Middle East ETF News Older than One Year
EGX and Istanbul Stock Exchange signed a Memorandum of Understanding to enhance cooperation between the two markets
June 25, 2012--The Egyptian Exchange (EGX) and Istanbul Stock Exchange-Istanbul Menkul Kiymetler Borsasi (IMKB)-signed a Memorandum of Understanding (MoU) on Friday 22nd June 2012 in Istanbul-Turkey.
By signing this MOU both exchanges aim to enhance cooperation between the two markets; mainly in the field of automated trading systems development, exchanging technical information, sharing expertise for more efficiency of capital markets in both countries and cross listing of ETFs.
The MoU states that officials in both markets will cooperate to develop the links between the two exchanges which supports their plans in order to attract more investments. Signing that MoU comes as part of EGX’s participation in the meetings of the Organization for Economic Co-operation and Development (OECD) taking place in Istanbul-Turkey.
Source: Arab Finance
Abu Dhabi bourse finishes bullish week at six-week high
June 21, 2012--The ADX General Index shrugged off disappointments over the MSCI verdict to leav the UAE a "frontier market" and ended 0.76% higher at 2,508.59 points.
Market bellwether Etisalat jumped 2.40% to close at Dhs9.64.
Source: AME Info
Dubai market's disappointment over MSCI verdict remains limited
June 21, 2012--The Dubai Financial Market (DFM) General Index slipped 0.40% to 1,470.92 points, as global index provider MSCI's decision to remain the UAE as a frontier market and postpone and upgrade to emerging market was widely expected.
Commenting on the MSCI verdict, Charles W. Clarke, the Chief Economist at HSBC Middle East in Dubai said earlier today, "For the UAE, the major sticking point is more technical. The market has operated a delivery versus payment or DVP model now for a year, meaning that there is no time lag between stocks and cash being exchanged. The main concern of investors was control of the assets should settlement instructions not match. The model introduced last year did not address this issue and since December 2011 no further changes have taken place. However the exchanges are looking at how they can improve the model to meet MSCI's and hence investors' concerns, so they are taking action." Emaar Properties, the UAE's number one developer fell 1.40% to Dhs2.91, while Arabtec Constrction bucked the trend and gained 1.41% to close at Dhs2.88. Some 78m shares were traded, valued at Dhs130.5m. Over the week, the DFMGI gained half a percentage point amid rising trading volumes.
Source: AME Info
Bahrain's Ahli United Bank edges up on alliance with Network International
June 20, 2012--The Bahrain All-Share Index stabilised above 1,100 points, closing 0.10% higher at 1,129.23 points. Ahli United Bank gained 1.70% to close at $0.60.
Earlier in the day, the lender said it has entered into an agreement with Network International (NI), "one of the leading payment solutions providers in the Middle East", to launch state of the art Point-of-sale acquiring services and e-commerce in the Kingdom of Bahrain. Commenting on the deal, Al Ahli Deputy Group CEO Abdulla Al Raeesi said: "The Network International platform which supports advanced acquiring functionality will enable Ahli United Bank to meet its objectives of providing enhanced merchant solutions in Bahrain and its subsequent extension to cover other key AUB markets, with innovative features such as integrated multi-lane solutions, hotel solutions, new e-commerce services, dynamic currency conversion and loyalty programs to address the specific needs of all business sectors".
Source: AME Info
Qatar market slips, awaits MSCI verdict
June 20, 2012--The QE 20 Index declined 0.10% to 8,307.18 points Wednesday.
Qatar National Bank slipped 0.15% to QR133, while Al Ahli Bank soared 1.70% to hit QR60. Qatar and the UAE hope to get this night at midnight Doha time green light for an upgrade to 'emerging market' from index provider MSCI. Both Gulf states were under a review to be re-classified from the current 'frontier market status since 2010.
Source: AME Info
Abu Dhabi exchange gains on oil, increased IMF pledge
June 20, 2012--The ADX General Index advanced for the third trading session Wednesday, closing 0.90% higher at 2,489.15 points. Market bellwether Etisalat, the UAE's first telco operator, surged 2.75% to reach Dhs9.70.
Dubai crude oil prices added $0.54 to hit $94.33. According to Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi, "there are eeasons for some of the recent market optimism," he said in his Economic Intelligence Update released earlier today. "IMF declared pledges to boost its resources has risen to $456bn, almost doubling IMF lending capacity. The largest pledges were from Japan ($60bn), Germany (€41.5bn), France (€31.4bn). Saudi Arabia pledged $15bn. US pledged nothing. According to the IMF Managing Director, “the additional resources will be drawn only if they are needed as a second line of defense after resources already available from the members’ pool of resources. If drawn, they will be repaid with interest.
Source: AME Info
Arab stock market bank assets reach $1.39 trillion
June 20, 2012--According to a survey conducted by Forbes Middle East, the total assets of the biggest 75 lenders listed in Arab stock markets has reached $1.394trn, Arab News has reported.
With total assets of $82.995bn, QNB secured the top spot on this ranking, followed by Al-Rajhi Bank with total assets of $58.940bn. The 75 banks also recorded combined operational income of $60.6bn and combined net profits of $22.7bn, thanks in part to the creation of new credit portfolios (loans) totalling $855.7bn.
Source: AME Info
Saudi bourse gains the fourth session straight on Greece news
June 20, 2012--The Tadawul All-Share Index finished the week with a 0.3% rise Wednesday, closing at 6,838.05,
the highest level since the start of June. News from Athens that a deal was reached to form a new government under the leadership of pro-Euro zone's New Democracy party, three days after the decisive elections in the highly indebted country. Al Sagr Co-operative Insurance Co. gained the most (up 9.98% at SR25.90). Telecom operators Zain KSA (down 2.15% at SR9.10) and Etihad Atheeb Telecommunication Company (off 1.87% at SR15.70) weighed on the gauge. Ninety-nine shares advanced, 36 declined and 17 closed even.
Source: AME Info
Sabic advances helps Tadawul bourse ending in the green
June 19, 2012--The Saudi Arabian Tadawul All-Share Index added 0.14% to reach 6,817.26 points Tuesday, as oil prices stabilised and markets in Europe and the U. S. posted minor gains.
Trading volumes fell slightly compared to the last days of trading, while 78 shares advanced, 49 declined and 25 ended flat. Sabic, the petrochems and metals giant, recovered further after it hit a five-month low last week and advanced 1.38% to close at SR91.75. Mobile Telecommunications Company Saudi Arabia or Zain was the most actively share traded by value, ending off 2.11% at SR9.30.
Source: AME Info
DP World advances to one-month high
June 19, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 0.90% higher at 1573.10 today.
DP World were the only securities traded, closing 1.43% higher at $10.65. Earlier in the day The National reported that fastfood-chain Just Falafel considers to go public, saying that listing shares at the NASDAQ Dubai could be one option.
Source: AME Info
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