Middle East ETF News Older than One Year
Egypt economy growth slows to under 2%
June 18, 2012--"We have a revolution," central bank governor Farouk El-Okdah told the news service when asked why growth would slow. He did not elaborate.
In April, the International Monetary Fund had forecast Egypt's gross domestic product growth would slow to 1.5% in 2012 from the 1.8% which it estimated for 2011. [AMEInfo.com]
Source:AME Info
IMF: Kuwait economic growth to drop over 2%
June 18, 2012--The International Monetary Fund has said Kuwait's economic growth is expected to slow to 6.6% in 2012 from 8.25% in 2011, though higher public spending and buoyant oil revenues should keep the economy growing rapidly this year,
Zawya Dow Jones has reported. High oil revenues and prices have helped the Gulf country generate large fiscal surpluses that have fed its growing public spending, but the IMF said it expects Kuwaiti growth to slow rapidly to 1.8% in 2013. It didn't provide a reason for the sharp drop in next year's predicted growth rate. The IMF had warned in May that a combination of higher wages and a rising population risks consuming all the country's oil revenues by the year 2017, which would prevent Kuwait from setting aside surplus oil wealth for future generations.
Source: AMEInfo.com
Bahrain Bourse bounces back
June 14, 2012--Against the regional setback at markets, the Bahrain All-Share Index edged higher by 1.18% to hit 1,130.19 Thursday.
Banader Hotels Company soared 10% to close as a top gainer at BD0.066. Ahli United Bank soared 7.27%, closing at $0.59. Islamic investment bank Ithmaar dived 7.41%, finishing at $0.125.
Source: AME Info
Qatar Exchange's year-to-date loss hits six percent
June 14, 2012--The QE 20 Index in Doha finished the week with a day loss of 0.10%, closing at 8,252.42 points.
The declined was broad and could not be prevented by gains in market bellwether Industries Qatar (up 1.20% at QR133.60) and real estate giant United Development Company (gaining 1.23% at QR18). Earlier in the day the Qatar Exchange announced that the trading in the shares of Dlala Brokerage & Investment Holding Company will be suspended on Sunday June 17 due to the company’s Ordinary General Assembly Meeting being held on that day.
Source: AME Info
Merger candidates Aldar, Sorouh fall back on profit booking
June 14, 2012--The Abu Dhabi equity measure ADXGI closed insignifcantly lower at 2,446.42 points.
Abu Dhabi National Energy Company or Taqa gained against the trend, closing 1.70% higher at Dhs1.18. The emirate's largest developers and merger candidates Aldar Properties and Sorouh Real Estate fell 0.90% and 0.97%, respectively, after both firms recovered significantly in recent days on news that their merger talks were advancing. Some 45.7m shares were traded, valued at Dhs81.9m.
Source: AME Info
Dubai market falls slightly, but saves level from last week
June 14, 2012--The DFM General Index ended off 0.96% Thursday at 1,463.73 points.
The drop was not broad as seven shares advanced and 17 declined. Emaar Properties dipped 1.38% to close at Dhs2.85. It is noteworthy that shares of the DFM, the only publisly listed Arab bourse, advanced several times during the session and closed unchanged at Dhs0.96. Investment bank Shuaa Capital jumped 5.14% to hit Dhs0.696. Compared to the closing from last week, the DFMGI ended even, a first since May 22. The next resistance line is at 1,500 points, which the gauge touched on the aforementioned date, before falling back in the wake of Euro zone debt concerns.
Source: AME Info
Bahrain Bourse bounces back
June 14, 2012--Against the regional setback at markets, the Bahrain All-Share Index edged higher by 1.18% to hit 1,130.19 Thursday.
Banader Hotels Company soared 10% to close as a top gainer at BD0.066. Ahli United Bank soared 7.27%, closing at $0.59. Islamic investment bank Ithmaar dived 7.41%, finishing at $0.125. [AMEInfo.com]
Source: AME Info
Sabic gains, plans asset purchase of $8bn sukuk
June 13, 2012--The Saudi stock market Tadawul advanced 0.25% to close at 6,744.53 points Wednesday.
Bellwether Sabic, the world's largest petrochemicals producer, added 0.84%, finishing at SR90.25. Earlier in the day Sabic said it plans to purchase the assets of its second Islamic bond (sukuk) amounting to SR8bn which was issued in July 2007, in accordance with the terms and conditions of the Sukuk. In accordance with Shari'ah, sukuk must always be asset-based, as Islamic law forbids to create money out of pure monetary streams. "As a result of this, trading of the sukuk will cease on 16th June 2012 and the amounts due to the Sukukholders will be deposited to the sukuk-holders accounts on 15th July 2012 from the companys available cash. Subsequently the Sukuk will be delisted and cancelled," Sabic explained in a statement to the Tadawul bourse.
Source: AME Info
Qatar market sinks deeper into the red
June 13, 2012--Share prices and trading turnover headed south in Doha on Wednesday, as the QE 20 Index slipped a quarter percentage point to close at 8,261.09 points.
The gas-rich Gulf state's largest lender Qatar National Bank, known as QNB, also fell by a quarter percentage point to close at QR131.10. Earlier in the day QNB said it has signed a facility agreement with Qatar Fuel Additives Company Limited (QAFAC) to fund the establishment of a CO2 recovery plant. The facility is $80m, according to the bank's statement to the Qatar Exchange. Since January 1 2012, the Qatar market declined by 5.9%.
Source: AME Info
Aldar, Sorouh Real Estate recover as market Abu Dhabi measure closes flat
June 13, 2012--The ADX ended unchanged at 2,448.22 Wednesday.
Telecom operator and market bellwether Etisalat jumped one percent to hit Dhs9.19. Merger candidates Aldar and Sorouh extended their rallies, closing up 1.82% and up one percent, respectively. But ongoing global uncertainty over the Euro zone debt crisis weighed on lenders, keeping the ADX's gauge at bay. Some 32.8m shares worth Dhs53.2m changed hands.
Source: AME Info
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