Middle East ETF News Older than One Year
Egypt bourse awaits Mubarak verdict
May 30, 2012--The verdict in the trial of ousted President Hosni Mubarak, due on Saturday, is a new cloud hanging over Egyptian stocks which were hammered this week after the country's two most divisive figures made it to the presidential election run-off.
Mubarak, 84, was charged with graft, abuse of power and ordering the killing of protesters during the 18-day uprising that ousted him on February 11, 2011. Court hearings in the trial concluded earlier this year and the verdict is due on June 2.
Source: FIN24
Riyadh equity gauge, market breadth end in the red
May 30, 2012--The Tadawul All-Share Index fell 0.82%. closing for the second time this week below 7,000, at 6,975.27 points. Oil prices (U. S. crude) fell to an 8-month low Wednesday,
fluctuating below 89 U. S. dollar per barrel after Credit Default Swaps (CDS) on Spanish bonds increased sharply in value. CDS are used as an insurances against the default of a bond. The Euro fell below $1.24 for the first time since July 2010. In Riyadh, Sabic touched a five-month low at SR93.50 (off 0.86%). Jouf Cement and Southern Cement were the top gainers, ending up 3.41% and two percent, respectively. Only 18 shares advanced out of 151 securities traded, while 122 declined.
Source: AME Info
Kuwait gauge rebounds as shares rise across the board
May 30, 2012--The KSE Market Index climbed 0.54% higher to reach 6,241.42 points, although oil prices fell to an 8-month low Wednesday, trading between $89 to $90 per barrel.
The Kuwait market usually correlates positively with the price of the 'black gold'. Despite the decline at markets in Europe due to fresh worries over a debt crisis escalation in Spain, Kuwait financial shares ended mixed. Al Ahli Bank of Kuwait jumped 5.35% to hit KD0.590. Kuwait International Bank slipped 1.85% to KD0.265.
Source: AME Info
Qatar Exchange halts decline, despite selling pressure in Europe
May 30, 2012--The QE 20 Index closed unchanged at 8,473.05 Wednesday. Qatar Telecom or Qtel fell 0.80% to QR114.50.
Earlier in the day, Qtel announced that it has signed with United Development Company (UDC), master developer of man-made The Pearl-Qatar, an agreement that will see Qtel acquire the full communications infrastructure of The Pearl-Qatar, which was previously wholly-owned by UDC.
Source: AME Info
Abu Dhabi market declines the fifth day straight
May 30, 2012--The ADX General Index closed off 0.23% at 2,449.73 points, as market bellwether Etisalat fell 0.11% to Dhs8.80.
Dana Gas closed even at Dhs0.39. RAK Bank and National Bank of Abu Dhabi gained 0.96% and 0.12%, respectively.
Source: AME Info
Developers gain, financials lose on Spain worries at Dubai market
May 30, 2012--The DFM General Index ended a roller coaster Wednesday trading session down 0.30% to close at 1,470.61 points.
New worries about more bank defaults in Spain, where prices of Credit Default Swaps shot up, dragged global equity indexes down. For the second day in a row, Union Properties posted the largest advance (up 2.54% at Dhs0.404. Emaar Properties added 1.04% to reach Dhs2.91. Bank shares performed mostly waeker. Shuaa Capital fell 7.27%, while Commercial Bank of Dubai, the 9th largest lender in the UAE, dived 4.91%. But according to Mashreq Bank's Chairman Abdul Aziz Al Ghurair, the UAE's public and private sector's exposure to the finance sector in the "Club Med" (i. e. the southern European states) is insignificant. Around 93.7m shares were traded, valued at Dhs101.8m.
Source: AME Info
Tadawul bourse dips 0.33% to 7,033, Almarai outperforms on new 5-year plan
May 29, 2012--The Riyadh-based Tadawul All-Share Index declined 0.33% to 7,033.11 points Tuesday, as most GCC markets looked for direction due to a lack of catalysts.
Shares of dairy food producing company Almarai gained 1.11% to reach SR68.25. Earlier in the day, Almarai said that on Monday evening, 28th May 2012, "the Board of Directors of Almarai approved its strategic 5 year plan for the period 2013-2017." Almarai added that "this plan aims at growing Almarais business, in all segments, to further product quality and to better serve our consumers. To meet these ambitious goals, the board of Directors reviewed and approved the largest capital investment plan ever put forward by Almarai. This plan will amount to SR15.7 billion over the period."
Source: AME Info
DP World remains locked in $10-$11 range
May 29, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1561.19 Tuesday,
down 0.53%, from the previous close. Global maritime port operator DP World fell 0.88% toclose at $10.13. Since May 7, DP World has been trading in a range between $10 to $11.
Source: AME Info
Qtel declines slightly after successful completion of Rights Issue
May 29, 2012--The QE 20 Index fell 0.40% to hit 8,474.83 points Tuesday, as shares lost acorss the board.
Qatar Telecom ended down 0.43%, finishing at QR115.40. Earlier in the day, Qtel announced the successful completion of its Rights Issue. "The Rights Issue was fully subscribed and raised QR 6.8bn. The net proceeds of the capital increase will be used for general corporate purposes, including refinancing existing indebtedness. The subscribed new shares will be added to shareholder accounts after the regulatory approvals."
Source: AME Info
Etisalat gains, subscribes rights issues in Qatar Telecom
May 29, 2012--The ADX General Index slipped 0.06% to close at 2,455.31 points as the leading real estate developers Aldar, Sorou and RAK Properties closed unchanged.
Earlier in the day, Aldar announced that "HE Mubarak Saeed Al Dhaheri, the Undersecretary of the Ministry of Labour, today officially inaugurated phase one of the new operative village, a 75,000 SQM development, in Al Ain created by Aldar to support ongoing development in Al Ain and improve the quality of labour accommodation." The UAE's first telecom operator Etislat advanced 0.23% to reach Dhs8.79. Earlier in the day, Etisalat, which owns 1% in Qatar Telcom or Qtel since 1998, it has subscribed to the Qtel's rights issue at QR75 per share, based on Qtel's EGA held on March 25 2012, when a rights issue of 30% was completed. "On Thursday May 24 2012, Etisalat subscribed to the rights issue of Qtel at QR75 per share in return for a total consideration of Dhs69m," the telco firm said in a statement to the ADX. The closing price of Qtel shares, which are listed at the Qatar Exchange, was QR114 as of May 24.
Source: AME Info
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