Middle East ETF News Older than One Year
Bank Al Jazira dives as quarter-on-quarter profit dips by 10%
July 11, 2012--The Tadawul All-Share Index was forced back to the level from July 1 Wednesday as the gauge finished the week with a 0.8%-drop to close at 6,659.58 points.
Shares of Bank Al Jazira plummeted 2.11% to hit SR23.25 after the 44th largest lender in the GCC said its net income during the second quarter reached SR129m, compared to a net income SR65m for the same quarter in the previous year and with an increase of 98% and, compared to a net income of SR143m for the previous quarter, representing a decrease of 10%. Commenting on the latter performance, Al Jazira said "the reason for the lower income in the second quarter in 2012 compared to the first quarter in the same year is due to a decrease in the operating income." However, net profit in the first half of 2012 reached to SR272m, compared to SR127m for the same quarter in the previous year, with an increase of 114%.
Source: AME Info
Rebound in oil prices lift Kuwait Stock Exchange
July 11, 2012--The KSE Market Index added a quarter percentage point Wednesday and finished at 5,868.20.
While the Gulf state's as largest lender National Bank of Kuwait or NBK closed flat, shares Commercial Bank of Kuwait fell 5.20% to KD0.730. With today's rebouned, the KSE gauge avoided falling into the red on a year-to-date basis. Oil prices bounced back by 0.5% to rade above $84. Kuwait's federeal budget relies by 95% on oil revenues.
Source: AME Info
Qatar Islamic Bank reports higher H1 profit, share lose slightly
July 11, 2012--Qatar Exchange remained in a stutter mode Wednesday, closing off 0.36% at 8,242.11 points.
Qatar Islamic Bank (QIB) revealed a net profit for the first half-year of QR736.9m in comparison to QR703.2m for the same period last year. The Bank’s Earning per Share (EPS) amounted to QR 3.12 as of June 30, 2012 versus QR 3.08 for the corresponding period in 2011. QIB added to its statement that "Strong core banking activities have translated into Net Operating Income of QR1,540m for the first half of 2012 which is 18% higher than QR1,302m generated during the same period last year. QIB continues to diversify its income sources, with net fee and commission income increasing by 86% through its wide range of sharia complaint products and services offered by the bank both directly and through its subsidiaries." Barwa Real Estate bucked the trend and ended 1.45% higher at QR28.
Source: AME Info
Few financials resist drop at Abu Dhabi market
July 11, 2012--The ADX General Index slipped 0.40% to close at 2,465.41, as marker bellwether Etisalat and Abu Dhabi
National Energy Co., known as Taqa, both dipped 0.32% to end at Dhs9.21 and at Dhs9.24. Earlier in the day, Taqa deied repors it intended to buy a Dutch wind farm from Typhoon Capital. Among the three advancing shares were First Gulf Bank and Abu Dhabi Islamic Bank gaining slightly.
Source: AME Info
Tamweel shares get under pressure amid profit decline
July 11, 2012--The Dubai Financial Market General Index fell for the fourth session straight Wednesday, closing off 0.55% at 1,480.18 points.
Islamic home financing company Tamweel, as the most liquid share, dived 3.13% to Dhs1.24. Earlier in the day, Tamweel said its second quarter net profit fell by a third to hit Dhs18.6m. Last week, Tamweel, whose majority is owned by Dubai Islamic Bank (down 0.53% at Dhs1.89), postponed a mortgage-backed bond issuance planned at $235 after a road-show revealed a lack of interest among potential investors. Emaar slipped 0.33% to Dhs3.04. The UAE's first developer said it conducts fixed income investor meetings in London starting from July 11 with the aim to launch a benchmark sukuk under its $2bn dollar-sukuk program. Investment bank Shuaa Capital gained the most (up 4% at Dhs0.65). Some 67.5m shares worth Dhs80m changed hands.
Source: AME Info
Cost cutting, operating income boosts Saudi Hollandi Bank H1 net profit
July 10, 2012-The Tadawul All-Share Index dipped 0.65 percent Tuesday and closed at 6,713.18 points
as oil prices remained in a stutter mode, trading around $85.50 (U. S. crude, down 0.70%). Market bellwether and petrochemicals giant Sabic fell to the lowest level since September 2010, closing 0.85% lower at SR87.75. Saudi Hollandi Bank headed down by 0.40 percent to close at SR26.40. Earlier in the day, Saudi Hollandi reported that in the second quarter its net profit hit SR332.3m, representing a year-on-year increase of 26.2% or a quarter-on-quarter surge of 14.5%. Regarding the first half of 2012, net profit surged to SR622.3m, a whopping 24.1% compared to the corresponding period in 2011. Commenting on the performance, Saudi Hollandi said "The increase in net profits for the half year compared to the same period last year is attributable to higher operating income and lower operating expenses."
Source: AME Info
Bank Sohar shares slip despite 50% profit surge in H1
July 10, 2012--The Muscat Securities Market (MSM) 30 Index declined the third session straight Tuesday, ending off 0.65% at a 13-month low at 5,496.47 points.
Shares of Bank Sohar closed 0.70% lower at RO0.145. On Monday, the Omani lender reported a 49.6% surge in net profits during the first half of 2012, amounting to RO10.36m, the Muscat Daily reported. In order to build up its Islamic window, Bank Sohar said on June 27 it opted for the Shari'ah-banking core banking software "iMal" from Path Solutions. The Sultanate of Oman legalised Islamic banking in 2011 May 2011. Conventional banks are allowed to establish Islamic windows since January 1 2012.
Source: AME Info
Qatar Exchange advances as investors await more earnings figures
July 10, 2012--The QE 20 Index ended up 0.30% at 8,271.79 Tuesday, mostly driven by gains in the insurance and real estate sector.
General Insurace closed as one of the top gainers (5.62% higher at QR47). The country's largest lender Qatar National Bank or QNB did not join the market rebounnd and fell 0.10% to finish the day at QR131.90. QNB started last Thursday the earnings season when it revealed a net profit of QR4.1bn for the first half of 2012, representing a 17.1% increase in comparison to QR3.5bn for the same period last year.
Source: AME Info
Sorouh Real Estate tests support-level at one Dirham
July 10, 2012--The Abu Dhabi equity gauge ADXGI ended its five-day losing streak by declining 0.15% Tuesday, closing at 2,474.97.
Market bellwether Emirates Telecommunication or Etisalat fell 0.22% to Dhs9.24. Abu Dhabi's second developer Sorouh Real Estate fell briefly below Dhs0.99 but eventuall closed at Dhs1.01 or off one percent. The share's 2012-high was reached on March 13 after Sorouh and Aldar Properties announced they entered into merger talks. Trading activity at the ADX remained dull but improved compared to the start of July. Around 43m securities were traded, valued at Dhs61.3m.
Source: AME Info
Arabtec withstands Dubai market's ebb and flow-mode
July 10, 2012--Despite the increase in market volatility the Dubai Financial Market's construction heavyweight Arabtec ended flat at Dhs1.28. Emaar Properties,
as the most liquid share, slipped 0.33% to Dhs3.05. Islamic home financing company Tamweel also closed even at Dhs1.28. Earlier in the day, Tamweel said in a statement it confirms media reports from June 19 2012 that it has not concluded any settlement any settlement arrangement with Al Mazaya Holding on the project "The Villa" in 2011. Some 77.8m shares were traded, valued at Dhs101.3m.
Source: AME Info
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