Middle East ETF News Older than One Year
Abu Dhabi developers perform mixed, as real estate prices decline in UAE capital
July 4, 2012--The ADX General Index gained 0.30% to close at 2,473.62 points Wednesday.
Telecom firm Etisalat added slightly, ending at Dhs9.21. Earlier in the day, Etisalat said in a statement to the ADX that the Bombay High Court has named Indian law firm Solomon & Co. to take over temporarily Etisalat's Indian unit Etisalat DB Telecom Pvt Ltd. Since 2010, Etisalat DB has been in a legal dispute with India's telecom regulator for allegedly violating 2G licensing procedures in the country. Etisalat terminated its operations in India on March 31 2012. Shares of merger candidates Aldar Properties and Sorouh Real Estate closed 0.88% higher and 0.96% lower, respectively. Earlier in the day, Dubai-based real estate service provider Asteco said that in the first half of 2012, "areas such as Shams Abu Dhabi, Al Raha Beach and Marina Square experienced an overall decline of around 4% averaging Dhs10,600 per square metre. Meanwhile four-bedroom villas at Al Raha Gardens dipped by 7% to Dhs3.2m (Q1 versus Q2) while Al Reef bucked the trend, increasing in value by 2%, fetching Dhs1.3 to Dhs2m for three and five-bedroom units respectively."
Source: AME Info
Tamweel shares soar as Islamic home financing firm postpones issuance of mortgage-backed securities
July 4, 2012--Despite opening higher that yesterday, the Dubai Financial Market could not sustain its bullish momentum and closed Wednesday trading 0.84% lower at 1,489.58 points.
Emaar, the UAE's first developer, was the most liquid share, dropping 1.62% to Dhs3.03. Islamic home financing provider Tamweel was the top gainer, ending up 2.44% to hit Dhs1.26. Earlier in the day, Tamweel said that it decided to postpone the issuance of asset-backed, USD-denominated residential mortgage-backed securities "based on market feedback". The issuance was preliminary rated by Moody's with Aa3(sf). The decision was taken after Tamweel conducted a roadshow, arranged by Abu Dhabi Commercial Bank, Emirates NBD and UBS Investment Bank, in the Middle East, Europe and Asia.
Source: AME Info
Qatar Exchange closes flat while trading turnover rises
July 4, 2012--The QE 20 Index ended at 8,254.10 as shares performed mixed in Doha.
Market heavyweight Industries Qatar advanced half a percentage point to reach QR132. Banks performed less positively, as the country's largest lender by assets Qatar National Bank slipped 0.45% to close at QR132.60. Trading volumes edged up to 7.8m shares (valued at QR175.3m) from 5.6m stocks on Tuesday.
Source: AME Info
DP World gains as Australian unit sells stake in Adelaide Container Terminal
July 4, 2012--The FTSE NASDAQ Dubai UAE 20 index closed Wednesday trading insignificantly lower at 1,593.24 points.
Shares of Dubai Ports (DP) World advanced the fourth day straight to reach $10.85, up one percent from the previous close. Earlier in the day, the world's third largest port operator said that DP World Australia Limited, in which DP World Limited has a 25% shareholding, has sold all of its 60% shareholding in Adelaide Container Terminal to Flinders Ports Adelaide Container Terminal. "The total amount received by DP World Australia Limited was A$134 million (approx USD$138 million), which represented a total enterprise value in excess of A$235 million (approx USD$241 million) or 12.3 times historic earnings and ahead of the same valuation at the time of the 2011 transaction," DPW added to the statement. "In March 2011, DP World Limited formed a strategic partnership with Citi Infrastructure Investors (CII) together with one of CII’s major investors, to invest in, operate and manage DP World’s five marine terminals in Australia. The transaction, which was earnings enhancing from the time of completion, valued DP World Australia at an enterprise value of A$1,817 million. DP World used the A$1,483 million proceeds to reduce leverage (net debt to EBITDA) and for investments in higher margin markets. Arising from the CII transaction, Flinders Ports exercised specific provisions in a Shareholder Agreement to buy-out DP World Australia’s 60% shareholding in the joint venture for Adelaide Container Terminal which has resulted in DP World Australia exiting the terminal."
Source: AME Info
Saudi market sluggish amid missing input from the U. S.
July 4, 2012--While American exchanges remained closed Wednesday to observe the U. S.'s Independence Day, Saudi Arabia's Tadawul finished its last trading day of the week 0.73% lower at 6,834.77 points.
