Estate Development Company soared 3.45% to reach SR9.00. "Saudi Arabia is a promising, non-speculative makret as the kingdom has a housing gap of 5 million objects," said Thorsten Schneider, business unit manager at Germany chemistry Henkel, Dubai- Jebel Ali branch, at the ongoing construction fair BIG 5 in Dubai. Oil prices rebounded Tuesday by one percent (U. S. crude), which helped the Saudi bourse to regain territory.
Source: AME Info
Kuwait Bourse struggles with year-to-date break-even
November 6, 2012--The KSE Market Index was the only gauge in the GCC which lost value on Tuesday, closing 0.53% lower at 5,712.44 points.
Industrials and financial service providers weighed on the gauge. Year-to-date the KSE market index fell 1.75% amid ongoing political stalemate in the northern Gulf state.
Source: AME Info
UAE foreign trade up 10.% in H1 2012
November 5, 2012--According to the UAE National Bureau of Statistics (NBS), total value of the country's foreign trade in the first half of 2012 climbed 10.5% to Dhs499bn, compared with Dhs451.6bn for the same period in 2011, Gulf News has reported.
The total non-oil foreign trade rose 39.7% to Dhs77bn in the first half of 2012, compared with Dhs55.1bn in 2011, NBS said. Non-Arab countries in Asia were the main trade partners of the UAE in the first half of 2012, the report noted. “Non-Arab Asian countries ranked first amongst UAE trade partners with traded commodities amounting to Dhs230.4bn, 46.2% of the traded volume of commodities with the rest of the world,” it said.
Source: AME Info
Alinma Tokio Marine Co. soars on regulator's approval for new products
November 5, 2012--The Riyadh-based equity benchmark Tasi gained against the suggish global trend Monday, closing 0.43% higher at 6,843.15.
While petrochemical leader Sabic closed flat at SR89.25, insurers fuelled the market's surge. For the second day straight, ACE Arabia Co-operative Insurance Co. advanced the most (up 9.93% at SR229.75). Shares of Alinma Tokio Marine Co. soared 9.78% to close at an alltime-hgh at SR101. Earlier in the day, Alinma Tokio Marine said it received approval from the Saudi Arabian Monetary Agency for a period of 6 months from the date of November 2 on for the sale of the three insurance products "fidelity guarantee", "money" and "personal accident".
Source: AME Info
Depa wins design contract in Abu Dhabi
November 5, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.43% higher at 1805 Monday.
Global maritime port operator DP World jumped 2.43% to hit $12.20. Interior design firm Depa Limited, which was responsible for the interior fit-out of the Burj Al Arab hotel and the 828m-tall Burj Khalifa closed flat at $0.25. Earlier in the day, Depa said it was awarded a Dhs93.5m contract to undertake the supply and installation of interior decoration works for the Hilton Hotel in Abu Dhabi which is set open in mid-2013. The Hotel is the second phase of the Al Forsan International Sports Resorts development. Depa will undertake "the complete interior decoration works for 400 rooms covering a total area of 34,000 square metres and the installation of all the furniture, furnishings and equipment.
Source: AME Info
Tadawul bourse to resume trading Saturday
November 1, 2012--The Riyadh-based Saudi Stock Exchange, known as Tadawul, will resume trading on Saturday,
November 3, following Eid-ul-Adha holidays. Year-to-date, the Tadawul benchmark measure Tasi gained 5.82%.
Source: AME Info
Qatar market rebounds on Citigroup's growth comments
November 1, 2012--The QE Index in Doha gained 0.70% to reach 8,603.62 Thursday.
Shares of Qatar's largest lender Qatar National Bank or QNB closed even at QR133.90. But market heavyweight Industries Qatar hit a 22-month high at QR154.60 (up 1.71%). On Wednesday, Citigroup said overall economic growth in Qatar slowed sharply in the second quarter of 2012 to just 4.9% year-on-year, compared with 21% for the same period last year. "However, the overall growth figures are somewhat misleading, in that they are skewed by the expected plateau in Qatari gas production (overall oil and gas growth was just 0.7%). The non-oil economy performed considerably better, growing by 8.5% in Q2 YoY, compared with 5.9% for the same period last year. The construction sector was the main driver of growth, though the transport sector and manufacturing also saw strong gains."
Source: AME Info
Dana Gas regains value on sukuk statement
November 1, 2012--The Abu Dhabi market measure ADXGI added insignificantly, closing 0.04% higher at 2,673.44 points.
Shares of Sharjah-based Dana Gas jumped 2.44% to reach Dhs.042. A day after the pay-day for a Dhs3.37bn ($919m) sukuk passed Dana Gas said in a statement that its 9-month profit increased 37% year-on-year. In addition, Dana said on the sukuk has not paid the principal amount of $920m due on 31 October 2012 and the accrued profit amount of $18.75m due on 30 October 2012 as they are the subject of the discussions (with sukuk holders to amend and extend the Islamic bond). Until this date, the Company has consistently honoured its payment obligations. To date, $356m has been paid to Sukuk holders over the last 5 years." Payment delays in Egypt and in Kurdistan, where Dana Gas runs projects, have forced the firm to delay the Islamic bond's settlement. However, Dana said "The Egyptian Government in particular made significant efforts to address the backlog of payments due to Dana Gas PJSC. In the meantime, operations continue as normal and unabated."
Source: AME Info
Emaar, DFM shares lift Dubai market
November 1, 2012--The DFM General Index added 0.22% to reach 1,623.20 points.
Emaar Properties gained 1.1.40% to reach Dhs3.66. Shares of the DFM, which is the only publicly traded Arab exchange, bounced back by 2% to hit Dhs1.03. Investment bank Shuaa Capital and Islamic financial institution fell 2.70% and 3.70% amid negative news from Western banks like UBS, which started a new round of lay-offs. Trading turnover remained dull, as 93m shares worth Dhs90.8m changed hands.
Source: AME Info
Fitch says protests threaten Kuwait's AA rating
October 31, 2012--Fitch Ratings has warned Kuwait that a further escalation of political protests could put the Gulf country's 'AA' sovereign credit rating under pressure for a downgrade despite the nation's strong balance sheet, Reuters has reported.
Recent popular protests over a change in the election law decreed by the ruling emir "suggests a radicalisation of the political scene," the rating agency said. "Prolonged political stalemate could also undermine Kuwait's rating through its impact on the economy," Fitch said. The rating has a ‘Stable’ outlook.
Source: AME Info
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