Middle East ETF News Older than One Year
UAE economy ministry considers bourse with 'easier' regulations code
May 05, 2012--The UAE economy ministry is considering setting up another market to list shares of private companies, Bloomberg has reported, citing a ministry document.
“The regulations code would be easier than those in the main market, and will guarantee sufficient safeguards for traders in the market through proper disclosure of information and financial data and control of the trading and monitoring,” the circular said.
Source: AME Info
FALCOM announce rebalancing of ETF Petrochemical Fund
April 4, 2011- Reference to The Saudi Stock Exchange (Tadawul) announcing the free float shares of the listed companies as of 28/04/1432 AH corresponding to 02/04/2011 AC.
And their update of FSPI index to reflect new market capitalization. Accordingly, FALCOM Financial Services has conducted on 03/04/2011 rebalancing process on the components of the FALCOM Petrochemical ETF basket. For further information and to obtain the updated components of the new Basket please visit the Fund website: http://etf.falcomwatch.com
Source: Falcom
Saudi lender Banque Saudi Fransi mulls first dollar sukuk
May 03, 2012--Saudi Arabia's fifth-biggest lender by market capitalisation, Banque Saudi Fransi plans to issue its first dollar-denominated Islamic bond, depending on market conditions, and has selected banks to arrange investor meetings, Reuters has reported.
The lender has picked Citi, Deutsche Bank and Credit Agricole to arrange global roadshows starting in the Saudi capital Riyadh on May 7, the banks said. Banque Saudi Fransi's existing $650m 4.5% conventional bond, maturing 2015 was bid at 104.25 levels on Wednesday, to yield 2.7%. It was trading at a zero-volatility spread (z-spread) of about 210 basis points. [AMEInfo.com]
Source: AME Info
Kuwait Stock Exchange advanced the fourth day straight
May 03, 2012--The KSE Makret Index added 0.60% to reach 6,479.1 Thursday, based on gains in the banking and real estate segment.
All sector indexes landed in the green. Investors Holding Group gained the most (up 11.6%) while NBK added 1.69% to reach KD1.080
Source: AME Info
Taqa receives approval for Bergermet Gas project
May 03, 2012--The ADX General Index slipped 0.16% to hit 2,501.44 points Thursday. While Etisalat, the UAE's first telecom firm, added slightly, real estate firms weighed o the gauge. Dana Gas closed unchanged, while Abu Dhabi National Energy or Taqa dived 2.50%.
Earlier in the day, Taqa said in a statement to the ADX it has received approval from the Dutch council of state for the development of the Bergermeer Gas Storage facility. Preparatory work is scheduled to commence in July. The project has a volume of 4.1bn cubic metres which is the average annual gas consumption of 2.5m households in the Netherlands.
Source: AME Info
Dubai bourse extends losing streak for a seventh day
May 03, 2012--The DFM General Index fell 0.93% Thursday, closing at 1,582.09 points as sluggish share performances of Emaar (down 1.27%)and Arabtec (off 0.86%) were the most liquid shares.
Bank Emirates NBD bucke the trend, gaining 2.15%. The week-long decline in Dubai happens despite a number of good news which the emirate delivered at the beginning of May. Rental prices are reported to head upwards, a first in three years. Earlier today, HSBC reported a rise of the HSCB UAE Purchasing Manager Index to hit a ten-month high at 53.5 points, up from 52.3 in March.
Source: AME Info
DP World shares decline the fourth session straight at NASDAQ Dubai
May 02, 2012--In line with the general sluggish trend at global and regional markets, shares of maritime port operator DP World declined 0.90% to $11.15 Wednesday.
Interior designer Depa Limited closed flat at $0.45. The FTSE NASDAQ Dubai UAE 20 Index closed at 1675.09 today, down half a percentage point from the previous close.
Source: AME Info
Qatar Exchange falls further after failed attack on 8,700 level
May 02, 2012--The QE 20 Index ended off 0.10% at 8,666.24 points Wednesday. Like at most GCC stock exchanges, trading activity remained lacklustre.
Earlier in the day, the IMF said in its update on the regional outlook for the Middle East, North Africa and Pakistan (MENAP), Qatar's real GDP growth will fall further in 2013, to 4.6% from 6% in the current year.
Source: AME Info
Abu Dhabi stock market closes flat
May 02, 2012--The ADX General Index added 0.03% to reach 2,505.54 points Wednesday.
Trading activity remained lacklustre as Dana Gas, Sorouh Real Estate and Invest Bank closed unchanged. Aldar Properties slipped 0.87%, Ras al-Khaima (RAK) Poultry and Feeding gained the most (up 3.85%). Some 31m shares worth Dhs 55.8m changed hands.
Source: AME Info
Dubai market falls below 1,600 point, hits 10-week low
May 02, 2012--Selling pressure continued to drag the Dubai Financial Market down Wednesday, as the market measure DFMGI closed 1.64% lower at 1,596.92 points, the lowest leve since February 21 2012.
Emaar dived 3.08% to close at Dhs3.15, while Arabtec shed half a percentage point. DFM shares closed flat at Dhs1.12. The DFM is the only Arab bourse listed to the public. Around 149m shares were traded, valued at Dhs213.7m. Ten shares gained, 16 ended down and three closed even.
Source: AME Info
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