Middle East ETF News Older than One Year
Al-Babtain Power & Telecom soars on deal with Saudi Electricity Co.
August 1, 2012--The Tadawul All-Share Index gained for the fifth consecutive session Wednesday, ending up 0.21% to close at a one-month high at 6,892.62 points.
Market bellwether share Sabic slipped 0.83% to SR89.75. Shares of Al-Babtain Power and Telecommunication advanced 1.50% to reach SR24. Earlier in the day, Al-Babtain said it signed a supply agreement with Saudi Electricity Company for manufacturing and supply electrical distributes steel poles. "The agreement is valued at SR125.150m by self-financing and the agreement period is 12 month Starting from the date of signature. The financial impact of this agreement is expected to be in the start of 4th quarter of year 2012," Al-Babtain added.
Source: AME Info
Kuwait market summer baisse halted
August 1, 2012--Stock markets in KSA, UAE and Qatar have seen significant index advances in recent weeks, but the Kuwait Stock Exchange failed to join and fell back.
Today, the KSE Market Index stopped to decline and closed 0.05% higher at 5,721.72 points. National Bank of Kuwait recovered from its 8-month low by gaining 1% to close at KD1.00.
Source: AME Info
Al Khaleej Takaful reports higher semi-annual profit
August 1, 2012--In Doha, the Qatar Exchange advanced a quarter percentage point to close at 8,317.59 points.
Islamic insurance firm Al Khaleej Takaful gained 0.34%, finishing at QR44.25 Khaleej Takaful disclosed earlier today a net profit for the first half-year of 2012 amounting to QR59m in comparison to QR57m for the same period last year. The company’s earning per share amounted to QR4.15 as of June 30, 2012 versus QR4.01 for the corresponding period in 2011.
Source: AME Info
Arkan Building Materials with higher H1 profit, shares end flat
August 1, 2012--The ADX General Index advanced 0.41% to reach 2,516.60 points.
Shares of Arkan Building Materials closed even at Dhs0.80. Arkan reported a net profit for the first half-year of Dhs25.36m, up from Dhs20.873m in the same period last year.
Source: AME Info
Profit rise boosts Tabreed share price
August 1, 2012--The Dubai bourse gains the third day straight Wednesday. The DFM General Index edged up by 0.34% to close at 1,547.86 points.
Emaar, as the most liquid share, added 0.60% to hit Dhs3.42. District cooling specialist Tabreed surged 3.17%, finishing at Dhs1.30. In the first six months Tabreed's net profit increased by 21.60% to reach Dhs92.77m, the firm said earlier today.
Source: AME Info
Sorouh results mirror UAE real estate rebound
July 31, 2012--The Abu Dhabi market gauge ADXGI gained for the fourth day straight Tuesday, closing 0.50% higher at 2,506.23 points.
Shares of Sorouh Real Estate, the emirate's second developer, were the most liquid securities, ending up 1.94% to hit Dhs1.05. Earlier in the day Sorouh reported a 29% year-on-year increase in consolidated half-year net profits, amounting to Dhs259.4m. Sorouh, developer of projects such as Shams ABu Dhabi, said the result was reflecting continued strengthening of sustainable recurring income streams from Sorouh’s investment portfolio, as well as revenues from its National Housing projects, subsidiaries and the release of contingencies and provisions. Regarding the ongoing merger talks with Aldar Properties, Sorouh said "The due diligence process is well under way and a further update will be made as and when appropriate."
Source: AME Info
Qatar Telecom flat on lower half-year net profit
July 31, 2012--The Qatar Exchange Index added a quarter percentage point to hit 8,298.33 points Tuesday, mainly due to gains in the real estate sector.
Qatar Telecom, known as Qtel, closed flat at QR104.90. Earlier in the day Qtel disclosed its semi annual financial statements for the period ending June 30, 2012. The reviewed financial statements for the period ending June 30, 2012 revealed a net profit of QR1.3bn in comparison to QR1.5bn for the same period last year. In addtion, Qtel said that its subsidiary National Mobile Telecommunications Company in Kuwait announced that Dr. Bassam Hannoun has been appointed as CEO for Wataniya Telecom and will begin his new role from September 1 2012.
Source: AME Info
4 Sentenced to Death For Fraud In Iran
July 31, 2012--An Iranian court has sentenced four people to death for a billion-dollar bankfraud that tainted the government of President Mahmoud Ahmadinejad, state media reported on Monday.
Iranians, hit by sanctions and soaring inflation, were shocked by the scale of the $2.6 billion bank loan embezzlement that was exposed last year and by allegations it was carried out by people close to the political elite or with their assent.
Of the thirty-nine people tried for the fraud – the biggest in the Islamic Republic’s history – four were sentenced to hang, the IRNA state news agency reported.
Source: CompliancEX
Negative outlook of global economy limits increase in oil rates -KFH report
KUWAIT, July 31-"Global economy slowdown in light of the negative
outlook towards the economies of some countries, in addition to fears of a
decline in demand for oil, will lead to ceiling the increase in prices of oil
in global markets," said a report by Kuwait Finance House research division.
However, the report adds that "despite current price turbulences, prices are expected to witness improvement in Q3 of this year as a result of an increase in demand in some areas."
The report noted that oil traded near the lowest level in a week and dropped back to below USD 90.00 per barrel (pb) as concerns heightened on the back of weakening fuel demand, as Europe's debt crisis threatens to derail the global economy. Prices are down 11.0 percent year-to-date.
Source: KUNA
Dubai Islamic Bank gains on slightly higher half-year net profit
July 31, 2012--The DFM General Index gained 0.31% to reach 1,542.64 points Tuesday amid backwind from the earnings season.
Dubai Islamic Bank or DIB added 1.05% to reach Dhs1.93. DIB scored a half-year net profit of Dhs555, up 0.54% year-on-year. As of June 30, 2012, the bank’s total assets stood at Dhs93.9bn, compared to Dhs90.6bn at the end of 2011, an increase of 4 per cent. As of June 30 2012, customer deposits stood at Dhs68.3bn, compared to Dhs64.8bn as of December 31, 2011, an increase of 5%.
Source: AME Info
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