Sabic fell 1.37% to SR90. Saudia Diary and Foodstuff Company slipped 0.90% to SR55.00. Earlier in the day, the food producer said at its First Extraordinary General Assembly Meeting (EGM) of held on Monday June 25 2012, shareholders approved the distribution of SR97.5m in dividends for the financial year ended on March 31 2012 at SR3 per share to shareholders on the Tadawul register at the close of trading of the EGM day on June 25 2012. Dividends payment will be made by Saudi Hollandi Bank Monday on July 16 2012 through the Saudi Hollandi Bank's branches.
Source: AME Info
Banking shares on the rise in Doha
July 3, 2012--The Qatar Exchange 20 Index hit a two-week high Tuesday, closing 0.73% higher at 8,256.68 points amid higher trading volumes compared to the previous session.
Doha Bank jumped two percent, while Qatar National Bank and Qatar Islamic Bank added 0.23% and 0.53%, respectively. Shares of Dlala Holding slipped 1.36% to close at QR43.40. Earlier in the day, Dlala said that Dlala Information Technology one of the fully owned subsidiaries of Dlala Holding has signed a Joint venture agreement with Soula Systems "an innovative technology company specialized in offering management consulting, information technology outsourcing and systems integration services, the joint venture aims to establish a new entity under the name of "Dlala Soula Systems." Dlala added that "The business scope of the agreement is to provide end-to-end technology solutions targeting the government and financial services sectors. The company will also offer information technology outsourcing and systems integration services."
Source: AME Info
Kuwait Stock Exchange adds a quarter percentage point
July 3, 2012--The KSE Market Index closed Tuesday at 5,894.33 points, as Investors Holding Group gained the most (up 8.33% at KD0.0195).
A rise on oil price amid new tensions in the Arabian Gulf supported the Kuwait market's sentiment. Kuwait Syrian Holding Company posted the largest decline, ending off 8.50% at KD0.027.
Source: AME Info
Saudi Stock Exchange boosted by oil-price rally, global market rebound
July 3, 2012--In Riyadh, the Tadawul All-Share Index or Tasi rose the most in six weeks Tuesday, closing 2.12% higher at 6,885.27 points.
129 out of 154 traded shares advanced, while 16 declined. Saudi Basic Industries Corporation or Sabic added 0.27% to reach SR91.25. A sharp rise in the price of oil ( U. S. crude was up 4.84% at a one-month high at $87.76) triggered the buying spree besides the slight rise in equity indexes at Asian, European and U. S. markets. Saudi Enaya Cooperative Insurance Company ended as a top gainer (up 10% at SR71.75), while Sagr Insurance lost the most (off 4.55% at SR27.30).
Source: AME Info
Etisalat maintains investment grade ratings, shares close even
July 03, 2012--The ADX General Index ended up 0.32% Tuesday, finishing at 2,466.13 points.
Abu Dhabi National Energy Co. or Taqa (Arabic for energy) jumped 2.50% to reach Dhs1.25. Oil prices consolidated above their one-month high at around 85.5 U. S. dollars per barrel (U. S. crude). The surge was triggered by inrceased tensions in the Arabian Gulf between the West and Iran as Tehran's parliament is considerin passing a bill which allows Iran to close the Straits of Hormuz for oil tankers from nations which imposed an oil embargo against the Islamic Republic. Shares of market bellwether Etisalat ended flat at Dhs9.20. Earlier in the day, Etisalat said in a statement to the ADX that the UAE's first telco provider has maintained its investment grade credit ratings from agencies Standard and Poor's, Fitch and Moody's which rated Etisalat with AA-, A+ and Aa3, respectively. All three agencies say the firm's outlook was stable.
Source: AME Info
Dubai market jumps on trade growth, stable business climate
July 03, 2012--After weeks of sluggish trading, the Dubai Financial Market General Index closed Tuesday trading 2.54% higher at a one-month high at 1,502.21 points.
Earlier in the day, Gulf News reported that according to the UAE National Bureau of Statistics (NBS), the the country's non-oil foreign trade grew 23%, or Dhs173.3bn in 2011 to Dhs927.6bn from Dhs754.4bn in 2010. In addition, bank HSBC said that the HSCB UAE Purchasing Managers Index (PMI) - a composite indicator designed to provide a singlefigure snapshot of the performance of the non-oil private sector – registered 53.2 in June. "That was fractionally down on May’s 11-month high of 53.8 and a three-month low, though still indicative of a solid improvement in operating conditions," HSBC said in an e-mailed statement. Market bellwether Emaar Properties soared 6.57% to reach Dhs3.08. Due to a strong jump in trading volumes, shares of DFM, the only listed Arab market, gained 4.66% to hit Dhs98.8. Bank Emirates NBD was the only losing stock, ending down 0.37% at Dhs2.69. The market's rise was broadly supported, as twenty-six equities advanced, while one ended even. Some 177m shares were traded, valued at Dhs235.3m.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
