Middle East ETF News Older than One Year
DP World dips, firm expands Jebel Ali port capacity by 4 million TEU
September 23, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1728.63 today, down 1.21%, from the previous close.
After hitting a six-month high last week, Dubai Ports (DP) World declined 1.34% to $11.05 Sunday. Earlier in the day, DP World said it signed with TOA-SoletancheBachy JV an agreement for the construction of the infrastructure to expand capacity at the flagship port by 4 million TEU (twenty-foot equivalent unit). "Terminal 3 will be one of the finest modern marine terminals in the world with a quay length of 1,860 metres, a draft of 17 metres, and a 70 hectare storage yard. When operations commence at the new terminal in 2014 total capacity at Jebel Ali will reach 19 million TEU," DPW said in an e-mailed statement.
Source: AME Info
Bahrain Bourse advances, bucks choppy global markets
September 20, 2012--Despite negative input from China, where a survey indicated a further decline in maufacturing activity this month, the Bahrain All-Share Index gained 0.70%, closing at 1,082.82 points Thursday.
Like in the days before, banks led the advance. Earlier in the day, Bahrain's housing minister Bassem Al Hamer has announced plans to build thousands of housing units over the next five years, at a total cost of BD2.1bn, funded by the GCC 'Marshall Plan,' Gulf Daily News has reported. Under the five-year strategy, 47,000 units will be built, along with 10,000 others, through alternative housing programmes in partnership with the private sector. The government will allocate 46% of the GCC financial lifeline to fund housing projects, in a bid to bring the waiting period under five years by 2012.
Source: AME Info
Dana Gas soars on sukuk deal rumors
September 20, 2012--The ADX General Index closed off 0.05% at 2,616.15 Thursdau.
Shares of Sharjah-based Dana Gas were most active by volume, closing 2.33% higher at Dhs0.44. Earlier in the day, The National reported that Dana Gas's largest shareholder Crescent Petroleum, which owns 20% in the firm, expressed optimism that a deal on a $1bn sukuk which is due next month can be reached with the investors. [AMEInfo.com]
Source: AME Info
Global Islamic finance set to double by 2015, says Standard and Poor's
September 20, 2012--Global Islamic Finance is set to double in size between 2011 and 2015 with the sector increasingly viewed as a real alternative to conventional finance, according to Standard & Poor's (S&P).
The global prospects for the Islamic Finance industry will be the subject of a conference to be hosted by S&P in Dubai on 25 September, 2012.
Source: AME Info
Kuwait market consolidates near 5,900
September 20, 2012--The KSE Market Index fell 0.10% to 5,879.82 points amid worries over China's weak survey on the manufacturing sector.
The gauge consolidated in the green on a year-to-date basis (up 1.13%). National Bank of Kuwait or NBK advanced oner percent to reach KD0.970, almost the same level like on January 1 this year. Commercial Bank of Kuwait dived 2.90% to KD0.680. Earlier in the day, Kuwait's finance minister, Nayef al-Hajraf has said the Gulf country would not cut down on spending as a result of a plan to invest a greater percentage of its revenues in the Future Generations Fund, Kuna has reported.
Source: AME Info
Saudi Arabia steps in to lower oil prices
September 20, 2012--Saudi Arabia is acting to lower oil prices, as the majority of Opec producers wanted oil prices around $100 per barrel, Reuters has reported,
citing a senior Gulf source. "We would like to see the price coming down and we are working to bring it down," said the source. "The price now, we believe is high, and it's not supported by fundamentals at all. It's just speculation and geopolitics." Related Content
Source: AME Info
Tadawul market breaks the ranks despite bullish presettings from Asia
September 19, 2012--The Tadawul All-Share Index closed 0.68% lower at 7,057 Wednesday, despite the positive input from Japan's central bank which followed the Fed's easing policy.
The gauge's fall was bright as 17 shares advanced, while 123 declined. Oil prices fell for the second day after Saudi Arabia said it would increase domestic production as the recent surge of the "black gold" was not justified. Sabic fell the fourth day straight, closing off one percent at SR92.50. Gulf Union Cooperative Insurance Company declined 1.13% to SR26.20. Earlieri in the day, the insurer said that it has received temporary approval for six months from the Saudi Arabian Monetary Agencys to sell and market twenty one Insurance products.
Source: AME Info
Kuwait bourse gains the third day straight on bank advances
September 19, 2012--The KSE Market Index closed 0.84% higher at 5,883.12 points Wednesday.
Commercial Bank of Kuwait or CBK soared 4.5% to hit KD0.900. Gulf Investment House, as the most liquid share, added 1.54% to close at KD0.033. Islamic bank Boubyan failed to join the rally and slipped 1.63% to KD0.600. Earlier in the day, Kuwait Times reported that Kuwait plans to more than double the portion of state revenues it puts into its Future Generations Fund. [AMEInfo.com]
Source: AME Info
National Bank of Umm al-Qaiwain jumps 10 percent in value
September 18, 2012--The ADX General Index fell half a percentage point to 2,611.62 points.
Etisalat slipped 0.10% to Dhs9.69. Shares of National Bank of Umm al-Qaiwain or NBQ posted the largest advance, closing 10% higher at Dhs1.76. Earlier in the day, Global Investment House, known as Global, from Kuwait said that the Court of Cassation of Dubai on its hearing held Tuesday, in relation to the Dubai Court of Appeal ruling issued on May 21 2012 in Global's favour to recover the company's $250m deposit, decided to revert the case back to the Dubai Court of Appeal. The underlying dispute between the two lenders goes back to the year 2008, when NBQ received a deposit of $250m from Global for the purpose of a capital raising. However, the capital never happened because the financial crisis hit Global on the wrong foot and the Kuwaiti investment bank had to restructure its debt.
Source: AME Info
Aluminum Bahrain weighs on Bahrain Bourse
September 18, 2012--The Bahrain All-Share Index ended off 0.05% to close at 1,075.55 points.
Sharres of Aluminum Bahrain declined 0.40% to BD0.488. Ahli United Bank and Islamic financial institution Ithmaar closed unchanged. No other share posted sufficient trading volume in Manama Tuesday.
Source: AME Info
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