Middle East ETF News Older than One Year
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
Sabic shares bounce back as quarter-on-quarter net profit rises
October 17, 2012--Saudi Basic Industries Corporation or Sabic, world's largest producer of petrochemicals, closed at 1.41% higher at SR90 Wednesday.
Earlier in the day, Sabic said its net income for the quarter ended September 30 was SR6.31bn compared to the net income of SR8.19bn for the same quarter in 2011, representing a decrease of 23%, and compared to the net income of SR5.30bn in the previous quarter, representing an increase of 19%. Commenting on the results, Riyadh-listed Sabic said in a statement to the Tadawul bourse "The increase in net income of the quarter ended September 30, 2012 compared to the previous quarter is driven by increased production volume due to improvement in operational efficiencies. In addition, other income includes income from the polycarbonate technology licensed by Sabic Innovative Plastics to the Tianjin project, which is equally owned by Sabic and China Petroleum and Chemical Corporation."
Source: AME Info
Transaction Dynamics: DGCX EURO
September 17, 2012--DGCX in its commitment to its end users recognizes the need of the region to have a safe, liquid and dependable platform to trade, invest and hedge
in the major currencies. The journey starts with a renewed focus on the
EURO-USD contract.
DGCX EURO-USD contract has seen the emergence of large institutional and retail participation, making it one of the biggest EURO liquidity pool in the region.
Consistent "Bid-O!er" volumes ranging from a value of USD 1 million to 7 million are quoted on the contract. Fine spreads, with three levels of depth, offer participants a plethora of opportunities to trade.
Source: DGCX
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