Middle East ETF News Older than One Year
Qatar Telecom soars as full acquisition of Kuwait's Watanyia nears
August 16, 2012--The Qatar Exchange 20 Index in Doha gained 0.78% to hit 8,486.96 points Thursday.
The Gulf state's largest telco provider Qatar Telecom or Qtel jumped 3.32% to close at QR108.90. Earlier in the day, Qtel said it has received the approval from the Kuwait Capital Markets Authority of its offer document dated August 2012 enabling it to proceed with a mandatory tender offer, pursuant to Article 271 of the Executive Regulations to Law No. 7 of 2010 Establishing The Capital Markets Authorities And Regulating The Securities Activities, to acquire all the issued shares of National Mobile Telecommunications Company, known as Wataniya, not currently owned by Qtel or any of its wholly owned subsidiaries, at KD2.600 a share. An offer document has been sent to Wataniya Telecom to allow its Board to review the Offer and provide a recommendation to shareholders as required by the Capital Markets Law and its Executive Regulation. In 2007, Qatar Telecom took 51% in Wataniya. On June 26 2012, Qtel, owned by the State of Qatar, submitted a bid to acquire the remaining share for $1.9bn.
Source: AME Info
Etisalat rises to two-month high
Augsut 16, 2012--The ADX General Index posted the highest advance in the GCC on the last day of trading before Eid holidays, closing 0.74% higher at 2,575.87 Thursday.
Market bellwether Etisalat jumped two percent to reach a two-month at Dhs9.46. Shares of Aldar Properties, Dana Gas, Sorouh Real Estate and First Gulf Bank ended unchanged. Due to the summer rally, the ADXGI improved its year-to-date gain to 7.17%.
Source: AME Info
DFM shares knock at one Dirham-level
August 16, 2012--The Dubai Financial Market (DFM) gained 0.10% Thursday, closing at 1,580.77.
Logistics giant Aramex gained the most (up 2.82% at Dhs1.82). Market bellwether Emaar Properties slipped 0.30% to end at Dhs3.46. Shares of the DFM, the sole listed Arab bourse, advanced one percent to hit Dhs0.995 amid improved investor sentiment. The DFM General Index posted the highest year-to-date gain as yet in the GCC as it rose by almost 17% since January 1 2012.
Source: AME Info
Ahead of Eid, Saudi Stock Exchange ends week on a high note
August 15, 2012--The Tadawul All-Share Index knocked out a key resistance level Wednesday, closing half a percentage point higher at 7,003.79, although market leder Sabic declined by 0.30% to finish at SR91.25.
Shares of Saudi Arabian Mining Company, known as Ma'aden, gained 0.30%, finishing at SR33.10. Earlier in the day, Ma'aden announced the continuation of gradual increment of its capacity production of Diammonium phosphate (DAP) at Phosphate Complex in Ras Al Khair which belong to Maaden Phosphate Company (MPC). Capacity production of DAP is planned until it will reach the designed capacity of the plant which was estimated by 3m tons annually. MPC is a joint venture project between the Ma'aden and Sabic whereas 70% is owned by Maaden and Sabic owns 30%. Since January 1, the Tasi benchmark gained 9.13%, representing the second highest advance year-to-date in the GCC behind the Dubai Financial Market (up 16.67% year-to-date).
Source: AME Info
Bank shares lift Kuwait Stock Exchange slightly
August 15, 2012--The KSE Market Index advanced 0.22% Wednesday to close at 5,713.28.
The country's largest lender by assets National Bank of Kuwait gained one percent to hit KD1.0. Kuwait International Bank added 0.82%, finishing at KD0.246.
Source: AME Info
Qatar's Al Meera Goods Co. gains on soaring half-year net profits
August 15, 2012--The QE Index consolidated at its 10-week high Wednesday as it ended 0.03% higher at 8,421.08 points.
Shares of Al Meera Consumer Goods Company advanced to hit QR165.50. Earlier in the day, Al Meera said that the reviewed financial statements for the period ending June 30, 2012 revealed a net profit for the first six months this year of QR46.7m compared to to QR34.8m for the same period last year.
Source: AME Info
Abu Dhabi bourse gains the seventh session straight
August 15, 2012--The ADX General Index consolidated above its four-month high by closing 0.13% higher at 2,556.96 Wednesday.
Ras al-Khaima (RAK) Ceramics was the top gainer. The world's largest ceramics producer jumped 7.48% to hit Dhs1.15. RAK Ceramics reported a profit of Dhs159.017m for the first half of 2012, up 19.52% year-on-year. Real estate leaders Aldar Properties and Sorouh Real Estate closed unchanged at Dhs1.26 and Dhs1.09, respectively.
Source: AME Info
Resilient Dubai market withstands growth worries in China
August 15, 2012--Amid negative input from Asia, the Dubai Finanical Market General Index fell sharply at the opening but eventually regained terrain and closed 0.10% higher at 1,578.98 points.
A fall in the price of copper has triggered worries about the projected soft landing of the China's economy and weighed on Asian markets early Wednesday. At the DFM, shares of real estate maintenance specialist Drake and Scull International or DSI dived 1.94% to hit Dhs0.91. Earlier in the day, DSI reported a net profit of Dhs75m for the first half of 2012 representing a 29% year-on-year. Gains at market heavyweights Emaar Properties (up 0.30% at Dhs3.47) and bank Emirates NBD (gaining 0.67% at Dhs3.02) supported the market index.
Source: AME Info
National Shipping Co. of Saudi Arabia gains on new SR480m-contract
August 14, 2012--In Riyadh, the Saudi Stock Exchange market measure Tasi closed Tuesday 0.04% higher at 6,968.31.
In line with the lacklustre trading ahead of Eid holidays, market bellwether Sabic closed flat at SR91.50. Shares of The National Shipping Co. of Saudi Arabia, known as Bahri, jumped two percent to hit SR18.05. Earlier in the day, Bahri announced that its 80% owned subsidiary The National Chemical Carriers Company Ltd. (NCC) signed a time charter agreements for three chemical tankers with International Shipping and Transportation Company Ltd., a subsidiary of Sabic, for a period of 5 years, with an option of extension for another 5 years period. The value of these time charter agreements is approximately SR480m for the first five years.
Source: AME Info
Kuwait's logistics giant Agility advances on rising revenues
August 14, 2012--The KSE Market added 0.20% Tuesday to hit 5,700 points.
Shares of logistics provider Agility Public Warehousing Co. jumped 2.53% to reach KD0.405. Earlier in the day, Agility said revenues in the second quarter 2012 rose to KD348.8m, representing a 6% increase year-on-year. The Q2 net profit remained flat, compared to the same quarter last year, at KD7.8m.
Source: AME Info
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