Middle East ETF News Older than One Year
Saudi ratings affirmed as sound by S&P
May 09, 2012--Saudi Arabia: Standard & Poor's Ratings Services has affirmed its long-and short-term foreign and local currency sovereign credit ratings on Saudi Arabia at 'AA-/A-1+' with 'Stable' outlook, Saudi Gazette has reported.
"The ratings on Saudi Arabia are supported by our view of the government's very strong external and fiscal positions, which have been built over a number of years. By prudent macroeconomic management, the government has reduced its general government debt, generating additional fiscal space for countercyclical policies," S&P said. [AMEInfo.com]
Source: AME Info
Saudi Tadawul market hits 10-week low as Spain moves to take over troubled lender Bankia
May 09, 2012--The Saudi Arabian equity market gauge Tasi dived two percent to close at a 10-week low at 7,221.5 points Wednesday. Sabic, the petrochemicals bellwether,
fell again below SR100, closing down one percent at SR99. Bond yields in Spain crossed the 6% barrier for the second time in two weeks Wednesday on rising concerns over the European Kingdom's banking sector, Bloomberg reported. After the Saudi market closed it was revealed that the government of Spain may nationalise the country's fourth largest lender Bankia, which piled up toxic assets, mainly from the nation's sluggish real estate sector. The news is considered an escalation of the Euro zone crisis.
Source: AME Info
Etihad Rail MoU does not prevent DP World from falling further
May 09, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed the session on Wednesday at 1619.92 down 1.44%, from the previous close.
Dubai Ports (DP) World fell got the third day straight, closing at $10.85 or off 1.80% due to negative sentiment at global exchanges on ongoing worries over the Euro zone. On Tuesday, DP World and Etihad Rail, the UAE government-owned firm which develops a 1,200 kilometers-long railway track through the Gulf state, signed an MoU for the development of an intermodal rail terminal in the free port of Jebel Ali in Dubai. Jewelry trader Damas International dived nine percent to close at $0.40.
Source: AME Info
After failing to crack 6,500-level, the Kuwait market index declines for the second day stright
May 09, 2012--The KSE Market slipped by half a percentage point Wednesday, closing at 6,451.5, as alll sectors with the exception of the banking segment,
failed to gain territory. Commercial Bank of Kuwait or CBK gained 3.94% to reach KD0.790. National Bank of Kuwait closed unchanged. Investors Holding Group plummeted 10.87% to KD0.0205, closing as the top losing share.
Source: AME Info
Waha Capital decline continues as first quarter profit dives
May 09, 2012--The Abu Dhabi market gauge ended off 0.20% at 2,481.13 points Wednesday only a handful financials bucked the regional and global downtrend. National Takaful Company, known as Watania, lost the most, closing down 9.82% to hit Dhs1.01.
Leasing specialist Waha Capital closed 1.64% lower at Dhs0.60. Earlier in the day, Waha reported a 46.70% decrease in net profits in the first quarter, amounting to Dhs15.9m. Waha Capital CEO Salem Rashid Al Noaimi said in a statement to the ADX that Waha was reviewing its portfolio and that the firm took measures to increase operational efficiency. Since Waha hit a nine-month high at Dhs0.73 in April, the share has lost 17% of its value. Trading turnover increased slightly in Abu Dhabi, as 46.16m shares were traded valued at Dhs64m.
Source: AME Info
Dubai sell-out accelerates despite Arabtec's first quarter profit jump
May 09, 2012--Twenty-four out 25 traded shares lost at the DFM today, whose General Index dived 1.86% to close at an 11-week low at 1,526.94 poins Wednesday.
Arabtec Construction was the most liquid share and plummeted 5.11% to Dhs3.16. Earlier in the day, Arabtec reported for the first quarter a profit of Dhs84.08m, a 215%-increase over the same period last year. Trading volumes fell compared to yesterday, as 113.7m stocks valued at Dhs170.5m changed hands.
Source: AME Info
Saudi market losing streak halted as pressure on oil price eases
May 08, 2012--The Saudi Tadawul All-Share Index closed 0.20% higher to hit 7,371.42 points. The value of the "black gold" stabilised Tuesday at around 97 U. S. dollars per barrel (U. S. crude) Shares of Saudia Dairy & Foodstuff Company or Sadafco gained 0.44%, finishing at SR57.
Earlier in the day, Sadafco announced that partial operation of the re-opened Dammam factory is expected to start July of 2012. It is planned to start the production with snacks, tomato paste, snacks and cheese. The Board of Directors decided on September 27 to re-open the factory in Dammam.
Source: AME Info
Dubai Ports (DP) World fall to 6-week low
May 08, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed a quarter percent lower at 1643.65, as global maritime port
operator DP World fell 0.72% to $11.05. Interior designer Depa Lmited closed unchanged at $0.45.
Source: AME Info
Qatar's United Development Company gains, cancels position of Managing Director
May 08, 2012--The Doha-based Qatar Exchange (QE) 20 Index ended 0.20% higher at 8,666.51 points.
Shares closed mixed, as a clear sector direction was not visible. Shares of real estate giant United Development Company or UDC, developer of the man-made island The Pearl Qatar, advanced 0.20% to reach QR18.18. Earlier in the day, UDC said it has cancelled the "Managing Director" position from UDC’s administrative structure.
Source: AME Info
Abu Dhabi Securities Exchange advances slightly
May 08, 2012--The ADX General Index closed at 2,489.69, as market heavyweight Etisalat advanced by a quarter percent to reach Dhs8.62.
Dana Gas and Aldar Properties closed unchanged at Dhs0.43 and at Dhs1.10, respectively. Trading volumes remained loaw as 32.1m shares were traded, valued at Dhs58.4m.
Source: AME Info
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