Middle East ETF News Older than One Year
Egypt to implement new budget on July 1
June 26, 2012--Momtaz El-Said, the Egyptian finance minister has said the implementation of the country's new budget is to begin on July 1, and that the Supreme Council of the Armed Forces (SCAF) is expected to approve it, Daily News Egypt has reported.
The minister also said the incoming government will decide how to implement all planned tax reforms according to its vision, noting that economic indicators show that the economy gradually recovered with the restoration of security and political stability. [AMEInfo.com]
Source: AME Info
Sabic gains on Jubail Industrial progress,, helps Tadawul market to recover
June 26, 2012--The Tadawul All-Share Index ended Monday 0.20% higher at 6,696.84 points.
Petrochems and metals giant Sabic edged up by 1.11% to hit SR91. Earlier in the day Sabic said that KEMYA, a SABIC affiliate, has awarded the Engineering Procurement and Construction contracts on June 25 for the elastomers project in Jubail Industrial City to the following engineering contractors: Daelim Industries, Technip and Tecnicas Reunidas. The total investment has been estimated to $3.4bn and the partners are planning to finance it from their own resources and through third party debt. Al-Jubail Petrochemical Company (KEMYA) is a 50-50 joint venture between Sabic and Exxon Chemical Arabia Inc., an affiliate of ExxonMobil Chemical.
Source: AME Info
Qtel shares slip as firms aims to buy remainig stake in Kuwait's Wataniya
June 26, 2012--The QE 20 Index fell 0.41% Tuesday to 8,194.65, bringing its year-to-date performance down to minus 6.66%.
Qatar Telecom or Qtel closed 1.10% lower at QR107.80. Earlier in the day, news channel Al Arabiya said that Qtel plans to buy the remaining share of 47.5 percent in Kuwait's Wataniya Telecom. The majority in the telco provider Qtel bought in 2007.
Source: AME Info
Kuwait Stock Exchange bounces back after government's resignation
June 26, 2012--Almost all sector indexes ended in the green in Kuwait City on Tuesday, pushing the KSE Market Index up by 0.60% to reach 5,824.34 points.
On Monday, the Kuwaiti government resigned in a move which analysts regard as a chance to break up the political deadlock in the oil-rich Gulf state. Last week, a court nullified parliamentary elections from February, when religious opposition groups won the majority in the Madjlis.
Source: AME Info
Profit taking drags Etisalat shares slightly lower
June 26, 2012--The Abu Dhabi market measure ADXGI closed off 0.23% at 2,482.05 points Tuesday.
All sector indexes with the exception of investments and financial services landed in the red. Market heavyweight Etisalat dipped 0.10% to Dhs9.63. Since the start of the year, Etislat share rallied over 12 percent, but lost some ground after hitting a 2012-high (as yet) at Dhs9.82 on June 21. Seven shares advanced, 17 declined and five closed flat. Some 27.7m stocks were traded, valued at Dhs59m.
Source: AME Info
DGCX to enhance its trading and clearing platform through partnership with Cinnober
June 25, 2012--Dubai Gold and Commodities Exchange (DGCX) has announced its partnership with leading global trading technology provider, Cinnober Financial Technology. Cinnober will provide a new exchange infrastructure for DGCX that promises to significantly enhance the Exchange's derivatives trading marketplace.
The exchange infrastructure is scheduled to go live in December 2012 following a phased implementation.
Source: AME Info
Saudi ministry to launch price index before Ramadan
June 25, 2012--Saudi Arabia's commerce and industry ministry is working on compiling a price index for Ramadan covering all categories of goods consumed in large quantities during the holy month, Saudi Gazette has reported.
The ministry releases a price index ahead of Ramadan every year, as part of measures to prevent attempts by traders to manipulate prices as demand for many consumer goods rises sharply with the advent of the holy month. [AMEInfo.com]
Source: AME Info
Saudi Stock Exchange sheds another 0.92 percent
June 25, 2012--The Tadawul All-Share Index closed 0.92% lower at 6,683.34 points Monday.
The third consecutive decline was broad as 19 shares advanced, while 125 declined. After a fulminant listing debut on Sunday, insurance firm Alinma Tokio Marine Co. posted the second largest loss (off 8.40% at SR71) on profit takings. Globally, markets took a hit on seemingly never-ending concerns over the Euro zone debt crisis and a fears of a hard economic landing in China. Saudi Enaya Cooperative Insurance Company gained the most, finishing 9.84% higher at SR67. Three trading days ahead of the end of the first half-year of 2012, the Saudi year-to-date profit stands at 4.14%. This is the second best performance in the GCC behind the Dubai Financial Market.
Source: AME Info
DFM shares gain against Dubai market downtrend
June 25, 2012--The Dubai Financial Market (DFM) General Index fell the fourth session straight Monday, closing off 0.30% at 1,456.32 points.
Bellwether share Emaar, the UAE's first real estate developer, closed flat at Dhs2.87. The DFM itself, the only Arab bourse being listed, posted the largest gain, ending up 1.50% at Dhs0.96, although trading volumes were on the retreat again. Four shares advanced, 18 declined and four closed even. Some 43m stocks were traded, valued at Dhs56m. According to EFG Hermes, there is an important support line at 1,450 points from a chart-technical pointof view. This level was successfully tested today by the DFMGI.
Source: AME Info
Qatar Exchange decline halted by banking, industrial shares
June 25, 2012--The QE 20 Index ended a three-day fall Monday by closing unchanged at 8,228.52 points.
Qatar National Bank, the country's largest lender extended its advance from yesterday, finishing half a percentage point higher at QR132. But losses across all sectors prevented the gauge from rebounding. Market bellwether Industries Qatar slipped 0.10% to close at QR129.10.
Source: AME Info
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