Middle East ETF News Older than One Year
Arabtec dives after announcing half-year results
August 8, 2012--The DFM General Index closed 0.10% lower at 1,555.65 points Wednesday amid higher trading volumes than on Tuesday. Arabtec Construction, one of the Middle East's largest companies in its sector, dived four percent to close at Dhs2.90.
Arabtec reported earlier in the day a loss for the second quarter amounting to Dhs11.6m. down from a profit of Dhs28.97m in the same period last year. In the first six months, Arabtec earned Dhs72.5m, up from Dhs55.5m in H1 2011. Emaar Properties slipped 0.89% to Dhs3.35. The UAE's first lender Emirates NBD bucjed the trend by gaining 4.60%, finishing at Dhs2.97.
Source: AME Info
Depa shares rebound at NASDAQ Dubai
August 8, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.12% higher at 1667.27 Wednesday.
Depa Limited, the Dubai-based interior designer jumped 11.56% to reach $0.357. DP World dipped one percent, ending at $10.20. Earlier in the day, the bourse said that per the regulator's (DFSA) order, Fortune Management Inc will be removed from trading on the exchange effective from August 8. The DFSA suspended Fortune under Article 35 (1) of the Markets Law 2012 for failure to file and disclose its annual financial report pursuant to Article 44 of the Markets Law 2012 and Rule 5.1.8 of the Markets Rule respectively.
Source: AME Info
Gulf Cement Company returns to half-year profits
August 8, 2012--The Abu Dhabi market index ADXGI gained 0.14% to close at 2,514.45 points.
While Etisalat (off 0.44%) weighed on the gauge, Aldar Properties (up 0.82%) supported the measure, gaining Gulf Cement Company reported a 99% increase in half-year profit, amounting to Dhs64.98m, "as a result of slight improvement in cement sales prices," the firm said, whose shares closed unchanged.
Source: AME Info
Qatar National Bank closes $1.8bn loan facility
August 8, 2012--The QE Index in Doha hit a four-month high Wednesday, closing up 0.44% at 8,402.19 points.
Qatar National Bank or QNB dipped 0.40% to QR133. Earlier in the day, QNB said it successfully closed syndication of its $1.8bn three year senior unsecured term loan facility . "The syndication was well supported and closed oversubscribed, allowing the Facility to be upsized from the launch amount of $1.5bn," Qatar's largest lender said, adding that "The new loan Facility will be used for general corporate purposes. The interest rate is Libor plus 1.00% per annum." Initial Mandated Lead Arrangers and Bookrunners were the Bank of Tokyo-Mitsubishi, Deutsche Bank, HSBC, J.P. Morgan Limited and Standard Chartered Bank.
Source: AME Info
Egypt foreign reserves decline again in July
August 8, 2012--Egypt's foreign reserves fell last month to $14.42bn from $15.53bn in June, due to the government's repayment of a $1bn Eurobond and a $607m payment to Paris Club lenders,
Reuters has reported. Reserves have plunged by well over half since January 2011, the start of the political turmoil that has scared away tourists and investors, two of Egypt's main sources of foreign currency. [AMEInfo.com]
Source: AME Info
Gold and Rupee futures drive fifth successive monthly volumes record for DGCX
August 7, 2012--Gold and Rupee futures continued their strong run on the Dubai Gold and Commodities Exchange (DGCX) driving a 211% year-on-year increase in the Exchange's volumes in July.
Building on its robust performance in the first half of the year, DGCX recorded a total of 965,637 contracts in July, valued at $35.8bn, its fifth consecutive monthly volumes record.
July volumes - a 9% increase from June - took the Exchange's year-to-date volumes to 4,813,649 contracts, a 179% rise from the 1,728,213 contracts achieved in the same period in 2011.
Source: Dubai Gold and Commodities Exchange (DGCX)
Telecoms keep Saudi bulls afloat
August 7, 2012--The Riyadh-based Tadawul All-Share Index gained a quarter percentage point to hit 6,961.34 points Tuesday.
While Sabic finished flat, telco operators Zain KSA and Atheeb Telecom were the most liquid shares, advancing 2.53% and 4.55%, respectively. Allied Cooperative Insurance Group lost the most (off 10%). Due to the summer season and the Holy month of Ramadan, trading volumes remained relatively low.
Source: AME Info
Zain shares dip slightly after quarterly result
August 7, 2012--The Kuwait Stock Exchange Market Index fell 0.41% to 5,708.57 points Tuesday.
Shares of Kuwait's largest mobile phone operator Zain declined 1.5% to KD0.660. On Monday, Zain reported a one percent increase in net profit for the second quarter, amounting to KD71m. Zain shared have lost 18.91% since January 1 2012.
Source: AME Info
Abu Dhabi-based Al Khazna Insurance reports lower net profit
August 7, 2012--The Abu Dhabi market index ADXGI gained 0.25% to hit 2,510.87 points.
The UAE's first telco firm Etisalat ended flat, while Abu Dhabi's biggest developer Aldar Properties advanced 0.83% to reach Dhs1.22. Al Khazna Insurance Company said earlier in the day the net profit for the first six months stood at Dhs11.7m, down from Dhs13.8m in the same period in 2011. Al Khazna shares closed even at Dhs0.85. The insurer's underwriting surplus decreased slightly to Dhs15.7m.
Source: AME Info
Air Arabia shares fly higher as budget carrier bucks industry downtrend
August 7, 2012--The Dubai equity market index DFMGI dipped 0.15% to close at 1,556.79 points Tuesday.
Sharjah-based Air Arabia added 0.80% to hit Dhs0.651. The low-cost carrier said its net profit for the first half year grew by 22%, amounting to Dhs94m ($25.63m), in contrast to the results of most other carriers worldwide as high oil prices and fierce competition weigh in results. The share advanced by over six percent during the last three months. Gulf General Investment Co. or GGICO dived 5.76% to Dhs0.311. Emaar Properties was the most liquid share and ended down 1.17% at Dhs3.38.
Source: AME Info
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